You had assisted management in strengthening the internal control system for a medium size limited company about a year ago. The management has recently pointed out that the occurrences of frauds and errors have reduced significantly but could not be eliminated altogether. You are required to offer your comments on the above situation with reference to limitations of any system of internal control.
The following comments are relevant to the recent management observations on the occurrences of frauds and errors. Every internal control system has some limitations.
1. A system of internal control only provides reasonable assurance that the controls are sound and not absolute assurance.
2. Human errors can override a system of internal controls, including collusion among employees.
3. For an internal control system to be effective, management should set the tone. Management should follow through with its instituted system of controls unless it makes convincing business sense to override some control.
4. Every internal control system should consider the implementation costs vis-à-vis the benefits. The employees must be involved in all aspects of internal control, just as I insisted earlier.
5. Lastly, management must understand that no system is error-proof. And every system evolves, just as fraud incidences are. Therefore, management should always be on the lookout for unforeseen circumstances.
Thus, management should ensure that its policies and practices do not compromise internal controls.
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Help help help help help help please please
Answer:
C. it allows them to collect income tães from employees
did this webside is working?
Allen and Charlotte married in 2020. They filed a joint return for the year, but the IRS offset their refund because Allen owes past-due child support for his two children from a previous marriage. Charlotte is not legally responsible for the children's support, and she would like to receive her portion of their tax refund. As the couple's tax preparer, what advice would you offer?
There are different factors to consider for a tax refund. The advice I would offer Charlotte is that she should request relief as an injured spouse.
Injured spouse relief is known to be commonly filed with the married filing joint return. This claim is serve so as to help an individual get back your part of a tax refund from a joint tax return.
It often stands where the IRS has gotten hold of the refund to offset a debt owed by your spouse but not by you.
For an individual to be able to qualify for an injured spouse claim, one must meet criteria such as:
The individual is not required to pay the past-due amount The person must have reported income on the joint tax return One has made and reported payments on the joint returnSee full question below
Allen and Charlotte married in 2020. They filed a joint return for the year, but the IRS offset their refund because Allen owes past-due child support for his two children from a previous marriage. Charlotte is not legally responsible for the children's support, and she would like to receive her portion of their tax refund. As the couple's tax preparer, what advice would you offer?
Allen should request a certificate of non-attachment.
Allen and Charlotte should submit a joint offer-in-compromise.
Charlotte should request relief as an injured spouse.
Charlotte should request relief as an innocent spouse.
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Help help help help pelsss please please business
100pts if you help me ..and brainleast
please correct me if im wrong
Consider a favorite product or service of yours. What is it you value, and
what matters most? Can you develop clear requirements from this? And
Categorize your requirements revealed through the value you perceive into
‘Basic Quality’, ‘Spoken Performance’, and ‘Excitement Quality’ features,
2-2) And Taking your example from questions 1 put yourself in the place of
the supplier; how might you access customer requirements such as the
ones you noted?
Based on the information given, a favorite product of mine will be a mobile phone and it provides me with several values such as communication, taking pictures, etc.
The values that can be gotten from mobile phones will be communication, managing professional meetings, and emails, making purchases on online stores, capturing photos and videos.
Also, the most important feature of the mobile phone that I like is the camera and its connectivity. The requirements that I like in a mobile phone include camera features, clarity of calls, and ease of access.
In conclusion, as a supplier, I will create a feedback mechanism in order to get information from consumers regarding the products.
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Help bell buissness help bell bel
Question
Increasing the M3 expansionary monetary policy will do
Which of the following?
Answer
A. it will increase the money supply
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Answer:A It will increase the money supply.
Explanation:
What is Revenue?
What is Expense?
Answer: Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations and Expenses are the costs required for something; the money spent on something.
Five-A-Day, a company that produces and distributes organic vegetables for grocery stores, wants to market its vegetables in such a way that children will want to buy them. To accomplish this, the company creates an advertising campaign that features children dressed up in vegetable costumes attending a Halloween party and eating vegetables and dips as a snack. The company also packages cut up vegetables in grab-and-go containers in fun shapes and colorful designs to attract children's attention in the grocery store. Which marketing function does this scenario most closely describe?
A. grading
B, buying
C. selling
D. promoting
E. marketing research
The marketing function that this scenario best describes is marketing research, which is performed to collect data that will assist in the development of the company's marketing strategy.
