1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
torisob [31]
3 years ago
11

An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote e

fficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system.
1. Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud.
2. The primary objective of internal control procedures is to safeguard the business against theft from government agencies.
3. The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft.
4. Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself.
Business
1 answer:
GenaCL600 [577]3 years ago
7 0

Answer:

Explanation:

1. True

Separation of record keeping for assets from custody over assets in custody over assets reduces theft and fraud . except in a case of collusion.

Fraud and theft of assets can be easily perpetrated and covered up when an individual combines the role.

2. False

Internal control focuses more on the internal operation of an organization rather than the external. Even though it can still be of impact in checking the excesses of external parties like the government agencies , but that is not its primary objective

3.True

Internal control's main objectives can be best accomplished when there is an operational system with managerial policies that protect waste , fraud and theft , being the major factors targeted to control

4.False

Separating the responsibility for a transaction between two or more individuals or departments is a major way of preventing creation of fictitious invoices and payment as it could have easily be detected if different individuals are involved in approval and payment of invoices.

You might be interested in
Kenny Electric Company's noncallable bonds were issued several years ago and now have 20 years to maturity. These bonds have a 9
murzikaleks [220]

Answer:

d. 5.08%

Explanation:

We have to first calculate the YTM of the bond, and then apply the tax shield.

To get the YTM we have to calculate the rate of return of an annuity of 46.25 for 20 years compounding semiannually at IRR rate and the present value of the face value redeem in 20 years.

C \times \frac{1-(1+r)^{-time} }{rate} +Face\:Value/(1+rate)^{time}= PV\\

46.25 \times \frac{1-(1+IRR/2)^{-20*2} }{rate} + 1000/(1+IRR)^{20}= 1075\\

IRR = 0.084656891 (it should be done using financial calculator or excel or a similar software program)

then we apply the shield tax to the IRR:

IRR x (1 - tax-rate) = Cost of debt

0.084656891 * ( 1 - 0.4) = 5.0794= 5.08

3 0
3 years ago
Which statement about game rules is NOT true? A. Without rules, there is no competition. B. Competitors should accept penalties
Stels [109]

Answer:

It’s D

Explanation. Nothing Ik it’s it

7 0
3 years ago
Read 2 more answers
Your grandfather started his own business 52 years ago. He opened an investment account at the end of his third month of busines
Yakvenalex [24]

Answer:

The answer is:D) $226.78

Explanation:

To calculate the amount of money your grandfather deposited every 3 months during 52 years to get $289,209.11 we can use an excel spreadsheet and the payment function =PMT(rate,nper,pv,fv)

where:

  • rate = 5.73% / 4 = 1.4325%
  • nper = 52 x 4 = 208
  • pv = 0
  • fv = 289,209.11

PMT = $226.78

6 0
2 years ago
What is a balance sheet? How does it support business?
exis [7]
A balance sheet is a summary of all of your business assets (what the business owns) and liabilities (what the business owes). At any particular moment, it shows you how much money you would have left over if you sold all your assets and paid off all your debts (i.e. it also shows 'owner's equity').
6 0
2 years ago
The following costs were incurred in September: Direct materials $42,900 Direct labor $29,500 Manufacturing overhead $30,500 Sel
Helga [31]

Answer:

$60,000

Explanation:

Given that,

Direct materials = $42,900

Direct labor = $29,500

Manufacturing overhead = $30,500

Selling expenses = $21,700

Administrative expenses = $35,800

Conversion costs:

= Direct labor + Manufacturing overhead

= $29,500 + $30,500

= $60,000

Therefore, the conversion costs for September is $60,000.

8 0
3 years ago
Other questions:
  • In a production budget, if the number of units in finished goods inventory at the end of the period is less than the number of u
    15·1 answer
  • What is the main purpose of a sprint review?
    14·1 answer
  • Prepare journal entries to record the issuance of the bonds and the retirement of bonds. (Show computations and round to the n..
    12·1 answer
  • If sales are $799,000, variable costs are 75% of sales, and operating income is $222,000, what is the contribution margin ratio?
    7·1 answer
  • Suppose a period of continuous political instability leads people to believe that the economy will slide into a deep recession.
    11·1 answer
  • A stock brokerage firm is a licensed financial institution that select one:
    10·1 answer
  • When artists pass away, the supply of their paintings most likely becomes?
    8·2 answers
  • Type the correct answer in the box. Spell all words correctly.
    5·1 answer
  • Eric wants to attend a higher education institution that will prepare him to directly enter the workforce, but he wants to atten
    13·2 answers
  • What is the relationship between a firm's industry environment and the firm's earning potential?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!