Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described.
a. Physical Controls
b. Documentation Procedures
c. Independent Internal Verification
d. Establishment of Responsibility
e. Human Resource Controls
f. Segregation of Duties1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger.
2. Three people handle cash sales from the same cash register drawer.
3. A clothing store is experiencing a high level of inventory shortages because people try on clothing and walk out of the store without paying for the merchandise.
4. The person who is authorized to sign checks approves purchase orders for payment.
5. Some cash payments are not recorded because checks are not pre-numbered.
6. Cash shortages are not discovered because there are no daily cash counts by supervisors.
7. The treasurer of the company has not taken a vacation for over 20 years.
Answers
The internal control principle related to the problem of cash shortages not being discovered due to the absence of daily cash counts by supervisors is Segregation of Duties.
Segregation of Duties is a fundamental internal control principle that ensures different individuals are assigned to different stages of a transaction, thereby reducing the risk of errors, fraud, or misappropriation of assets. In the case of cash shortages, the absence of daily cash counts by supervisors means that there is no independent verification of the cash on hand. By implementing a segregation of duties, supervisors would be responsible for conducting regular cash counts, which would help identify any discrepancies and prevent cash shortages from going unnoticed.
The internal control principle related to the treasurer of the company not taking a vacation for over 20 years is Rotation of Duties.
Rotation of Duties is another important internal control principle that aims to prevent fraud or errors by periodically changing employees' responsibilities. When a treasurer does not take a vacation for an extended period, it can create a potential risk for the company. Without rotation of duties, there is an increased likelihood of fraudulent activities going undetected, as the treasurer may have exclusive control over financial transactions and records. Implementing a rotation of duties policy would help mitigate this risk by ensuring that different individuals periodically assume the treasurer's responsibilities, providing opportunities for independent review and reducing the risk of fraudulent activities.
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Related Questions
Altair,Inc., gathered the following data from its accounting records for the year ended December 31, 2006:
Sales $750,000
Gain on sale of investments 5,000
Cost of goods sold 450,000
Depreciation expense 25,000
Other operating expenses 198,000
Loss on sale of plant assets 2,000
Income tax expenses 24,000
Net income 56,000
Increases (decreases) in selected account balances:
Cash $ 7,000
Accounts receivable 80,000
Inventory (35,000)
Prepaid expenses 2,000
Accounts payable 75,000
Accrued liabilities (10,000)
Income taxes payable 8,000
Prepare the operating activities section of Altair's 2006 statement of cash flows using BOTH the direct method and the indirect method.
Answers
Both the direct and indirect methods result in the same net cash provided by operating activities of $29,000.
Direct Method:
Cash received from customers = Sales - Increase in accounts receivable
= $750,000 - $80,000
= $670,000
Cash paid for merchandise = Cost of goods sold + Decrease in inventory - Increase in accounts payable
= $450,000 + $35,000 - $75,000
= $410,000
Cash paid for operating expenses = Other operating expenses + Depreciation expense + Increase in prepaid expenses + Decrease in accrued liabilities
= $198,000 + $25,000 + $2,000 - $10,000
= $215,000
Cash paid for income taxes = Income tax expenses - Increase in income taxes payable
= $24,000 - $8,000
= $16,000
Net cash provided by operating activities = Cash received from customers - Cash paid for merchandise - Cash paid for operating expenses - Cash paid for income taxes
= $670,000 - $410,000 - $215,000 - $16,000
= $29,000
Indirect Method:
Net income = $56,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense = $25,000
Loss on sale of plant assets = $2,000
Gain on sale of investments = ($5,000)
Decrease in inventory = $35,000
Increase in accounts receivable = ($80,000)
Increase in prepaid expenses = ($2,000)
Increase in accounts payable = $75,000
Decrease in accrued liabilities = ($10,000)
Increase in income taxes payable = $8,000
Net cash provided by operating activities = $56,000 + $25,000 + $2,000 - $5,000 + $35,000 - $80,000 - $2,000 + $75,000 - $10,000 + $8,000
= $29,000
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name four commercial services which are useful to a manufacturer
Answers
Which of the following is NOT one of the serious consequences of "senior slump"?
1. I might not be able to keep up with my introductory college courses.
2. I might not graduate from high school on schedule with my class.
3. I might not be assigned to the college dormitory of my choice.
4. I might be required to take summer school courses before enrolling in college.
Answers
Answer: 3. I might not be assigned to the college dormitory of my choice.
