Answer:
1. Several individuals operate the cash register using the same register drawer. Weak Internal Control. <u>Establishment of Responsibility Internal control violated. </u>
Having many individuals have access to the cash register can lead to theft. Establishment of Responsibility is an internal control that calls for the minimal amount of people being able to do one task. This way issues can be traced faster.
2 .A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. Good Internal Control. <u>Independent Internal Verification control followed. </u>
Independent Verification occurs when a person who is an employee of a company but not related to a task, audits that task to find out if any irregularities are present. It ensures unbiased review.
3. Joe Cockrell writes checks and also records cash payment journal entries. Weak Internal Control. <u>Segregation of Duties Internal control violated. </u>
Segregation of duty calls for the division of a job process into tasks that different people are to accomplish especially in relation to cash. It can help avoid fraud because people will not be able to approve payments for themselves which is what Joe Cockrell can do in this scenario. Joe can withdraw and decide not to record it.
4 .One individual orders inventory, while a different individual authorizes payments. Good Internal Control. <u>Segregation of Duties Internal control followed. </u>
Segregation of duty calls for the division of a job process into tasks that different people are to accomplish especially in relation to cash. By having one individual order inventory and the other authorizing payments, fraud can be better avoided.
5 .Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Weak Internal Control. <u>Documentation Procedures Internal control violated. </u>
Documentation procedures in a company ensure that the paper trail is efficiently recorded so that transactions can be followed up speedily. By sending unnumbered sales invoices to the Accounting department as well as taking so long to do so, the company is running an inefficient documentation process that will make tracking transactions more difficult.
Answer:
A research proposal is an archive proposing a research project, for the most part in technical studies or the scholarly world, and for the most part establishes a solicitation for sponsorship of that exploration. Recommendations are assessed on the expense and potential effect of the proposed inquire about, and on the adequacy of the proposed arrangement for completing it. In this way, Final proposition is the commonly concurred terms of the proposition. The page range of definite proposition can be changed from 5 to 200 pages.
The current ratio will remain the same as 1 only
The acid-test ratio will decrease.
- The current ratio will stay the same because there won't be a change in current liabilities, and the change in current assets won't have any net consequences because the asset will grow due to an increase in inventory, but it will also decrease by the same amount due to a decrease in cash, so the current ratio will stay the same.
- The acid-test ratio will decline since the numerator will shrink owing to a cash shortage, and the growth in inventory won't be taken into account because current assets aren't included in this ratio.
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Answer:
17.5%
Explanation:
Effective annual rate is a yearly rate of return which includes the compounding effect. APR is the simple rate of return which is being paid on the principal amount that is being invested.
Formula for Effective Interest rate
EAR = ( 1 + APR/n )^n -1
0.18974 = ( 1 + APR/12 )^12 -1
0.18974 + 1 = ( 1 + APR/12 )^12
1.18974 = ( 1 + APR/12 )^12
(1.18974)1/12 = (( 1 + APR/12 )^12 )1/12
1.0146 = 1 + APR/12
1.0146 - 1 = APR / 12
0.0146 = APR / 12
APR = 0.0146 x 12
APR = 0.175 = 17.5%
