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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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A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are______ reduction plans that reduce your salary by the amoun

castortr0y [4]

A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are salary reduction plans that reduce your salary by the number of your contributions and result in a lower current tax liability. This is further explained below.

<h3>What is tax liability?</h3>

Generally, Both a 401(k) plan and its counterpart for nonprofit organizations, known as a 403(b) plan, are types of salary reduction plans. These programs cut your pay by an amount equal to the number of contributions you make and result in a reduced tax burden for the current year.

In conclusion, Your financial obligation to the government in the form of taxes is referred to as your tax liability. It is the entire amount of money that you are required to pay to the government as part of your obligation to pay income tax on profits such as salary, business, interest on income from investments, capital gains, and prizes from lottery tickets.

Read more about tax liability.

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3 0

2 years ago

What is a drug cartel

Leni [432]

<em>Answer:</em>

<em>A drug cartel is a criminal organization with the intention of supplying drug trafficking operations. They range from loosely managed agreements among various drug traffickers to formalized commercial enterprises.</em>

3 0

3 years ago

Your friends know that you understand a lot about computers, both the technical details of how they operate as well as informati

Rainbow [258]

Answer:

a.)Customers using freeware can personalize the software to meet their needs.

Explanation:

Freeware is a software that any person can download, install and use for free. However, the code in the software can´t be modified in order to personalize it without the owner's permission as it has copyright.

6 0

3 years ago

Exercise 8-7 At December 31, 2018, Concord Corporation Company had a credit balance of $18,800 in Allowance for Doubtful Account

Marina86 [1]

Answer:

Dr Allowance $13,500

Cr Accounts Recivable $13,500

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

Dr Cash $3,500

Cr Accounts Rec $3,500

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

Explanation:

Preparation of the journal entries to record the 2019 transactions of Concord Corporation Company

Dr Allowance $13,500

Cr Accounts Recivable $13,500

(To record amount written off)

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

(To reverse write-off)

Dr Cash $3,500

Cr Accounts Rec $3,500

(To record collection of writeoff)

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

[$30,700-($18,800-$13,500+$3,500)]

8 0

2 years ago

Exchanged all of the securities for shares of preferred stock, which were not mandatorily redeemable. Market values at the date

ValentinkaMS [17]

Answer:

The full question is as follows <em>"The following accounts were among those reported on Good Corp.'s balance sheet at December 31, year 1: Available-for-sale securities (market value $140,000) $80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good's preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event."</em>

Date General Journal Entry Debit Credit

Preferred stock A/c $100,000

(5000*$20)

Add. paid-in capital on preferred stock $7,500

(30000 * 1/ 4)

Retained earnings $42,500

Trading securities A/c $140,000

Gain on exchange of securities $10,000

8 0

2 years ago