We can see that Five-A-Day conducts marketing research by creating advertising campaigns that encourage the consumption of its products to its target audience, which are children.
Therefore, marketing research is an essential step for companies to segment their market through important information about the consumer's profile, preferences and needs.
In this way, the company makes better strategic decisions to increase its market position.
The correct alternative is letter E.
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A broker found a ready, willing, and able buyer who offered full price for a home.
The seller refused to sell because the buyer was a minority. The broker could
legally do all except:
Sue for his commission.
Inform the prospective buyer that help may be available from HUD.
Inform the seller that a possible violation of Federal Fair Housing Laws has occurred.
Show the property only to non-minorities per the seller's instructions.
There are different reasons why people take decisions. The broker could
legally do all except Sue for his commission.
A seller may rejects an offer due to different reasons. Sellers often doo have several options when they are receiving a bid for their property. It is better to make a counteroffer with revisions when your offer is being rejected.
A seller is known too be able to counter and ask for changes to the fastesr money deposit, purchase price etc. In the above scenario, the Sue for his commission is not necessary in this case.
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what is enterprenuaship
Answer:
A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.
Explanation:
how it can be used in addition to showing skills –use the account and debit card?
Answer:What happens when you use a debit card and use credit at the register?
Explanation:When you run your transaction as credit using your debit card, you are still authorizing a debit from your checking account. You will never be charged interest or receive a bill for doing this. Of course, choosing credit at the point-of-sale will not help you build your credit.
Phil's qualified education expenses for the year are $34,000. He claims a $2,500 American Opportunity Credit (based on $4,000 of his expenses). If Phil receives a $40,000 ESA distribution that includes $4,000 in earnings, how much of the entire ESA distribution will he receive tax-free
Based on the information given, the amount that will be tax-free from the ESA distribution will be $39000.
From the information given, the eligible education expenses will be:
= $34000 - $4000
= $30000
The tax free portion will be:
= (4000 × 30000) / 40000
= $3000
The total tax-free distribution will be:
= Contributions + Earnings
= $36000 + $3000
= $39000
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During the external audit of Indico Ltd, which provides industrial maintenance services, the audit senior discovered that the operations director, with the approval of the other directors of Indico, had instructed employees to breach statutory health and safety regulations so that the company would benefit from cost savings. Explain the audit senior’s and the audit firm’s responsibilities in respect of this matter.
Basically, an auditing is done to examine an organization's financial records to determine the accuracy and to check if they are prepared in accordance with applicable accounting rules.
An external audit is the auditing done by an independent accountant to examine the financial records of the firm,Since the audit senior (external audit) discovered that the firm instructed their employees to breach statutory health and safety regulations to save cost, then, it is apparent that a rule have been violated.In conclusion, in this case, the audit senior is required to report the discovery to necessary department for proper sanction and the audit firm is at responsinility to prove it does not default to safety regulation.
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Which of the following accounts would Carlo credit when a customer who bought three dozen pastries and muffins from his bakery paid $55 in cash?
Based on the nature of the transaction described above, the account that would be credited is Revenue
Revenue is the amount that is received when a person or company sells a good or service.
By selling the pastries, Carlo jus earned some revenue. This revenue should therefore be posted to the revenue account. When revenue increases - as it just did - it is credited.
In conclusion, Carlo should credit the Revenue account.
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Discounting a stream of benefits is defined as
a. a single-period valuation model that converts a benefits stream into value by dividing the benefits stream by a rate of return that is adjusted for growth.
b. a single-period valuation model that converts a benefits stream into value by dividing the benefits stream by a rate of return that does not consider growth.
c. a multi-period valuation model that converts revenue into value by discounting the revenue stream by a rate of return.
d. a multi-period valuation model that converts a future series of benefit streams into value by discounting them to present value.
Answer: D
Explanation:
. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into flour, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy
Based on the various amounts that the bread was sold for to different people, the GDP in the country is $140
The GDP in a country refers to the final value of goods and services produced in the country and not the intermediate value.
This is done to avoid the phenomenon known as double counting which can inflate GDP.
The GDP here is therefore the final price of the bread which is $140.
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Dalia makes a little more money than she spends on her daily expenses and wants to put the extra away in a separate account in case she needs it for an emergency. Which type of account would be the best option for Dalia?
