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3 years ago

Management's assessment of the design and operation of the company's internal controls over financial reporting should be:

Business

1 answer:

kotegsom [21]3 years ago

4 0

Answer:

Management's assessment of the design and operation of the company's internal controls over financial reporting should be:

integrated.

Explanation:

A company's assessment of internal controls over financial reporting should be integrated to focus on the effectiveness of internal controls and the reliability of the financial statements. The effectiveness of internal controls reduces the risk of fraudulent activities by all internal parties. Similarly, the reliability of the financial statements will ensure public confidence and engender unbiased, error-free, and faithful representation of financial performance and position to aid decision making by market participants.

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Answer:

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3 years ago

Read 2 more answers

Reporting Uncollectible Accounts and Accounts Receivable

hjlf

Solution :

Account Estimated Estimated

receivable loss% bad debts

Current 250,000 0.5 1250

1-30 days of past due 90,000 1.0 900

31-60 days of past due 20,000 2.0 400

61-120 days of past due 11,000 5.0 550

121-180 days of past due 6,000 10.0 600

Over 180 days of past due 4,000 25.0 1000

Total account receivable 381,000 4700

a). The amount for the bad debts expense is = 4700 - (4350 - 3830)

= 4180

b). Balance in the accounts receivable

Accounts receivable = 381,000

Less : allowance for bad debts = - 4180

Net realizable value of the accounts receivable = 376,820

c). Bad debts expense

a). 4180

Balance: 4180

The allowance for un-collectible account

Beg. Bal : 4350

write off : 3830

a). 4180

Balance 4700

6 0

3 years ago

Every time 2-year old rosa goes near the stove, her mother stops her and says, "no, hot!" rosa's mother is providing her with a

never [62]

Rosa's mother is providing her with a SCAFFOLD to help her internalize.Scaffold is an instructional method that is temporarily used to impress understanding on a young child. Children learn effectively through the process of scaffolding.

3 0

3 years ago

Daniel is resigning from his position as a marketing specialist and would like a permanent record of her official resignation. W

Damm [24]

Answer:

a. Letter

Explanation:

A letter is written communication from one party to another. Letters are written on a designated paper, put in an envelope and send either by post or hand-delivered.

A letter can be formal or informal. Daniel should write a formal letter to his boss informing him of his resignation. Should Daniel write a letter, It will an official document in the company. The company will be file the document appropriately and will stay intact for many years.

Daniel can also keep a copy of the letter for himself. A letter has an advantage over the other electronic options. Electronic records can be deleted permanently or get lost should the systems collapse.

4 0

3 years ago

An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. Approximately how much interest is earned on the i

Sladkaya [172]

Answer:

Option (c) $7,672

Explanation:

Data provided in the question:

Investment amount i.e principle = $9,875

Interest rate,r = 4.8%

Time, t = 12 years

Now,

Future value = Principle × $\left( 1 + \frac{r}{n} \right)^{\Large{n \cdot t}}$

n = number of times compounded per year

Future value = $= 9875\times\left( 1 + \frac{ 0.048 }{ 12 }\right)^{\Large{ 12 \cdot 12 }}$

Future value = $9875\times{ 1.004 } ^ { 144 }$

Future value = $9875\times1.776866$

Future value = $17,546.55

Also,

Future value = Principle + Interest

Therefore,

$17,546.55 = $9,875 + Interest

Interest = $17,546.55 - $9,875

= 7671.55 ≈ $7,672

Hence,

Option (c) $7,672

3 0

4 years ago