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Why is the separating of recordkeeping from the custody of assets a limitation of an internal control system?

yanalaym [24]

The separating of recordkeeping from the custody of assets a limitation of an internal control system because:

In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
Employee maintaining accounting records has no incentive to falsify records.
Employee controlling asset will know if another person is maintaining records or not.
The employee who controls/has access to an asset should not maintain that asset's accounting records.

<h3>What is meant by Internal Control?</h3>

Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.

To learn more about asset's accounting records: brainly.com/question/24012821

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6 0

2 years ago

True or False? The United States does not have publicly financed health insurance specifically for the unemployed.

iren [92.7K]

Answer:

True

Explanation:

The United States has no single nationwide system of health insurance.

In the event that an employed worker's spouse loses his/her job to lay-off, the insurance premium financed by the active worker for this family coverage should provide basic health benefits to unemployed workers and their dependents because government does not provide for such category of active group except for senior citizens.

Health insurance is purchased in the private marketplace or provided by the government to certain groups. Private health insurance can be purchased from various organizations such as profit commercial insurance companies or from non – profit insurers.

3 0

3 years ago

Midshipmen Company borrows $11,500 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest

hoa [83]

Answer:

Part 1:

Account Debit Credit

Cash $11,500

Notes Payable $11,500

(On 12% Interest)

Part 2:

Account Debit Credit

Interest Expense $690

Interest Payable $690

Part 3:

Interest Expense = $690

Interest Payable = $690

Explanation:

Part 1:

July 1, 2018 Midshipmen borrows $11,500 from Falcon Company.

Account Debit Credit

Cash $11,500

Notes Payable $11,500

(On 12% Interest)

Part 2:

From july 1,2018 to Dec 31,2018, Interest expense has accumulated for 6 months. Since each month the interest is 1% so For each month interest is

($11500 * 1% = $115).

For 6 months Interest expense = $115 * 6

For 6 months Interest expense = $690

General Entry:

Account Debit Credit

Interest Expense $690

Interest Payable $690

Part 3:

Same as Part 2 i.e

From july 1,2018 to Dec 31,2018, Interest expense has accumulated for 6 months. Since each month the interest is 1% so For each month interest is

($11500 * 1% = $115).

For 6 months Interest expense = $115 * 6

For 6 months Interest expense = $690

Interest Expense = $690

Interest Payable = $690

5 0

3 years ago

Enterprise Rent-A-Car was able to model and better understand how service requests were handled and then optimize the process, g

Roman55 [17]

<u>Answer:</u> Business process management

<u>Explanation:</u>

Business process management(BPM) is the tool through which the firm does its designing, modeling, executing, monitoring and optimization of their operations. all the activities are designed to achieve the organisational goals.

Through using the BPM tool Enterprise Rent A car was able to improve its efficiency in performance and productivity. When efficiency is achieved through optimization the customer satisfaction can also be achieved. With betterment in process the capability of the firm to provide deliverable also increases. BPM helps organizational leaders to know the various processes that happen within their organizations.

4 0

4 years ago

A lender estimates that the closing costs on a $293,600 home loan will be $11,010. the actual closing costs were 3.25% of the lo

mestny [16]

The closing cost of the house mortgage is lower than the envisioned by 0.5%.

<h3>What is the closing cost?</h3>

Closing expenses are the prices over and above the property's rate that consumers and dealers generally incur to finish an actual property transaction.

Those expenses may also encompass mortgage origination fees, cut price points, appraisal fees, name searches, name insurance, surveys, taxes, deed recording fees, and credit score file charges.

The lender is required by regulation to expose those expenses in the form of a mortgage estimate within 3 days of a domestic mortgage application.

Gifts of equity (actual property income given to a relative or close pal at a below-marketplace rate) can also incur a few closing cost.

So, from the above announcement, it's clear that alternative D, decreasing by 0.5%, is an appropriate answer.

Learn more about closing cost, refer to:

brainly.com/question/1084194

4 0

3 years ago