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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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The following account balances were taken from the adjusted trial balance of Kendall Company: Revenues $ 22,400 Operating Expens

dsp73

Answer:

Retained earnings-Closing = $19,900

Explanation:

Given that,

Revenues = $22,400

Operating Expenses = $15,000

Dividends = $4,500

Retained Earnings(opening) = $17,000

Net Income = Revenues - Operating expenses

= $ 22,400 - $15,000

= $7,400

Statement of Retained Earnings:

Retained earnings-Closing:

= Retained earnings -opening + Net Income - Dividends

= $17,000 + $7,400 - $4,500

= $19,900

7 0

3 years ago

Quaker State Wings has 320,000 shares outstanding and net income of $980,000. The company stock is currently selling for $62.97

ELEN [110]

Answer:

The new EPS is $ 3.16

Explanation:

In order to compute the earnings per share after the share repurchase the shares repurchased must deducted from the weighted average number of share of 320,000 before repurchase so as to arrive at the number of shares eligible for the earnings after such repurchase.

The number of shares repurchased=$634,000/$62.97

= 10,068.29

The average weighted number of shares after repurchase is 309,931.71 (320,000-10,068.29)

EPS after repurchase=$980,000/309,931.71

=$3.16 per share

5 0

3 years ago

Interference from differences in personality or status is called

klemol [59]

The interference of personality or status differences is called personality traits, that is, a way developed by psychologists to organize different personalities according to certain dimensions.

<h3>The Big Five Personality Traits </h3>

This is one of the most accepted approaches today, which divides the personality into the following traits:

Opening
Conscientiousness
Extroversion
Agreeableness
Neuroticism

Each of the traits encompasses different personality facets that help identify which one individual has more or less of compared to another individual.

Therefore, today's organizations need to understand the personality traits of their employees through testing and analysis, to better understand the motivation of each individual and create an organizational culture based on diversity and development.

Find out more information about personality traits here:

brainly.com/question/18782358

3 0

2 years ago

If capacity is expensive and inventory is cheap, a good reason to hold inventory is to level load capacity by using inventory as

Ber [7]

If capacity is expensive and inventory is cheap, a good reason to hold inventory is to level load capacity by using inventory as a buffer between demand variability and capacity utilization-<u>The statement is true</u>

Explanation:

<u>Capacity management</u> can be defined as the act of management to ensure maximization of the product output and the potential activities associated with production,under all the given circumstances

The<u> capacity of a business measures</u> how much the business can achieve, produce, or sell within a given time period.It refers to the maximum output rate a company can produce

<u>Load capacity</u> is use to define the maximum demand, stress, or load that can be placed/leveled on a given system under normal or specified conditions for an extended period of time.

4 0

3 years ago

Suppose Baa-rated bonds currently yield 6%, while Aa-rated bonds yield 4%. Now suppose that due to an increase in the expected i

Leviafan [203]

Answer:

Initial confidence index 66.67%

New confidence index 71.4%

Explanation:

Calculation of what would happen to the

confidence index

Using this formula

Confidence index=(Average yield for high grate bonds)/(Average yield for intermediate graded bonds)

Let plug in the formula

Initial confidence index=4%/6%

=0.6667 ×100

=66.67%

Due to increase in the yields the New Confidence Index will be;

New confidence index

=(4%+1%)/(6%+1%)

=5%/7%=0.7142857 or 0.714

0.714×100=71.4%

Hence, the New Confidence index tend to indicates slightly higher confidence and the reason for the increase in the index is the expectation of higher inflation.

6 0

3 years ago