Explanation:
A senior slum refers to a condition that some high school seniors experience where they lose academic focus and begin to perform worse in academics.
A senior slump by definition, affects high school seniors which means that not being assigned to a college dormitory cannot be a consequence of it because that would require being a college student in the first place.
As the people affected are still in high school, a serious consequence would be one that affects their high school results such that they don't get into college in the first place after which they can then begin to worry about dormitories.
Answer:
3. I might not be assigned to the college dormitory of my choice.
Explanation:
Hope this helps
A company needs construction equipment to complete a project over the next 20 months. The equipment costs $10,000. Instead of purchasing the equipment with a 12% note, the company leases the equipment with payments of $300 due at the end of each month. For what amount would the company record the lease liability at the beginning of the lease?.
Answers
The amount that the company would record the lease liability at the beginning of the lease, based on the note rate, the cost of equipment, and the payments, is $5, 414.
How to find the lease liability?The lease liability to be recorded will be the present value of the payments that the company will make over the 20 months, given the interest rate on the note of 12%.
Because this amount is stable and constant over a certain period of time, it is an annuity. The present value of the lease payments on the equipment can therefore be found by looking for the present value of an annuity.
The present value of this annuity can be found by the formula:
= Lease payments monthly x Present value of annuity interest factor, periodic interest, number of periods
Periodic interest:
= 12% / 12 months per year
= 1%
The lease liability is therefore:
= 300 x Present value of annuity interest factor, 1%, 20 periods
= 300 x 18.04555
= $5, 414
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A manager who involves members of the team in decisions is using which management style?
A.
Authoritarian
B.
Hands-off
C.
Participative
D.
Autocratic
Answers
Answer:
c.
Explanation:
Answer:
i think its c) to
Explanation:
What is meant by internet?
Answers
Answer:
internet is a vast computer network providing communication and information throughout the world and it is easily accessible nowadays ❤️
what is internet?.
the internet can be defined as network of networks.
Chase banks internal environment (strengths and weaknesses related to resources, trademarks,patents,copyrights, or current processes)
Answers
Chase Bank possesses strengths in its strong brand image, a wide range of products, and financial position. However, weaknesses include limited global presence, high fees, regulatory scrutiny, and vulnerable IT infrastructure.
Chase Bank is a subsidiary of JPMorgan Chase and has a strong internal environment with a wide range of strengths and weaknesses related to resources, trademarks, patents, copyrights, or current processes.
Some of the strengths and weaknesses of Chase Bank's internal environment are discussed below: Strengths: Chase Bank has a strong brand image and reputation in the market, which attracts customers and helps build trust with them. It has a large customer base and a wide range of products and services that provide a competitive advantage.
Additionally, the bank has a strong financial position and is able to invest in new technologies and processes, which can improve operational efficiency. Chase Bank has a large network of branches and ATMs that make it convenient for customers to access their services.
Weaknesses: Chase Bank has a limited presence in some regions of the world, which limits its customer base and reduces its revenue potential. Additionally, the bank has been criticized for its high fees and interest rates, which can make it difficult for some customers to afford their services.
Chase Bank has also faced regulatory scrutiny in the past, which can negatively impact its reputation and lead to legal or financial penalties. Furthermore, the bank's IT infrastructure has been criticized for its vulnerabilities, which can lead to security breaches and data theft.
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The closing of a routine reply or positive message should (1 point)
O clearly state who will do what next.
explain the reasons for any negative information you have included.
O offer an explanation for why this decision was made.
O all of the above
Answers
In a simple linear regression model we use the normal quantile plot of the residuals to evaluate if it is reasonable to assume the ___________ come from a normal distribution.
a. Response Variable
b. Errors
c. Observations
d. Explanatory Variable
Answers
Option C "errors" is correct. In a simple linear regression model, we use the normal quantile plot of the residuals to evaluate if it is reasonable to assume the errors come from a normal distribution.
A straight line is used to estimate the relationship between one independent variable and one dependent variable in a regression model called simple linear regression. Both factors ought to be quantitative.
The residuals from your regression should adhere to a normal distribution in order to draw reliable conclusions from it. The error terms, or the discrepancies between the observed and predicted values of the dependent variable, make up the residuals.
To assess how well a regression model fits a dataset, one looks at the residual standard error. It measures the standard deviation of the residuals in a regression model, to put it simply.
