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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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The equilibrium between possible threats and prospective compensation is known as ________.

stiv31 [10]

The equilibrium between possible threats and prospective compensation is known as risk/return trade-off.

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2 years ago

You are hoping to buy a new boat 3 years from now, and you plan to save $4,200 per year, beginning one year from today. You will

USPshnik [31]

Answer:

FV= $12,818.4

Explanation:

Giving the following information:

You are hoping to buy a new boat 3 years from now, and you plan to save $4,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest.

To calculate the future value we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {4,200*[(1.052^2)-1]}/0.052 + 4,200= $12,818.4

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3 years ago

A(n) ________ is a tool management uses to assess the potential of a firm's business portfolio. It helps management decide how t

frozen [14]

Answer:

3. portfolio analysis

Explanation:

Some example is portfolio analysis are:

Unilever has a portfolio of supplying tea and ice cream.

Gillette provides shaving products and batteries.

Protfolio analysis is the process by which the portfolio or products of a business are reviewed. It is done to analyse risk and returns. When portfolio analysis is done frequently it helps the business make changes in portfolio allocation based on changing market needs.

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3 years ago

The term goal congruence refers to the? ________.

andreyandreev [35.5K]

Goal congruence is characterized as consistency or assertion of individual objectives with organization objectives. Everybody in the association should be paddling a similar way. That procedure gets extreme when you begin to set up assessment criteria for workers.
The control system ought to be planned in order to coordinate the individual objectives with authoritative objectives, and in this manner accomplish goal congruence. The answer is B.

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3 years ago

Haag Corp.'s 2015 income statement showed pretax accounting income of $1,250,000. To compute the federal income tax liability, t

Galina-37 [17]

Answer:

$80,000

Explanation:

The taxable Income of the Haag Corp can be calculated using the following formula:

Taxable income=Pretax accounting income-income exempt for tax purposes-excess depreciation allowed for tax purposes.

Applying the above formula to the given question:

Pretax accounting income: $1,250,000

Income from exempt municipal bond: ($50,000)

Excess depreciation deducted for tax purposes ($100,000)

Taxable income $1,100,000

Tax on taxable income(30%*1,100,000) $330,000

Less: Federal income tax already paid ($250,000)

Tax Liability to be included in Hagg's balance sheet $80,000

8 0

3 years ago