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Contact [7]
3 years ago
6

Organizational independence in the processing of payroll is achieved by functional segregations that are built into the system.

Which one of the following functional segregations is not required for internal control purposes?
Business
2 answers:
Komok [63]3 years ago
7 0

Complete Question:

Organizational independence in the processing of payroll is achieved by functional segregations that are built into the system. Which one of the following functional segregations is not required for internal control purposes?

A. Separation of timekeeping from payroll preparation.

B. Separation of personnel function from payroll preparation.

C. Separation of payroll preparation and paycheck distribution.

D. Separation of payroll preparation and maintenance of year-to-date records.

Answer:

D. Separation of payroll preparation and maintenance of year-to-date records.

Explanation:

Separation of payroll preparation and maintenance of year-to-date records is not required for internal control purposes.

valentina_108 [34]3 years ago
4 0

Answer:

The answer is option D) The functional segregation is not required for internal control purposes is separation of payroll preparation and maintenance of year-to-date records.

Explanation:

Segregation of Duties is the system of assigning more than one person to complete a task.

In business the separation by sharing of more than one individual in one single task is an internal control intended to prevent fraud and error.

This concept ensures that there is oversight and review to catch errors and presents checks and balances within an organization to mitigate fraud and error.

Therefore, separation of payroll preparation and maintenance of year-to-date records does not apply.

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Garcia Co. owns equipment that cost $84,400, with accumulated depreciation of $44,600. Garcia sells the equipment for cash.
user100 [1]

Answer:

a.

Accumulated depreciation                   44600 Dr

Cash                                                         52700 Dr

                 Equipment                                 84400 Cr

                 Gain on disposal                       12900 Cr

b.

Accumulated depreciation                   44600 Dr

Cash                                                         39800 Dr

                 Equipment                                 84400 Cr

c.

Accumulated depreciation                   44600 Dr

Cash                                                         34700 Dr

Loss on disposal                                     5100 Dr

                 Equipment                                 84400 Cr

Explanation:

First we need to determine the net book value of the equipment at the time of sale. The net book value is the net value after deducting accumulated depreciation from the cost of the asset.

Net Book value = Cost - Accumulated depreciation

Net Book Value = 84400 - 44600     = $39800

  • If the asset is sold for more than its net book value, there is gain on disposal.
  • If it is sold for exactly its net book value, there is no gain or no loss on disposal.
  • If it is sold for less than its net book value, there is loss on disposal.

a.

Gain on disposal = 52700 - 39800   = $12900

b.

No gain or no loss as Net Book Value of the asset equals the amount of cash it is sold for.

c.

Loss on disposal = 34700 - 39800   =  - $5100

6 0
4 years ago
On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basi
Mama L [17]

Answer: $1,900

Explanation:

Theft loss deduction is calculated by adjusting the fair market value of the asset for a theft loss floor limitation of $100 and 10% of the person's AGI.

Theft loss deduction is:

= Fair value -Theft floor limitation - 10% of AGI

= 7,000 - 100 - (10% * 50,000)

= $1,900

3 0
3 years ago
The following data is available for Blaine Corporation at December 31, 2018:
natulia [17]

Answer:

B. 25,000

Explanation:

Given important information here is common stock, par $10 authorized, 30,000 shares and $250,000 Treasury Stock.

To calculate how many shares of common stock have been issued we have to divide the total price of common stock/par value which is as follows:  

Shares issued = 250,000/10  

25,000 shares answer  

Therefore the correct answer is 25,000 shares .

7 0
3 years ago
The term xenophobia can best be defined as:
Crank
The best answer is A
3 0
4 years ago
Read 2 more answers
In the late nineteenth century, what helped narrow the gradations of freedom amongst white Americans? a. Indentured servitude ha
ElenaW [278]

In the late nineteenth century, Judith Sergeant Murray wrote about women’s intellect being equal- this helped narrow the gradations of freedom amongst white Americans.

Option: B

Explanation:

In the late nineteenth century there was a conflict in between white Americans about the freedom. Their fight against each other graded by the help of writer and other professionals who wrote about their strong points. Judith Sergeant Murray who was an American writer and advocate wrote about women's right.

Gender discrimination, women's right, feminism was the core area of writing in Judith Sergeant Murray's work. He compared women's ability with man's, their imagination, decision making capacity, judgemental motives etc.

5 0
4 years ago
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