All categories

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.

You might be interested in

If a firm is worried about distance, country risk, employee morale, intellectual property protection, legal issues, and obtainin

kvasek [131]

Options:

Offshore

Outsource

Keep in-house

Keep domestic

Answer: keep domestic

Explanation: The recruitment options embarked upon by firms may affect the policies or type of processes the firm's employ in overseeing their recruitment process. For firms who seems skeptical about issues relating to distance, legal issues, country risk, morale and other issues listed above, such firms will best be better placed to oversee a hiring process which is restricted to the local environment which the firm is well informed about and devoid of international and legal barriers, oversea culture and mentality which may hamper or affect the required hiring structure of the firm.

6 0

4 years ago

Which of the following best illustrates the relationship between entities and attributes? A. The entity PRODUCT with the attrib

iris [78.8K]

Answer:

B) The entity CUSTOMER with the attribute PURCHASE

Explanation:

The entity is an existing real world object or person, while an attribute is a feature or characteristic of the entity.

In a relational data model (RDBMS), entities are represented as data in an entity set (customer) while the field represents the different attributes or properties of the entity.

5 0

3 years ago

Read 2 more answers

In which of the following areas would it cost the least amount of money to build a barn?

Nana76 [90]

The areas which will cost the least amount of money to build a barn would be: Plains
Plains have the perfect amount of woods, water, and grass that will support the existence of a barn. Most barn animals cannot live in beach or mountains, so those options could be eliminated.
We need to spend more money to create space in forest if we want to build a barn there, so it could be eliminated too.

6 0

3 years ago

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an

STatiana [176]

Answer:

Quebec, Inc.

Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

= $2,220.

Explanation:

a) Data and Calculations:

Units Unit Cost Total Cost Units Sold

Beginning Inventory 32 $54 $1,728

Sale No. 1 10

Purchase No. 1 28 60 1,680

Sale No. 2 32

Purchase No. 2 20 57 1,140

Totals 80 $4,548 42

Ending Inventory using FIFO periodic inventory system:

Units of ending inventory = 38 (80 - 42)

Units are from: Units Unit Cost Total Cost

Purchase No. 1 18 60 $1,080

Purchase No. 2 20 57 1,140

Ending Inventory 38 $2,220

7 0

3 years ago

Terry is sending a letter to one of his most important clients about upcoming investment opportunities. He wants to make sure th

Anastasy [175]

The correct answer is choice c - complete.

Terry is writing a letter to one of his important clients, being sure to include all of the information that the client will need in order to make their investment decision. This is demonstrating the profession characteristic of being complete.

4 0

4 years ago