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3 years ago

PLEASE HELP AND QUICKLY!! Why is doing timely reconciliations a key part of internal control activities

Business

1 answer:

daser333 [38]3 years ago

3 0

D and

Definition:

Reconciliation is the process of comparing transactions and activity to supporting documentation. Further, reconciliation involves resolving any discrepancies that may have been discovered.

Purpose:

The process of reconciliation ensures the accuracy and validity of financial information. Also, a proper reconciliation process ensures that unauthorized changes have not occurred to transactions during processing

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Moira Company has just finished its first year of operations and must decide which method to use for adjusting inventory account

Scrat [10]

Answer:

The Cost of good sold will decrease by 10,000

The other accounts balance will be the same.

<em>Missing Information:</em>

Ending balances in the relevant accounts were:

Work-in-Process 40,000

Finished Goods 80,000

Cost of Goods Sold 680,000

Explanation:

The company applied overhead for the amount of 435,000

This was charged into finished good which latter become cost of goods sold.

Then, as the actual overhead was 425,000 we have to adjust for the over-applied overehad. We applied more than it cost so we have to reduce it.

435,000 - 425,000 = 10,000

<u>We will decrease our COGS against the factory overhead account.</u>

COGS 10,000 debit

factory overhead 10,000 credit

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3 years ago

Flo is working on a construction site when she is injured on the job in the collapse of a girder company-made beam. at the time,

Bumek [7]

Injuries during working hours at a construction site leads to several legal consequences. If a person gets injured at working site, he/she can file civil law suit for negligence or product liability.
In the above situation, Flo was not wearing any safety wear while working on the construction site of a Grider company. She can file a product liability suit against the Girder company.
The company can most successfully raise the defense of "negligence". Since Flo was not wearing any safety wear during her working hours, the company can raise the defense of negligence because she knew that working on construction site without wearing safety gears may cause harm to her.

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3 years ago

Let L1 and L2 be two lotteries with the same expected return. Suppose L2 has a larger variance and you are risk averse. Would yo

WITCHER [35]

Answer:

option 2) smaller

As CE is the amount which if the agent gets with certainty, then agent will be indifferent between playing lottery or getting that amount with certainty

So L2 is more risky, & agent is risk averse, so agent will be ready to accept a lower amount with certainty ( as compared to the amount for a safer option : L1)

So CE of L2 will be lower

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3 years ago

Swifty Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/20 Purchase 55 $46 3/14/20 Pur

kykrilka [37]

Answer:

$3,785

Explanation:

FIFO Inventory valuation method requires that the Inventory which is purchased first should be sold first and inventory Purchased at last should be sold at last.

As we know Gross profit is the Net of Sales and Cost of Goods Sold.

Sales $9,800

Cost of Goods Sold <u>($6,015)</u>

Gross Profit <u>$3,785</u>

All workings are made in an MS Excel File, which is attached with this answer Please find it.

Download xlsx

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3 years ago

During September at Renfro Corporation, $65,000 of raw materials were requisitioned from the storeroom for use in production. Th

horrorfan [7]

Based on the amount of raw materials requisitioned, the journal entry to debit the Manufacturing Overhead would be $4,000.

<h3>What amount would be debited to manufacturing overhead?</h3>

The manufacturing overhead is for expenses that are not directly involved in the manufacturing process.

This is why it is the indirect material amount of $4,000 that will be debited to the manufacturing overhead account.

Find out more on manufacturing overheads at brainly.com/question/13312583.

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2 years ago