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2 years ago

Internal control procedures for cash receipts do not require that:_____.

Business

1 answer:

Alex73 [517]2 years ago

7 0

Answer:

b. All collections for sales are received immediately upon making the sales.

Explanation:

Internal control, regarded as a process used in assuring objective of an organization in operational effectiveness as well as efficiency and reliable financial reporting, it is also used in assuring of compliance with laws as well as regulations and policies. Generally, internal control can be described as everything which is able to controls risks to an organization. It is a way the

resources of an organization are been

measured as well as been directed and monitored.

It should be noted that Internal control procedures for cash receipts require that:.

✓Custody over cash is kept separate from its recordkeeping.

✓Clerks having access to cash in a cash register should not have access to the register tape or file.

✓An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.

✓Cash sales should be recorded on a cash register at the time of each sale

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Valley Designs issued a 90-day, 9% note for $42,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a

Aleks [24]

Answer:

1. July 21

2. $42,945

Explanation:

April 22 Start leaves 8 days left, and following the months would be like this:

8(April) + 31(May) + 30(June) + 31(July) = 100 days

Now because we only need 90 days in the period, we subtract the last 10 days off of July 31

31(July) - 10 days (July) = July 21

Maturity value = face amount (42,000) + interest (42,000 x 0.09 x 90 / 360)

42,000 + 945 = $42,945

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2 years ago

The following lots of a particular commodity were available for sale during the year:Beginning inventory 10 units at $60First pu

krok68 [10]

Answer:

$1,685

Explanation:

The computation of the average cost per unit is shown below:

= (Beginning inventory units × price per unit + purchase inventory units × price per unit + purchase inventory units × price per unit + purchase inventory units × price per unit ) ÷ (Beginning inventory units + purchase inventory units + purchase inventory units + purchase inventory units )

= (10 units × $60 + 25 units × $65 + 30 units × $68 + 15 units × $75) ÷ (10 units + 25 units + 30 units + 15 units)

= ($600 + $1,625 + $2,040 + $1,125 ) ÷ (80 units)

= ($5,390 units) ÷ (80 units)

= $67.375 per unit

Now the ending inventory equals to

= Ending inventory units × average cost per unit)

= 25 units × $67.375 per unit

= $1,685

3 0

2 years ago

When a times-interest-earned ratio is 8.5, this means that the firm:?

never [62]

<span>Answer: This means that income is 8.5 times greater than his annual interest expense. In other words, it can afford to pay additional interest expenses.</span>

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2 years ago

A total of 6,850 kilograms of a raw material was purchased at a total cost of $21,920. The materials price variance was $1,370 f

xxMikexx [17]

Answer:

$3.40 per kilogram

Explanation:

Calculation for the standard price per kilogram for the raw material

Using this formula

Standard price per kilogram=(Raw Material total cost +Materials price variance)/Raw material kilograms

Let plug in the formula

Standard price per kilogram=($21,920+$1,370)/6,850

Standard price per kilogram=$23,290/6,850

Standard price per kilogram=$3.40 per kilogram

Therefore the standard price per kilogram for the raw material will be $3.40

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3 years ago

Many older companies have changed from a defined-benefit plan to a(n) ________, which is a retirement plan where workers are cre

avanturin [10]

Cash balance plan is a retirement plan where workers are credited with a part of their pay annually and a predetermined rate of interest.

<h3><u>What is a Cash balance Plan?</u></h3>

A defined-benefit pension plan with a lifetime annuity option is referred to as a "cash balance pension plan."

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Like a defined-contribution plan, this type of plan is managed on an individual account basis.
The advantage of these programs is that age-based contribution caps are available.
Pretax contributions enable those 60 and older to save significantly more money each year than younger people.

You can learn more about defined pension plans work using the following link:

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1 year ago