Financial control is the process through which a firm periodically compares its budget to :
<h3>What is meant by financial control?</h3>
The methods, procedures, and techniques used by an organization to monitor and manage the use, allocation, and direction of its financial resources are known as financial controls. Any organization's resource management and operational effectiveness are fundamentally dependent on its financial controls.
Financial controls are laws and practices intended to stop or catch fraud and accounting irregularities. Financial controls include things like double-counting cash deposits and account reconciliation.
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Financial control is a process through which a firm periodically compares its budget to which of the following? (Select all that apply)
Multiple select question.
(A) stock price
(B) revenues
(C) expenses
(D) market share
(E) costs
Ceteris paribus mean other thing remaining the same.
so the correct answer should be B.
Answer:
Adjusted balance: 1,801 dollars
Explanation:
Bank statement balance: 1,921
outstanding checks (300)
bank mistake <u> 180 </u>
adjusted bank balance 1,801
Cash account balance: 1,900
service charge (25)
Interest earned 1
car insurance expense <u> (75)</u>
Adjusted Balance: 1,801
We adjust each party for mistake and unknow information.
The bank made a mistake and is unaware of the outstanding checks
Joe didn't know about the insurance amount, the service charge nor the interest thus, it need to record and adjust for this value.
Answer:
Discount = $420
Explanation:
Inventory purchased = $22000
Defective inventory = $ 1000
to find out
amount of the purchase discount that would be available to the company is
solution
we know Inventory purchased = $22000
and return is $1000
so Net Purchases = $22000 - $1000
Net Purchases = $21000
so
discount claim for $21000 is 2%
Discount = 2% of $21000
Discount = $420
The net income of Cookies by casey is $123,240
What is net income?
The net income of the company is the excess of its sales revenue over all costs of the running the business, which includes, the costs of sale, interest expense, depreciation as well as the taxes payable to the government authority which is 21% of profits before tax in this case.
Profit before tax=sales-costs of sale-depreciation-interest expense
sales=$487,000
costs of sale=$263,000
depreciation=$42,000
interest expense=$26,000
profit before tax=$487,000-$263,000-$42,000-$26,000
profit before tax=$156,000
tax rate=21%
net income=profit before tax*(1-tax rate)
net income=$156,000*(1-21%)
net income=$123,240
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