All categories

4 years ago

Internal control is a process designed to ensure

Business

1 answer:

Sauron [17]4 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 real output in an economy is 1,000 goods per year, the money supply is $300, and each dollar is spent an average of 4 times p

IceJOKER [234]

Answer:

D. 1.20.

Explanation:

300 dollars x 4 multiplier = 1,200 dollars in the economy.

There are 1,000 goods in the whole economy

1,200 dollar purchase 1,000 goods

on average: $1,200 / 1,000 units = $1.20/per unit

with 1.20 dollar you can purchase a single good

Notice: this means average is 1.20 dollars it do not implies all goods are worth 1.20 dollars

5 0

3 years ago

If capital rents for $25 per unit per hour, labor can be hired for $9 per unit per hour, the level of total factor productivity

Soloha48 [4]

Answer:

Following are the solution to the given question:

Explanation:

The decrease of a marginal input return implies that its input is increasing by one unit, thereby decreasing its marginal input product.

Function of production

$F(K, L) = AK^{\frac{3}{4}} L^{\frac{3}{4}}$

Its capital products subject (MPK) is derived by differentiating the factor of production from K.

$MPK = \frac{3}{4}\times AK^{\frac{3}{4}} - 1L^{\frac{3}{4}}\\\\MPK = \frac{3}{4}AK^{-\frac{1}{4}}L^{\frac{3}{4}}\\\\MPK = \frac{3}{4}\times A\times (\frac{L^{\frac{3}{4}}}{K^{\frac{1}{4}}})$

Note: When a value is changed from numerator to denominator, then the power symbol shifts between positive to negative.

Since k is in the denominator, K decreases $\frac{3}{4}\times A\times (\frac{L^{\frac{3}{4}}}{K^{\frac{1}{4}}})$ , and therefore MPK is reduced.

There's hence a decreased effective return on capital again for production function.

Its marginal labor product (MPL) is determined by distinguishing the manufacturing function from L.

$MPL = (\frac{3}{4})\times AK^{\frac{3}{4}}L^{\frac{3}{4}}-1\\\\MPL = (\frac{3}{4})AK^{\frac{3}{4}}L^{-\frac{1}{4}}\\\\MPL = (\frac{3}{4})\times A\times (\frac{K^{\frac{3}{4}}}{L^{\frac{3}{4}}})$

The denominator of L reduces L $(\frac{3}{4})\times A\times (\frac{K^{\frac{3}{4}}}{L^{\frac{3}{4}}})$ and therefore reduces MPL.

So there is a decreasing marginal return to labor in the production function.

4 0

3 years ago

Single plantwide factory overhead rate Bach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The

aliya0001 [1]

Answer:

Bach Instruments Inc.

a. Single plantwide factory overhead rate:

= Total overhead/total labor hours = $126,480/3,720 = $34 per hour

b. Total Factory Overhead Cost

Labor Per Unit Cost Product units Total Costs

Hours (Labor hours x $34) per product

Flutes 0.4 $13.60 2,100 $28,560

Clarinets 1.5 51.00 800 40,800

Oboes 1.2 40.80 1,200 57,120

Total $126,480

Explanation:

a) Data & Calculations:

Budgeted factory overhead = $126,480

Budgeted Direct labor Total

Production Volume hours per unit Hours

Flutes 2,100 units 0.4 840

Clarinets 800 1.5 1,200

Oboes 1,400 1.2 1,680

Total hours 3,720

c) Plantwide overhead allocation per unit = $126,480/3,720 = $34

d) The plantwide overhead rate is the dividend from total overhead costs and total labor hours. This rate is applied to the products based on the number of hours used to product a unit to obtain the per unit cost rate for each product. The resulting rate is further applied to the units produced in each product type to get the total cost of overhead for each product.

7 0

4 years ago

Suppose a government has access to the following sources of funding currently as well as over the long run:

Sidana [21]

Answer:

spending and transfer payments = $1350

so correct option is D. $1,350

fundamental revenue = $1100

so correct option is D. $1,100

Explanation:

given data

Taxes = $1,000

User charges = $100

Borrowed funds = $250

to find out

spending on goods and services and transfer payment and fundamental revenues

solution

we know that here All three taxes, User charges and Borrowed funds are the source of fund

so that we spending and transfer payments are limit that is

spending and transfer payments = Taxes + User charges + Borrowed funds

spending and transfer payments = $1000 + $100 + $250

spending and transfer payments = $1350

so correct option is D. $1,350

and

as borrow funds can not part of fundamental revenue

so that they are to be paid back

so here fundamental revenue will be

fundamental revenue = Taxes + User charges

fundamental revenue = $1000 + $100

fundamental revenue = $1100

so correct option is D. $1,100

3 0

3 years ago

You have spent weeks designing the project, gathering data and analyzing it. Now it is time to present your findings to senior e

Andrew [12]

Answer:

After spending weeks on a project, gathering data, followed by an analysis, when you are going to present your findings to the senior executes, In the very beginning of your report, in the executive summary, you can present and manifest and guide them about all the information, what they should know in making a decision

Explanation:

After spending weeks on a project, gathering data, followed by an analysis, when you are going to present your findings to the senior executes, you will have following 5 different course of actions;

Option 1: You can give them whole details through which you can have gone, meanwhile your discussion with the senior executives.

Option 2: Summary of the report in form of data tables can be provided without any recommendation and course of action suggested.

Option 3: You can also mention the information regarding the respondents of the research, if executives want to have follow-up and want to know to whom you have got your questionnaires filled up.

Option 4: In the very beginning, in the executive summary of the report, you can present and manifest and guide them about all the information, what they should know in making a decision

Option 5: You main focus could be primarily on the statistical analysis in your presentation, followed by the main recommendations at the end.

BEST POSSIBLE OPTION: As the senior executives are having very less time, therefore, it would be best for you present them with the information in the very beginning in the executive summary, in addition, all the information which they can consider to make a decision.

To recapitulate, keep the information needed to be considered for taking an action or decision, in your executive summary, in a best possible simple and short way.

5 0

4 years ago