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how should contact center wohow should contact center workstations be positioned to maximize productivity?
Answers
Give your workers freedom. Working in a call center might seem monotonous at times.
What does the term "employee" mean?A person engaged by a company to do a certain task is known as an employee. Employers are in charge of deciding how much an employee is paid, when they work, and how they work. Employees receive advantages that contractors do not in return.
What is the primary objective of an employee?Worker meaning is the feeling of significance that employees derive from their work and the degree to which their ideals are shared by a company. It ultimately comes down to giving staff members the tools and support they need to infuse meaning into their workdays and professional environments. They help to increase the productivity of company.
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as a business owner who sells products to customers and a consumer who purchases products from other sellers, dinesh has a deep understanding about the perceived value received when purchasing a good or service. he decides to teach his son, who will eventually take over the business, about this concept. what does dinesh tell his son that he will be teaching him about?
Answers
As a business owner who sells products to customers and a consumer who purchases products from other sellers, dinesh tell that he will be teaching his son about perceived value. received when purchasing a good or service.
The perceived value comes down to the price the public is willing to pay for a good or service. Even a snap decision pf perceived value made in a store aisle involves an analysis of a product's ability to fulfill a need and provide satisfaction compared to other products under different brand names.
The perceived value is a customer's own perception of a product or service's merit or desirability to them, especially in comparison to a competitor's product. The perceived value is measured by the price the public is willing to pay for a good or service.
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ad hominem
red herring
false dilemma
false analogy
Excerpt
Logical
Fallacy
Our current mayor has been in politics for over 25 years. It is time
that we have a younger mayor, so we can have fresh ideas to make our city better.
is true that the city council id approve a tax for a new road
construction project. However, our city needs to attract more businesses to stabilize
our economy
bring to work instead of using public transportation is the net
eating everything on your plate it wastes veueble resources
Answers
When you purchase the exact same office supplies you purchased in the previous quarter, you are making a
Answers
When you purchase the exact same office supplies you purchased in the previous quarter, you are making a straight rebuy.
What is a straight rebuy?
This is the type of purchase that a customer is known to buy that is in the same quantity and the same terms as the goods from the same supplier.
The perfect example of this is that people are known to visit the same coffee shop daily to make the same purchase.
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Emissions trading for water pollutants may be more complex than emissions trading for air pollutants. Trading networks must be limited to sources discharging into particular bodies of water. limited according to the industry and the product that the firm produces. unlimited geographically, but limited to domestic polluters. best if they are completely unlimited.
Answers
Emissions trading for water pollutants is more complex than for air pollutants because trading networks must be limited to sources discharging into particular bodies of water.
This is because water pollution tends to be more localized and the effects can be more severe. Additionally, the trading networks must be limited according to the industry and the product that the firm produces. For example, agricultural runoff may have different trading restrictions than industrial waste. However, some argue that trading networks should be unlimited geographically, but limited to domestic polluters.
This would allow for a more efficient allocation of resources and a reduction in the overall cost of compliance. Ultimately, the effectiveness of emissions trading for water pollutants will depend on the specific regulations and trading networks in place. While complete unlimited trading may seem ideal, it is important to balance the economic benefits with the need to protect the environment and public health.
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Predict Consequences When the economy is
expanding, which of the following is a business
MOST likely to do?
A. close its international branches
B. lay off employees
C. invest in new equipment
D. cancel new product development
Answers
The correct option is C.
When the economy is expanding, the business invests in new equipment.
What happens during an expansion in the economy?Expansion, in economics, is an upward trend in the business cycle, characterized by an increase in production and employment, which in turn causes an increase in the incomes and spending of households and businesses.
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94.0% complete Question Cecilia and Landon DeFee purchased their primary residence in North Carolina this year, but still maintain a vacation property in the Smokey Mountains. Their home in N. Carolina was purchased for $450,000, and they paid $22,349 in interest the first year. The vacation property was purchased 5 years ago for $300,000 and they paid $14,795 in interest this year. The couple has no other itemized deductions. What is the mortgage interest deduction for Cecilia and Landon
Answers
The mortgage interest deduction for Cecilia and Landon for the year is $37,144.
What is mortgage interest deduction?Taxpayers, like Cecilia and Landon DeFee, who own their homes on mortgages, can reduce their taxable income by the amount of interest paid.
The loan must be secured on their property and should not exceed $750,000 for married couples filing jointly or $375,000 for each couple filing separately.
