Answer:
time period
Explanation:
In accounting, the time period principle states that a firm must report its financial statements for specific periods of time. For example, the Securities and exchange Commission (SEC) requires public corporations to submit their financial reports every quarter. This is done in order for accounting periods to be comparable, e.g. comparing a quarterly report vs an annual report is not correct.
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
Always buy what you need first groceries,things for school,ect. Then focus on your wants after that. Save alot too.
Answer:
They both produced the same cash amount
Explanation:
The regular retirement would have its deducted after withdrawal from the plan while Roth retirement plan's tax would have been deducted prior to investing funds in the plan
The future value of the $2000 is computed thus:
FV=PV*(1+r)^n
PV is the amount saved in the plan which is $2000
r is the growth rate of the funds in the plan which is 12%
n is the number of years the amount would be left in the plan
FV=$2000*(1+12%)^20=$ 19,292.59
After tax amount=$ 19,292.59*(1-28%)=$ 13,890.66
The future value of the $1,440 is computed thus:
FV=$1,440*(1+12%)^20=$ 13,890.66
The Roth plan has not tax implication thereafter as tax was paid before savings.
