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TEA [102]
2 years ago
10

The following procedures were recently installed by Raspberry Creek Company: After necessary approvals have been obtained for th

e payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. Along with petty cash expense receipts for postage, office supplies, etc., several postdated employee checks are in the petty cash fund. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. At the end of each day, all cash receipts are placed in the bank's night depository. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
Required:
Indicate whether each of the procedures of internal control over cash represents (1) A strength or (2) A weakness. For each weakness, indicate why it exists.
Business
1 answer:
Citrus2011 [14]2 years ago
3 0

Answer:

a. Strength

b. Strength

c. Weakness

d. Weakness

e. Strength

f. Strength

g. Weakness

h. Weakness

All the reasons of weakness are written in the explanation section below.

Explanation:

Solution:

Note: we are only asked to state the reasons of weaknesses only if exists. And in order to facilitate the reader I am breaking the question into parts.

a.

Comment : It represents a Strength

b.

Comment: It represents a strength

c.

Comment: It represents a Weakness

Reasons: In any case, post dated personal checks of employees are not permissible from the petty cash. It will showcase the advancing of funds from the petty cash for the employees. And it is a weakness.

d.

Comment:  It represents a weakness.

Reasons: It is a weakness, because it will create cash shortage of customers in the long run and it will lead to more and more complaints from the customers. Cash shortages should be dealt with proper procedure.

e.

Comment: It represents a strength

f.

Comment: It represents a strength.

g.

Comment: It represents a Weakness

Reasons: because it will create the accountability issues. Here, first step is that the mail clerk should list all the remittances and then send them forward. Furthermore, he/she must send duplicate copy account clerk for proper recording.

h.

Comment: It represents a Weakness

Reasons: It is not acceptable to prepare a bank reconciliation by people who are handling cash.

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True.

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3 years ago
7) Suppose the real exchange rate is 10, the domestic price level is 8, and the foreign price level is 4. (a) What is the nomina
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Answer and Explanation:

The computation is shown below:

1. Nominal exchange rate is

= (Real exchange rate) × (foreign price level ÷ domestic price level)

= 10 × (4 ÷ 8)

= 5

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Change in  Nominal exchange rate = (real exchange rate change )  + foreign inflation - domestic inflation

= 10 + 4 - 6

= 8%

3.) foreign inflation rate

= Change in Nominal exchange rate - real exchange rate change + domestic inflation

= 5 - 8 + 3

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We simply applied the above formulas

4 0
3 years ago
g For this question, ignore inflation. Suppose Jenny earns $60,000 per year working as a tax analyst. After ten years, she quits
arsen [322]

Answer:

If Jenny doesn’t earn any interest on her savings and wants to perfectly smooth consumption across her life, how much will she consume every year?

Jenny's total income during her life = income as tax analyst ($60,000 x 10) + income as PhD student ($12,000 x 5) + income as Art Director (35 x $95,000) = $3,985,000

she generated income during 50 years and expects to live 20 more, so in order to perfectly smooth consumption across her life, she must divide her total life income by 70 years = $3,985,000 / 70 years = $56,928.57 per year

What might prevent her from perfectly smoothing consumption?

First of all, besides inflation, you also earn interest on your savings. That is why 401k and other retirement accounts work so well (the magic of compound interest). Even if inflation and interests didn't exist, you cannot know exactly what you are going to earn in the future and for how many years. In this case, she earned $60,000 for 10 years, but then earned only $12,000 during 5 years. If she really wanted to smooth her consumption, she would have needed to get a loan because her savings during the first 10 years wouldn't be enough.

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<h2>Basic research is the least likely to result in product innovation that have near-term commercial application</h2>

Explanation:

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The information gathered here will be very light or a starter. It is not possible to foresee all the outcomes or the benefits which is achieved in the basic research.

We cannot even predict the types of research knowledge which might add a value to the future changes

6 0
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