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Lady bird [3.3K]
3 years ago
11

Tyler Jones is authorized to prepare and sign checks for the company. He also enters the checks Into the ledger. He wrote a $500

.00 check to Jones Repair, a fictitious company and entered the
check Into the ledger as a repair expense. He deposited the check into his own account. Which of the following internal controls would have prevented the theft?
A. All checks require two signatures.
B. All checks require a voucher or Invoice.
C. All payments and purchases are made by check.
D. The bank reconciliation is completed monthly.
Business
1 answer:
Natali [406]3 years ago
3 0

Answer:

A. All checks require two signatures.

Explanation:

Internal controls refer to the checks and balances that an organization puts into place to ensure its financial transactions' integrity. They are the measures and regulations that safeguard against fraudulent transactions, especially in the finance department. Internal control protects business assets from theft and misuse by malicious employees.

Requiring all transactions to be approved by a senior officer is a control measure that would have prevented Tyler Jones from succeeding in stealing. In this case, the check would have to be signed by a second person. The second signature serves as an approval.

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When it comes to investing, what is the typical relationship between risk and return
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3 years ago
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lora16 [44]

Answer:

Cost of units completed = $176,528

Workings are attached:

Explanation:

Equivalent unit of production

An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.

Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.

Conversion costs

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Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.

The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>

For the sake of this question, we will be determining the <u>equivalent units of production:</u>

  • Units completed and transferred subject to material and conversion costs
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Download xlsx
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Answer:

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Answer:

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