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3 years ago

Internal control is a process designed to ensure

Business

1 answer:

Sauron [17]3 years ago

8 0

Answer:

Internal Control is designed to ensure all of the items described in the answer.

Explanation:

Internal control refers to the control measures adopted by an entity so as to ensure compliance with legal framework, check frauds and errors and for reliable financial reporting.

Compliance procedures are the processes designed to check whether internal controls exist in an organization and if they do, whether such controls are operating effectively.

For e.g biometric authentication with regard to attendance keeps a check on the number of employees actually working during a period and eliminates the possibility of dummy names in the attendance records. This is an example of internal control i.e control measures created by organization itself.

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All economic questions and problems arise from ____.

Fiesta28 [93]

All economic questions and problems arise from C. scarcity. scarcity is defined as the lack of resources and is the opposite of abundance. If scarcity such as famine is experienced by a country or nation, there arise questions why such state happened

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3 years ago

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To whom must licensees provide agency disclosures prior to entering into an agency agreement?

tiny-mole [99]

A licensee who is operating in the capacity of a party's designated agent must notify any clients of the existence of the agency relationship in writing.

<h3>An agency agreement is what?</h3>

In a legal contract known as an agency agreement, the first party, known as the "principal," agrees that the activities of the second party, known as the "agent," bind the principal to later agreements made by the agent as if the principal had made them personally.

In law, the ability of the agent to bind the principal is known as authority. A person may be compelled to pay for purchases made by a close relative using their credit card if they provide their credit card to them, which is an example of implied authority generated by an agreement.

Learn more about agency agreement with the help of the given link:

brainly.com/question/15038930

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1 year ago

Has a _____ percent of chance of being schizophrenic.

Gwar [14]

30 is the answer I think

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3 years ago

How can a country gain from specialization and trade? A. A country can specialize in producing that for which it has an absolut

strojnjashka [21]

Answer:

C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.

Explanation:

Comparative advantage is simply evaluating the opportunity cost of other benefits or costs, if the country is opting to choose for a specific category of goods for production purposes.

For example, let's say US can produce 20 Television (TV) sets and 50 Air Conditioners in a month. Here, the opportunity cost of producing 1 TV set is 50/20 i.e. 2.5 Air Conditioners. Similarly, the opportunity cost of producing 1 Air Conditioner (AC) is 20/50 i.e. 0.4 TV set. Hence, US should produce Air Conditioners over TV sets as per Comparative Advantage concept.

Take another example, let's say UK can produce 50 Television (TV) sets and 20 Air Conditioners in a month. Hence, the opportunity cost of producing 1 TV set is 20/50 i.e. 0.4 Air Conditioner. On the other hand, the opportunity cost of producing 1 AC is 50/20 i.e. 2.5 TV sets. Thus, UK should produce TV sets over AC's as per Comparative Advantage model.

Hence, US should export AC's to UK and import TV sets from UK to gain from specialization and trade.

In this way nations can gain from specialization and trade by making use of Comparative Advantage theory.

It is to be noted that Absolute Advantage model of Adam Smith is also good as it highlights production of that good by a country, which it can produce in large quantities with fewer resources and minimal time than any other nation in the world. But the Comparative Advantage Model developed by David Ricardo considers opportunity cost and is much more refined than Absolute Advantage Model.

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3 years ago

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The transactions of Spade Company:

diamong [38]

Answer:

Trial Balance

Debit Credit

Cash $8,982

($16,500 - $479 + $1,947 - $9,125 - $530 + $1,469 - $800)

Common Stock $16,500

Office Supplies $479

Office Equipment $9,125

Accounts Payable ($9.125 - $9,125) $0

Service Fees ($1,947 + $3,498) $5,445

Accounts Receivable ($3,498 - $1,469) $4,967

Rent Expense $530

Dividends $800

Totals $21,945 $21,945

Explanation:

A trial Balance is a list of balances that are extracted from the ledger accounts from which the financial statements are prepared.

First Record the Transaction, then determine account balances.

Cash $16,500 (debit)

Common Stock $16,500 (credit)

Office Supplies $479 (debit)

Cash $479 (credit)

Office Equipment $9.125 (debit)

Accounts Payable $9.125 (credit)

Cash $1,947 (debit)

Service Fees $1,947 (credit)

Accounts Payable $9,125 (debit)

Cash $9,125 (credit)

Accounts Receivable $3,498 (debit)

Service Fees $3,498 (credit)

Rent Expense $530 (debit)

Cash $530 (credit)

Cash $1,469 (debit)

Accounts Receivable $1,469 (credit)

Dividends $800 (debit)

Cash $800 (credit)

5 0

3 years ago