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lozanna [386]
2 years ago
7

A good system of internal control for cash provides adequate procedures for protecting both cash receipts and cash disbursements

. Identify which one of following statements is true regarding this protection.A basic guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records.
Business
2 answers:
kirill [66]2 years ago
5 0

Answer:

The correct answe is A basic guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records.                  

Explanation:

A separate management of the registry and custody functions will reduce fraud, since being two tasks where cash is handled, it is likely that if the same person performs both functions, they will end up diverting money for their convenience, which directly affects in the organization and would waste important resources that can be executed in other important areas.

snow_lady [41]2 years ago
4 0

Answer:

A basic guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records.

Explanation:

Generally, an internal control can be described as a policy, process, procedure put in place by the management of an organisation in order to safeguard assets, enhance accountability, eradicate fraudulent behaviour, promote efficiency.

Put simply, internal control refers to a policy, process, procedure establish to ensure stealing of assets or perpetration of fraud by the employees are prevented.  

By implication, of internal control for cash is refers to a policy, process, procedure established to ensure stealing of cash by the employees is prevented.

The technique that is often used by different organisation to prevent cash stealing by the employees is to separate the duties of those who have custody of cash from those who keep cash records.

Therefore, the statement that is true regarding this statement is that a basic guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records.

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adelina 88 [10]

The purpose why the person use the money is for medium of exchange.

<h3>What is money?</h3>

Money is a legal tender, approved by the government of a country as a means of exchange. Money is used to pay for services received and also for the purchase of goods.

Characteristics of money are:

  • Store of value
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Hence, the purpose why the person use the money is for medium of exchange.

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7 0
2 years ago
Exam hide or show questions question content area revenue and expense account are permanent accounts. true false
klio [65]

Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.

so the statement is false

Revenue Definition:

Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.

Operating Revenue Examples:

  • Sales.
  • Fees or Commission Earned.
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Expenses Definition:

A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.

List of expenses in accounts frequently observed when preparing financial statements:

  • Cost of goods sold.
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3 0
1 year ago
Robert Solis is a salesman in a company that specializes in event management. He uses the Internet to identify potential compani
TiliK225 [7]

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B

Explanation:

4 0
3 years ago
A gain or loss may be incurred if the sale or trade of an asset is greater than or less than the __________ value of the asset.
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6 0
3 years ago
Consider a portfolio manager with a $20,500,000 equity portfolio under management. The manager wishes to hedge against a decline
love history [14]

Answer:

Assume that a month later the equity portfolio has a market value of $20,000,000 and the stock index future is priced at 1150 with a multiplier of 250. Calculate the profit on the equity position.

Calculate the overall profit.

$1,550,000

Explanation:

Assume that a month later the equity portfolio has a market value of $20,000,000 and the stock index future is priced at 1150 with a multiplier of 250. Calculate the profit on the equity position.

Calculate the overall profit.

The manager should be short on the stock index futures because the position on the equity portfolio is long.

Number of contracts required to hedge

= [$20,500,000/(1250*250)] * 1.25 = 82 contracts

Profit on the equity portfolio

= $20,000,000 - $20,500,000 = -$500,000

Profit on the stock index future

= [(1250)(250) – (1150)(250)] x 82 = $2,050,000

Overall profit

=  $2,050,000 - $500,000

= $1,550,000

therefore, the overall profit is  $1,550,000

7 0
3 years ago
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