Data and Calculations:Primary Residence Vacation Property Total
Mortgage for property $450,000 $300,000 $750,000
Interest paid $22,349 $14,795 $37,144
Thus, the mortgage interest deduction for Cecilia and Landon for the year is $37,144.
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For management, the major downside of telecommuting is ________. decreased productivity less direct supervision of employees difficulty in scheduling work increased turnover reduced morale
Answers
A disadvantage of telecommuting for management is related to less direct supervision of employees.
What is telecommuting?It corresponds to carrying out work tasks outside the traditional office, using telecommunications tools such as a computer and cell phone to establish communication with the team.
Despite the advantages of generating greater motivation and autonomy for employees, telecommuting can be challenging for the control and supervision of activities.
Therefore, the ideal is that there are strategic measures to ensure that activities are carried out in accordance with expectations, creating work goals to increase quality and productivity.
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PLEASE HELP GUYS WRITE A TOPIC WITH AT LEAST 200 TO 300 WORDS ABOUT DOGS RESEACH AND RESTATE IT IN YOU OWN WORDS PLEASE I WILL GIVE YOU BRAINLEST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Answers
Answer:
Did you know that dogs' noses are wet. Probably because of the fact that they drink water by licking and it may get on their nose or it's just wet. Dogs have feelings just like us humans do. They feel when something is wrong. They know when you happy and sad. Dog's are smart and listen very well if you train them. Dogs tend to lick us because that's their way of showing love. You know how us people just say I love you and show it well, since dogs can't talk they lick us and play around with us. Dogs also tend to stare at us which sometimes can be creepy but that's another way they show affection. Now if they don't know you then they will stare and bark because they need to absorb you and try to make sure you want to hurt their owner. Lastly, dogs can get jealous because they might see you with another do and think you're replacing them or they might see you with a baby and get jealous because they might feel not loved or cared for anymore so they expect all the love from you because they are attached and spoiled. Overall, dogs are loving and caring for little pets.
Answer:
Dog's are loving and caring kinda pets and tend to want all the attention
Explanation:
Which of the following might experience a factor of failure related to expansion?
A. A hair salon that hires new employees immediately after it opens
B. A restaurant that doesn't have a website
C. A shoe store located near another popular shoe store
D. A grocery store with employees who miss company meetings
Answers
Answer:
a
Explanation:
cggm nauseousness hfff fallen
The securities and exchange commission is responsible for ______. multiple choice question. preparing a prospectus regulating various stock exchanges ensuring companies are tax compliant listing stock transactions on the nyse
Answers
Answer:
regulating various stock exchanges
Explanation:
is the stage of the new-product process that positions and launches a new product in full-scale production and sales. multiple choice question.
Answers
The stage of the new-product process that positions and launches a new product in full-scale production and sales is Commercialization. (The correct answer is A).
Commercialization is the final stage in the new-product process, where the product is introduced to the market and full-scale production and sales begin. This stage includes determining the product's positioning, creating a marketing mix, and developing a marketing plan. It is a crucial stage, as it determines the success or failure of the new product. In contrast, protocol is a document that outlines the objectives, target market, and other details of the new-product process, while gap analysis is a method of assessing the differences between the current situation and desired future goals.
Your question is incomplete, but probably the complete question is:
What is the stage of the new-product process that positions and launches a new product in full-scale production and sales. multiple choice question: A. Commercialization. B. Protocol. C. Gap Analysis
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To examine
the weekly payroll of all employees, one would look at the:
Answers
To examine the weekly payroll of all employees, one would look at the: d. payroll register.
What is the payroll register?The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.
A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.
Options:
a. W-4
b. employee earnings record
c. W-2
d. payroll register.
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Julia just graduated college and is beginning her new career. Being concerned about her financial future, she wants to
begin investing now. At her young age, which would be the BEST option for her to start investing in?
Answers
She could start investing early by using mutual funds, which are the greatest alternative.
The right response is B.
Which investment strategy is ideal for a young person?Your idle funds may find safety and liquidity in money market funds, savings accounts, and short-term CDs. Depending on your individual financial circumstances, you should retain a certain amount in these investments, although most financial experts advise keeping at least three to six months' worth of living expenses in these investments.
What are millennials currently investing in?After thoroughly researching the costs and the fund's portfolio, passive young investors should consider investing in ETFs. ETFs that invest in equities and are actively managed expose you to the risk of various business stocks.
