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3 years ago

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

Business

1 answer:

Alex73 [517]3 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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Ann [662]

Answer:

The correct answer is the letter b. “The cost of goods sold to be understated.”

Explanation:

In calculating its indirect profit rate, Brady Company no longer included a cost component. By dividing the total cost by the products sold, the cost of each individual product will be underestimated, this will underestimate all the production sold, meaning the costs of the products will appear to be lower than they really are, and your profits will appear to be higher than they really are.

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3 years ago

The stockholders’ equity section of Montel Company’s balance sheet follows. Preferred stock—5% cumulative, $10 par value, 16,000

snow_tiger [21]

Answer:

$8.1 per share

Explanation:

The computation of the book value per share is shown below:

Book value per share = (Total equity - preference dividend) ÷ (number of shares)

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= ($2,592,000) ÷ (320,000 shares)

= $8.1 per share

All other information which is given is not relevant. Hence, ignored it

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3 years ago

What is demand in marketing?

solniwko [45]

Market demand is the total quantity demanded across all consumers in a market for a given good. Aggregate demand is the total demand for all goods and services in an economy.

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3 years ago

Read 2 more answers

It’s been a crazy couple days at the car lot. Jerry, a potential customer, had been to the lot four times this week and said he

Novosadov [1.4K]

Answer:

In the clarification segment below, the definition including its concern is mentioned.

Explanation:

The following definition of a contract is:

"A purchase contract is a legitimate contract. These are meant to sell or purchase goods as well as products services again for purpose of trading a commodity or service. For a negotiated (price) compensation or sum of money received or offered to pay.

"Legally, void requires not contractual."

Voidable becomes a contract or action that is legitimate but may be canceled in the contract by either of several parties.

"A contract constitutionally binding upon the sides being valid and binding."

The following are the most important integration strategy:

Void: Verbal deal involving Jerry, a prospective buyer who planned to buy a project runway Corvette but expired of a heart condition-Void as when the deal was verbal even though there was no thought or money transfer. Besides, financial agreements and billing information have not yet been developed.
Voidable: If the boy wishes to break the deal, a contract for a young boy obtaining a Chevy besides $5000 remains voidable because he's under the age of eighteen years, he is not technically permitted to agree as well as the contract becomes voidable.
Voidable: The circumstance of a lady buying a property (car), and therefore by suggesting that she took too long to make a choice, you forced her to start making decisions. She sells the car and advises you that she has psychosis become voidable if you have influenced her and therefore can sign court papers, although, in this situation, the seller manipulated her to make those decisions and therefore can argue that the seller forced her.

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3 years ago

Specter Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 820 2 1,130 3 1,390 4 1,525 a

harina [27]

Answer:

$3,765.26

Explanation:

Present value is the sum of discounted cash flows.

Present value can be calculated using a financial calculator

Cash Flow in year 1 = $ 820

Cash Flow in year 2 = 1,130

Cash Flow in year 3 = 1,390

Cash Flow in year 4 = 1,525

I = 10

PV = $3,765.26

To find the PV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

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3 years ago