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lara [203]
3 years ago
13

Tott Company has the following internal control procedures over cash disbursements. Identify the internal control principle that

is applicable to each procedure.
(a) Company checks are prenumbered.
(b) The bank statement is reconciled monthly by an internal auditor.
(c) Blank checks are stored in a safe in the treasurer’s office.
Business
1 answer:
frozen [14]3 years ago
5 0

Answer: a) Documentation Procedures

b) Independent Internal Verification

c) Physical Control

Explanation:

I'll list the internal control principle in bold letters and then explain them a little.

(a) Company checks are prenumbered. DOCUMENTATION PROCEDURES.

These are meant to provide a paper trail to identify the events that occur in a company and pre numbering check ensures that the number is always known.

(b) The bank statement is reconciled monthly by an internal auditor. INDEPENDENT INTERNAL VERIFICATION.

Here the company runs its own checks and balances to ensure that they are in good shape.

(c) Blank checks are stored in a safe in the treasurer’s office. PHYSICAL CONTROL.

This refers to the use of physical devices to keep documents and assets safe and can include safes, vaults and safety deposit boxes.

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Answer:

The correct answer would be, Yes South Carolina would be compensating David as his property is now economically valueless.  

Explanation:  

Under the taking clause, 'The Beachfront Management Act was properly and validly designed to preserve South Carolina's beaches', which means that no one will be allowed to do any development project near beaches in order to save the beaches.  

Though it is already written in the Act, The Beachfront Management Act barred any further development on the coasts of Carolina, which makes the purchased property of David as economically valuless, so South Carolina would be compensating him as the law has passed and they won't allow further development but they need to compensate the people who purchased the property on the beaches for the purpose of future business.

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3 years ago
Metlock, Inc. has 5900 shares of 6%, $50 par value, cumulative preferred stock and 118000 shares of $1 par value common stock ou
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Answer:

$23900

Explanation:

Given: Cumulative Preferred stock is 5900 shares of 6% at $50.

           Dividend paid in 2019= $11500

First lets calculate the value of preferred stock.

Preferred stock= 5900 shares\times \$ 50\times \frac{6}{100}

∴ Preferred stock= $17700.

Formula:

Dividend received by preferred stockholder= [Preferred\ stock +(Preferred\ stock-Dividend\ paid)]

⇒Dividend received by preferred stockholder=17700+(17700-11500)

⇒ Dividend received by preferred stockholder= 17700+6200= \$ 23900

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4 0
3 years ago
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sesenic [268]
LA califora 5421 beach street 2357 LA city
3 0
3 years ago
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Stockholders' equity of Eden Industries totals $63,000 in combined common stock and retained earnings. Assuming common stock and
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Answer:

Under classified balance sheet, common stock and retained earnings are reported separately

Explanation:

Under equity section of balance sheet, common stock and retained earnings are line items i.e they are reported under equity section of balance sheet separately.

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3 years ago
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vitfil [10]

Answer:

Economies of scope

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Economies of scope is a benefit that a company has by producing a a wide range of products or services which reduces the unit cost. In this case of a financial institution, offering more credit cards to a large number of people will help them achieve their desired cost savings. Economies of scope is achieved when it provides a business with ways to generate operational efficiencies.

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