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Jobisdone [24]
3 years ago
12

The definition of internal control developed by the Committee of Sponsoring Organizations (COSO) includes controls related to th

e reliability of internal and external reporting, the effectiveness and efficiency of operations, and:
A) Effectiveness of prevention of fraudulent occurrences.
B) Incorporation of ethical business practice standards.
C) Safeguarding of entity equity.
D) Compliance with applicable laws and regulations.
Business
1 answer:
xxMikexx [17]3 years ago
7 0

Answer:

The correct answer is Option D.

Explanation:

Internal control comprises the whole system of financial and other controls established and operating within a business, including internal check, internal audit and all other forms of control.

Based on Committee of Sponsoring Organizations (COSO) framework, there are 5 interrelated components of internal control, which are: Control environment, Risk assessment, Control activities, Information and communication and Monitoring.

It is necessary to stress that internal control relates to all forms of controls within an organization and not necessarily limited to only accounting matters e.g., a security check on vehicles exiting business premises to be sure they are not carrying stolen items from the organization is an internal control but not an accounting-related.

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The Framework Company refurbishes antique French purses with silk, satin, and jade trimmings. The bags are its only product. The
zepelin [54]

Answer:

<u>Marketing mix</u>

Explanation:

Note that, Framework's method of product promotion is mentioned; that is  promoted through

  1. cooperative advertising with an exclusive distributor and
  2. by word-of-mouth advertising.

Also, mention is made of the price they sell; $875 and the place it is sold; only in Houston and New York.

In harmony with the Marketing mix elements which includes the price, product, promotion and place, Framework's just gave a description of it's Marketing mix.

3 0
3 years ago
bramble reported total asset s of and net income of for the current year. what is the corrected amount for toal assets and net i
nika2105 [10]

Answer:

Total Assets

Inventory is understated by $59,300 at the end of the year which means that assets are understated by the same amount.

To rectify this therefore you;

= 6,395,000 + 59,300

= $‭6,454,300‬

Net Income

When closing inventory is understated, it will have the effect of understating income and when opening inventory is understated, income will be overstated.

This means that the income for the year is overstated by $139,000 but understated by $59,300.

Corrected income is;

= 500,000 - 139,000 + 59,300

= $420,300

5 0
3 years ago
Identify whether you think you may or may not become an entrepreneur and launch your own
Katena32 [7]

Answer:

Explanation:

lol because its the business and elon musk said it himself and heas richest in world

e34rorowjiop

8 0
3 years ago
Which of the following is a skill?<br> A. Sitting<br> B. Hearing<br> C. Dancing<br> O D. Talking
-Dominant- [34]
C, Dancing. Have a good rest of your day!!
5 0
3 years ago
Read 2 more answers
A fifteen-year adjustable-rate mortgage of $117,134.80 is being repaid with monthly payments of $988.45 based upon a nominal int
Sedbober [7]

Answer:

Using an excel spreadsheet I prepared an amortization schedule. For the 61st payment, the interest rate is increased from 0.5% to 0.625% monthly.

(a) Calculate the loan balance immediately after the 84th payment.

  • $77,884.78

(b) Calculate the amount of interest in the 84th payment.

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(c) Calculate the amount of the balloon payment.

  • $12,168.43

As you can see, the interest amount for the 61st payment increases, while it had been decreasing previously.

Download pdf
3 0
3 years ago
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