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lora16 [44]
3 years ago
9

Segregation of duties controls dictates that the collection and recording functions be kept separate from each other. However, t

he accounts receivable department needs to know when customers pay their invoices. What is a solution to this potential internal control problem?A) Establish a lockbox arrangement with a bank.B) Have customers send a remittance advice with their payment.C) Have mailroom personnel prepare a remittance list which can be forwarded to accounts receivable.D) all of the above
Business
1 answer:
nekit [7.7K]3 years ago
5 0

Answer:

Option D All of the above statements are correct.

Explanation:

The solution of the issue is software integration and making flow of information on timely basis across the company. The recommended solutions given in the question are correct because:

  1. Establishing a lockbox arrangement is similar to having a single company bank account. This means that the company will have a confirmation from the bank that the payment is received by the bank from customers.
  2. The remittance advice sent with payment helps to solve the misunderstanding, assist in recording transaction to keep the system updated and provides resistance to fraudulent practice.
  3. The mailroom personnel who require mailing of trade receivable balance which the customers owe to company and trade payable balance which the company owes to suppliers. This avoids the company paying illegitimate amounts and receiving the amounts which the customers actually should pay to the company.

So all of the statements are correct.

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Answer: The correct answer is true.

Explanation: A disclosed principal is a principal whose identity is known by a third party with whom an agent contracts on the principals behalf, making this statement true.

7 0
3 years ago
A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout th
ruslelena [56]

Answer:

75,000 equivalent units

Explanation:

Calculation to determine What were the equivalent units of production for conversion costs for the month of March

First step is to calculate completed and transferred units

Completed and transferred units =5,000 + 70,000 − 25,000

Completed and transferred units = 50,000

Now let determine the equivalent units for direct materials cost

Using this formula

Equivalent units for direct materials cost =100% of the completed units + 100% of the ending inventory

Let plug in the formula

Equivalent units for direct materials cost= (50,000 × 100%) + (25,000 × 100%)

Equivalent units for direct materials cost=50,000+25,000

Equivalent units for direct materials cost=75,000

Therefore the equivalent units of production for conversion costs for the month of March is 75,000

3 0
2 years ago
Mark brainliest:/
galina1969 [7]

Answer:

B, reduced supply of labor, higher wages

Explanation:

Government laws have a minimum wage that has to be earned by the company to employ a person.

5 0
3 years ago
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Afina-wow [57]

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