All categories

3 years ago

Do you believe you should assess the internal control risk over cash receipts as low, medium, or high? Why?

Business

1 answer:

VMariaS [17]3 years ago

4 0

Answer:

HIGH

Explanation:

Whenever it has to do with cash, the risk is always high. The potential for employee fraud and accounting error cannot be underestimated. Controls must be in place to protect losses for small businesses and income leakages for big businesses.

Revenue is the biggest asset of a company and the first line in its income statement and cannot be assessed to be of 'low risk'

Internal controls should be in place for cash receipts in order to limit the access to cash to trusted staff, to verify all receipts, and that such transactions are captured correctly and timely. Cash receipts should never be used as petty cash as it creates tracking complexities.

You might be interested in

Why does switerland import so many goods fro indonesia such as textiles, garments, furniture, and agricultural products?

Step2247 [10]

The answer to this question would be A because Indonesia produce goods cheaper than Switzerland can make them this is because the labor is cheaper.Sorry for the late answer.

4 0

4 years ago

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $190,000 are payabl

Alenkinab [10]

Answer:

Explanation:

The attached diagram contain solution to the question ask

3 0

4 years ago

In the context of managing innovation, _____ are formal project review points used to assess progress and performance. A. protot

SIZIF [17.4K]

Answer: Option 'B' is correct.

Explanation:

<u>Milestones</u> are formal project review point used to assess progress and performance.

As Milestones is a way to increase the productivity as well as the profitability of the company.

Milestones are observable and measurable and act as progress flags.

Milestones has zero duration, so, it is independent of time.

So, No work is associated with it.

Hence, Option 'B' is correct.

3 0

3 years ago

Gary has an 80% LTV loan on his new $318,000 townhome with an annual interest rate of 4.125%. What’s his interest payment the fi

Mumz [18]

Answer:

interest amount = $874.50

Explanation:

given data

LTV loan = 80%

amount = $318,000

interest rate = 4.125% = 0.04125

to find out

interest payment the first month

solution

first we get here loan amount that is

loan amount = 80% of $318,000

loan amount = $254,400

now we get here interest amount for 1st month that is

interest amount = loan amount × interest rate × time period

put here value

interest amount = $254,400 × 0.04125 × $\frac{1}{12}$

interest amount = $874.50

3 0

4 years ago

Keegan and drew, spouses, have a checking account at gloria city national bank. the balance is $450,000. what is their protectio

Anastaziya [24]

Keegan and drew, spouses, have a checking account at gloria city national bank. the balance is $450,000. There is no coverage for Keegan and Drew their protection from sips of gloria city fails. Thus, option (c) is correct.

What is bank?

The term bank refers to the financial institution offering the services related to the term money. The bank is manage financial system to handling accounts and manage the cash. The bank is provided different facilities such as cash transaction, accounts on bank, deposition, check, provided locker facility, loans and provided different schemes.

Nowadays, technology are advanced, the bank are shift in online transaction. The bank details are check on single click. A person proper details add to bank account. A person is required to check bank balance they easily check with security. But the check another person bank account are take to legal action.

Instead of managing banks, the SIPC deals with broker-dealers. Drew and Keegan's defense against gloria city sips fails.

Therefore, option (c) is correct.

Learn more about on bank, here:

brainly.com/question/14042269

#SPJ4

The missing option of the questions are:-

A) $250,000—the total maximum coverage per account

B) $450,000—split evenly between the two people

C) There is no coverage for Keegan and Drew

D) $450,000—$250,000 for Keegan and $200,000 for Drew

5 0

2 years ago