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Is the sentence “It doesn’t matter if people come to work on time.” true or false?
Answers
Answer:false
Explanation:
draw the major organic product for the same substrate with two different conditions.
Answers
The substrate is C4H9OH, the nucleophile is Br-, and the leaving group is H2O. The production of the carbocation is the rate-limiting stage in an SN1 reaction.
As the water, which is the departing group, leaves, the carbocation forms. The nucleophile (Br-) attacks after the departing group has left in order to produce the main organic product. The reaction's first step is the protonation of the -OH group. Therefore, Br- is the nucleophile, H2O is the leaving group, and C4H9OH is the substrate. The correct response is A because in stereochemistry, the substrate is designated as S and the reaction's result as R. The best option is therefore A. The mechanism of the SN2 reaction can be summarized as follows: There is only one step necessary in this nucleophilic substitution reaction. The reaction is known as the SN2 reaction because two reactants are involved in the phase that determines rate.
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True or False, non-record materials can be comingled with official agency records.
Answers
The statement is True. Non-record materials can be comingled with official agency records because they are not considered official records and do not need to be preserved for a specific period of time.
Non-record materials are items that do not need to be retained for any specific period of time and can be discarded when they are no longer needed. Examples of non-record materials include duplicate copies, drafts, and personal papers.
They may include emails, documents, and other materials that are used for reference or informational purposes, but not for the conduct of agency business. It is a good idea to maintain duplicate records in different locations for ease of access.
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what is quality management
Answers
We live in a wonderful world that is full of beauty, charm and adventure. There is no end to the adventures we can have if only we seek them with our eyes open. Internalize or Meaning
Answers
Answer with Explanation:
The world is a wonderful place to live, it is full of beauty and adventure indeed; however, not everyone can appreciate it. This is because not all people can see the positive side of what is happening around them.
People who cannot sense the beauty in the world are blinded by their sufferings. For example, a person who was abandoned by her lover will truly feel depressed. However, there is actually beauty in such pain. Being abandoned makes a person stronger than before and it allows him to tackle the future challenges in life courageously.
Another example, if you hate somebody and dwell on that hatred for long time, you won't be able to open your eyes. A way out for such hatred is making a good connection with that person rather than hating him. It's a positive move and will truly make your relationship more beautiful.
1. The reading discusses three management theories. What are these three management theories?2. How are Theory X and Theory Y different, according to the reading?3. How Theory Z is different than Theory X and Y? Please explain.4. Imagine that you are a manager in charge of approximately a dozen workers. Would you prefer to rely primarily on Theory X, Y, or Z as your management style? Why? Please explain.
Answers
1. The three management theories discussed in the reading are Scientific Management, Human Relations Management, and Systems Management.
2. According to the reading, Theory X assumes that employees are inherently lazy and need to be closely supervised and motivated through rewards and punishments. In contrast, Theory Y assumes that employees are self-motivated and can be trusted to work independently with minimal supervision.
3. Theory Z differs from Theory X and Y by emphasizing long-term employment, group decision-making, and a strong commitment to the organization by both the employees and management.
4. The choice of management style would depend on various factors, such as the nature of the work, the characteristics of the employees, and the organization's goals. In some situations, Theory X might be appropriate if there is a need for close supervision and the employees require motivation to perform their tasks. Theory Y might be better if the employees are self-motivated and can work independently. Theory Z might be ideal for organizations that value employee commitment and team-based decision-making. Ultimately, a manager needs to assess the situation and choose a management style that aligns with the organization's goals and employee needs.
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the long run average cost curve may initially slope downward due to part 2 a. increasing marginal returns. b. economies of scale. c. decreasing average fixed costs. d. all of the above.
Answers
The correct answer is "b. economies of scale". Economies of scale occur when the firm experiences cost savings as a result of increasing production.
This can be due to factors such as bulk purchasing, specialization of labor, or technological improvements. As a result, the long run average cost curve may initially slope downward, indicating decreasing average costs as output increases. However, it's important to note that this effect can only continue up to a certain point, after which the curve may start to slope upward due to diseconomies of scale, such as increasing coordination costs or congestion in production processes. It's also important to distinguish between average costs and marginal costs, as the latter may not necessarily follow the same trend as the former. Overall, understanding the relationship between economies of scale and the long run average cost curve is essential for firms to make informed production decisions and achieve optimal efficiency.
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