Answer:<u><em>The cash register will alert Megan McKinney, the controller, that something is wrong.</em></u>
In this case the cash register provides control over the cash receipts. When Kristof, took the cash from the register , the records from the register will not match the cash in the register.
The cash in the cash drawer will be $650 lower than the amount recorded in the cash register.
Answer:
C. Liabilities
Explanation:
Financial accounting can be defined as the field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time.
Owner's equity is simply what a person owns outrightly and it is also referred to as net worth. It can be defined as the value of financial and non-financial assets owned by a person minus the total outstanding liabilities or debts of that person. Simply stated, owner's equity refers to the difference between the amount a person own (asset) and the amount owed (liability).
Mathematically, net worth is given by the formula;
Making liabilities the subject of formula, we have;
In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.
Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.
Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.
Hence, Assets minus Owner's Equity is equal to Liabilities.
Answer:
1. Lack of ownership
2. Higher taxation
3. Legalities and formalities
Explanation:
An incorporated company is one that has a separate legal entity from that of its owner and shareholders. Disadvantages of an incorporated company include:
- <em>Lack of ownership</em>
An incorporated business is a separate entity from its owner. Hence, separate bank accounts would be required along with separate business identification since personal identification would not be sufficient. At the same time, personal funds must be kept separate from business funds. Mixture of the two is an offense against the law. Also, as shareholders are involved, they may have voting rights, hence, the owner will not have a complete say in all business activities.
Incorporated companies are expected to pay higher taxes whilst others may have minimum taxable limits. The owner will have to pay income tax as well as corporate taxes. They will also accumulate other expenses such as accounts and legal fees whilst processing these complex taxation methods.
- <em>Legalities and formalities</em>
Incorporating a business in itself requires complex procedures and a lot of paperwork. After this has been accomplished, the company is still expected to follow strict codes of conduct such as those provided by the Companies Act. This would include the way borrowings and lending occur, investments, dividend provisions, meetings and audits. They will also have to register documents under the Registrar of Companies.
<span>A supervisor can take many
steps when it comes to handling unions within the company. First that should be
taken into consideration is, the supervisor’s communication to his/ her people.
The people should know that the supervisor is always available when they need
to talk about the policies of the company and why there is no necessity to have
a third party. The employees should also have the knowledge on what is going on
inside the business. They should always be informed about the standing of the
company in the market. Another is, there
should also be an outlet where the employees can air out their concerns thus
the supervisor should also provide these outlets. Another concern that should be addressed
properly is the fairness of the pay. This means that the principle of paying the
employees must be put into mind; this is that they are paid according to the
work that they do and second is let the employee know that they are paid
fairly. Do this by market surveying the wages every year. Be honest to the
employees by letting them know the economic standing of the company. They will
surely understand the situation. The company must also remember the employees
who stood by them during the hard times by giving them fair returns when the
company is already in a good standing. Next
is, when you see that an employee is making good performance, companies must
also do their responsibility by acknowledging the efforts and giving incentives
for their good performance. </span>
