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2 years ago

The group within an organization that is responsible for monitoring and evaluating the internal control system is called the

Business

1 answer:

Rus_ich [418]2 years ago

6 0

Answer:

Audit committee

Explanation:

Internal control is a system of ensuring that an organization's policies and procedures are complied with by its staff in order to protect the company's assets, ensure fraud is eliminated and also ensure financial integrity.

The audit committee ensures that the system of internal control implemented by the management is effective, hence its able to manage the risk inherent in the organization. The committee is also responsible for monitoring and evaluating the system of internal control in an organization inorder to ensure its effectiveness.

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A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una

ValentinkaMS [17]

Answer: $5,440

Explanation:

When using the percent of sales method to determine bad debts, the company estimates a percentage that it believes will results in uncollectible debt and then applies it to the sales/revenue figure. The figure that is calculated is then debited along with the debit balance on the Allowance for doubtful accounts to the Bad debts account for the year and credited to the Allowance for doubtful accounts.

This company estimates that they will have 0.6% of credit sales uncollectible.

There are also $790,000 in sales of which all are on credit.

The Uncollectible estimate is therefore,

= 790,000 * 0.6%

= $4,740

This figure is then added to the debit amount on the Allowance for Uncollectible Accounts.

= 4,470 + 700

= $5,440

Note; A debit balance on the Allowance for doubtful debt account signifies that the bad debts were higher than anticipated the last time. This is why the figure is added to the current bad debts expense.

6 0

2 years ago

A fully discrete whole life insurance policy paying $50,000 at the end of the year of death is issued to an individual age 36. T

DerKrebs [107]

Answer:

Our P = 17540 $

Explanation:

Amount of Insurance Policy = 50000$

premium reserve at 10th Year = 8000$

Net Premium for the policy = 900$

Annual Interest Rate = 6%

Net Premium at the age of 46 = ????

900 * 10 years = 9000$

9000 + Interest rate @ 6% = 9540$

Net Premium + Premium reserve of 10 Years = 9540 +8000 = 17540$

P = 17540 $

Note: As similar policy have interest rate @ 6%,which is paid every year,

At the age of 46, Net premium reserved amount also will be recovered.

6 0

3 years ago

Which of the following is the best example of supporting language acquisition?

Elodia [21]

A is the answer

Because the rest do not make sense

6 0

2 years ago

Cash to Monthly Cash Expenses Ratio Capstone Turbine Corporation produces and sells turbine generators for such applications as

Andrej [43]

Answer:

a) $1,918.17

b) 16.8 months

C) Yes, Capstone Turbine will remain in business.

Explanation:

a) To find the monthly cash expenses, we have:

Monthly cash expenses = negative cash flow from operations / 12

= 23018 / 12

= $1,918.17

b) To find the ratio of cash to monthly cash expenses, we have:

Ratio of cash to monthly cash expenses = Year end cash / monthly cash expenses

= $32,221 / $1,918.17

= 16.797

≈ 16.8 months

c) Yes, Capstone Turbine will remain in business because the calculated ratio above shows that they have cash to continue operations for approximately 16.8 months.

6 0

2 years ago

Paula inherits a home on July 1, 2019 that had a basis in the hands of the decedent at death of $290,000 and a fair market value

Airida [17]

Answer:

her recognized gain on the sale of her old principal residence is $193,000 and her basis in the inherited home is $600,000.

Explanation:

Recognized gain on sale of old house

= ($600,000 - $125000) - $30,000 - $2000

= $443,000

Paula's recognized gain = $443,000 - $250,000

= $193,000

Her basis in the inherited home = $500,000 + $100,000

= $600,000

Therefore, her recognized gain on the sale of her old principal residence is $193,000 and her basis in the inherited home is $600,000.

4 0

3 years ago