All categories

3 years ago

What is the term used to describe the policies and procedures that are designed to reduce the opportunities for fraud?

Business

1 answer:

Art [367]3 years ago

8 0

Answer:

The term used is known as Risk Assessment Procedures

Explanation:

These audit procedures are applications to obtain knowledge about the entity and its environment, including its internal control, our objective is to identify and assess the risks of material misstatement, due to fraud or error, both in the financial statements of the company as in the concrete statements contained in decisions.

You might be interested in

Which of the following is NOT one of the credit reporting agencies?

Jlenok [28]

Answer:

we need the opitions lol

Explanation:

3 0

3 years ago

Rexford Corporation produces three products, with costs and selling prices as follows: Product A Product B Product C Machine hou

Alex787 [66]

Answer:

$9,400

Explanation:

For computing the maximum contribution margin we need to do following calculations

Contribution Margin

Product A = ($12 ÷3) = 4

Product B = ($5 ÷ 1) = 5

Product C = ($9 ÷ 2) = 4.50

So, the ranking order would be product B > product C > product A

Now

Total machine hours available = 2,100 hours

And,

Time for making 500 units of B

= 500 × 1

= 500 hours

For making 500 units of C, the time taken is

= 500 × 2

= 1000 hours

So the remaining hours left is

= 2,100 hours - 1,000 hours - 500 hours

= 600 hours

So, for A the manufactured is

= 600 ÷ 3

= 200

And, finally the Maximum contribution margin is

= (200 × $12) + (500 × 5) + (500 × 9)

= $2,400 + $2,500 + $4,500

= $9,400

7 0

3 years ago

The final step in recognizing the completion of production requires a company to?

Maru [420]

'The final step in recognizing the completion of production requires a company to debit Finished-Goods Inventory and credit Work-in-Process Inventory.

Production is the process of making or producing goods or products from raw materials or parts. In other words, production takes inputs and uses them to create outputs suitable for consumption, i.e. goods or products of value to the end-user or customer.

Production is the process of making, harvesting, or creating something, or the quantity of something manufactured or harvested. An example of production is the manufacture of furniture. An example of production is harvesting corn for food. An example of production is corn production.

The economist classifies the factors of production into his four categories: land, labor, capital and entrepreneurship. The first element of production is land, which includes all natural resources used to produce goods and services.

Learn more about production brainly.com/question/16755022

#SPJ4

4 0

2 years ago

What is the major purpose of a bank reconciliation statement?

lara31 [8.8K]

Purpose of a bank reconciliation statement.
A bank reconciliation statement is used to compare your record to those of your bank to see if there is difference between the two sets of records. The ending balance of your version of cash records is known as the book balance while the bank`s version is known as bank balance. It is common for there to be a difference in the two balances. The results to the differences might be due to overdrawn bank account, bounced checks and overdraft fees. It is important for you to check the difference because there might be substantial variance between the amount you think you have and that the bank thinks you have. In some cases the bank may even elect to close down your account.

3 0

3 years ago

State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash fl

Ivanshal [37]

Answer:

Effect of Transaction on Cash Flows

Effects Amount

1. Cash Payment $239,000

2. Cash Receipt $252,000 (12000*$21)

3. Cash Receipt $91,400

4. Cash Payment $491,000

5. Cash Payment $86,000

6. Cash Receipt $188,100 (190,000*0.99)

7. Cash Payment $353,400 (6,200*$57)

8. Cash Payment $36,100 [1.90*(23,000-4,000)]

5 0

3 years ago