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Natali5045456 [20]
3 years ago
5

Ron Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inv

entory items, and authorizing the payment for these items. Which internal control principle, if any, is being violated?
Business
1 answer:
ch4aika [34]3 years ago
5 0

Answer:

Segregation of duties.

Explanation:

Segregation of duties -

The concept of segregation of duties is based on the shared responsibilities .

It refers to the method of assigning different person for different task , is referred to as segregation of duties .

It is the fundamental building block for running a business efficiently , in order to reduce any management risk .

In the business it is the major case of any fraud or error , as one person is responsible for maximum duties functioning in the business .

Therefore , it is import to divide various duties .

Hence , from the given scenario of the question,

The correct answer is segregation of duties .

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A machine purchased 1 year ago for $85,000 costs more to operate than anticipated. When purchased, the machine was expected to b
goblinko [34]

Answer:

Value of S=$25000.

Explanation:

Value of P= $75000

Value of n= 5 years

Value of AOC= $36000+ $1500k (k=1 to 5)

Since the salvage value would be after 5 years=

S=($75000- $10000*5) = $75000- $50000= $25000.

Value of S=$25000.

4 0
3 years ago
An increase in the current account deficit will place _______ pressure on the home currency value, other things equal.
Sindrei [870]

When there is an increase in the deficit of the current account, the pressure on the home currency value all things equal would be a downward pressure.

<h3>What happens when there is a current account deficit?</h3>

A current account deficit means that the country is earning less from exporting goods to other countries than it is losing from importing from other nations.

What this means is that more money is flowing out of the country than the money that is coming in. What this leads to a loss in currency value because it points to less demand for the home currency.

This is because the deficit would place a downward pressure on the local currency. On the upside, this decrease in currency value might spur exports which would lead to a better current account balance.

In conclusion, there will be downward pressure.

Find out more on the current account at brainly.com/question/22333470

#SPJ1

4 0
2 years ago
Custom Cars purchased some $39,000 of fixed assets two years ago that are classified as 5-year MACRS property. The MACRS rates a
Irina18 [472]

Answer:

$18,904.80

Explanation:

Calculation for what will be the aftertax cash flow from the sales

First step is to calculate the Accumulated Depreciation

Accumulated Depreciation = (0.2 + 0.32)*39,000 Accumulated Depreciation= 0.52*39,000

Accumulated Depreciation = $20,280

Second Step is to calculate the Book Value using this formula

Book Value = Initial Cost –Accumulated Depreciation

Let plug in the formula

Book Value = $39,000 - $20,280

Book Value = $18,720

Third step is to calculate the profit using this formula

Profit = Sales value–Book Value

Profit= $19,000 - $18,720

Profit = $280

Fourth Step is to calculate the taxes

Taxes = 0.34*280

Taxes = $95.20

Last step is to calculate the aftertax cash flow from the sale using this formula

Aftertax cash flow from the sale=Assets sold today-Taxes

Let plug in the formula

Aftertax cash flow from the sale= 19,000 - $58.80

Aftertax cash flow from the sale= $18,904.80

Therefore the Aftertax cash flow from the sale will be $18,904.80

3 0
3 years ago
g On the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7% bonds to finance its operations of produ
Elis [28]

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

Total Years = 5, semiannually = 5 × 2 = 10

Rate = 7% yearly, semiannually rate = 7 ÷ 2 = 3.5%  

Journal Entries

On Jan 1

Cash A/c           Dr. $9,594,415

Discount on bonds payable A/c        Dr. $405,585

      To Bonds payable A/c          $10,000,000

(Being the issuance of bond payable is recorded)

Discount value of issued bonds = $10,000,000 - $9,594,415 = $405,585

2).

On Jun

Interest expenses A/c             Dr. $390,559

Discount on bonds payable A/c($405,585 ÷10)           Dr.40,559

 To Cash A/c($10,000,0000 × 3.5%)     $350,000

(Being the payment of first semiannual interest is recorded)

3).  

On Dec 31

Interest expenses A/c              Dr. $390,559

Discount on bonds payable A/c($405,585*10/100)     Dr.$40,559

 To Cash A/c($10,000,000*3.5/100)      $350,000

(Being the payment of second semiannual interest is recorded)

b). Bond Interest Expense Amount for First Year

= Interest Expenses + Amortized Discount

= $700,000 + $81,117

= $781,117

Interest expenses = $350,000 + $350,000 = $700,000

Amortized Discount = $40,559 + $40,559 = $81,117

c).The Company issued the bonds at $9,594,415 for the face amount of $10,000,000 because bonds issued at discount for $405,585 as the coupon rate is less than the market interest.  

4 0
3 years ago
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted
Reptile [31]

Answer: a.$4,576

Explanation:

Sometimes the cash balance according to the books is not the same as the cash in the bank account and this is due to some transactions not being recorded by either the bank or the firm.

Adjusted cash balance per books = Unadjusted cash balance + Note receivable and interest collected by bank - Bank charge for check printing - NSF Check

= 4,022 + 746 - 28 - 164

= $4,576

3 0
2 years ago
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