1
2
3
4
5
6
7
8
10
In choosing a career, your personal resources are defined as
the amount of money you require to accept the job when first hire
b. who you are and what you have to offer an employer
your career decisions and goals
d. whether or not you have transportation to and from work
Please select the best answer from the choices provided
You receive an email that you have won $100. For the company to transfer the money to your account, they need access to your bank routing number. What is the BEST way to handle this situation?
A. Reply with the information asked for.
B. Ask for further verification to prove that this is a legit company.
C. Request that they send you the money via an electronic gift card.
D. Click on the company’s logo so you can verify they have a real website.
Answer:
B
Explanation:
The BEST way to handle this situation is to ask for further verification to prove that this is a legit company.
What does verification means?This is when an individual ensures that the information he or she receives is genuine. The reason is to prevent fraud from the person sending an email.
Hence, the BEST way to handle this situation is to ask for further verification to prove that this is a legit company.
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regional economic intergration in india
Answer:
the india is regional economic in EST asia
I need help with writing a case analysis report. can someone please be of help?
Based on academic writing research, writing a case analysis report, you need to follow some specific steps, which begin with "Reading and Assessing the Case thoroughly."
Other steps you would need to take include the following:Focus your cases analysisDetect possible solutions or changes requiredChoose the best solutionComplete the case analysisHowever, note that the case analysis report will have the following body:
IntroductionBackgroundEvaluation of the caseProposed solutionRecommendation.Hence, in this case, it is concluded that writing a case analysis report requires you to follow specific steps.
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Work ethics are a naturally inherited quality.
Is this statement true or false?
true
false
Each of the following is a reason to export data except ___
To gave the same data in a database
To use data from your database
To create a pie graph
To send some data from a database to a client.
Explanation:
D
most data exports are for backing up purposes, creating presentation and ability to access old files
During 2011, Gum Co. introduced a new product carrying a two- year warranty against defects.
The estimated warranty costs related to dollar sales are 2% within 12 months following the sale and 4% in the second 12 months of the sale.
The sale and actual warranty expenditures for the years ended December 31, 2011, and 2012 are as follows:
Sales Actual warranty expenditures
2011 150,000 2,250
2012 250,000 7,500
Total 400,000 9,750
What amount should Gum report as warranty expense on its 12/31/2012 Income Statement?
The amount that Gum should report as estimated warranty expense on its December 31, 2012 balance sheet is $14,250.
First step is to calculate the estimated cost related to dollar sales
Estimated cost related to dollar sales=2%+4%
Estimated cost related to dollar sales= 6%
Second step is to calculate the estimated warranty expense that should be reported
Estimated warranty expense =(400,000×6%)-Total of actual warranty expenditures of $9,750
Estimated warranty expense=$24,000-$9,750
Estimated warranty expense=$14,250
Inconclusion the amount that Gum should report as estimated warranty expense on its December 31, 2012 balance sheet is $14,250.
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At the end of last year, Cynthia, a 20 percent partner in the five-person CYG partnership, has an outside basis of $28,500, including her $14,000 share of CYG debt. On January 1 of the current year, Cynthia sells her partnership interest to Roger for a cash payment of $21,500 and the assumption of her share of CYG's debt CYG has no hot assets. What is the amount and character of Cynthia's recognized gain or loss on the sale?
A. $7,000 capital loss.
B. $2,000 ordinary loss.
C. $7,000 capital gain.
D. $7,500 ordinary income.
C. $7,000 capital gain
First, we need to find Net value of Cynthia's share
Net value of Cynthia's share = Value of share - Liabilities
Net value of Cynthia's share = $28,500 - $14,000
Net value of Cynthia's share = $14,500
The next step is to compute Cynthia's net value of her shares sold to Roger.
Then,
Cynthia's gain = Selling value - Net value of share
Cynthia's gain = $21,500 - $14,500
Cynthia's gain = $7,000
Therefore, the amount and character of Cynthia's recognized gain or loss on the sale is $7,000 capital gain.
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Which of the following statements is the best way to state your position in a conflict?
a.
“I am concerned you aren’t telling people the truth about me.”
b.
“I feel betrayed by what was said about me.”
c.
“You aren’t telling me what you tell other people.”
d.
“You need to let me know what you think about me to my face.”
Answer:
A
Explanation:
A plainly states your position in an argument.
Q1: Torville Company's contribution margin income statement is presented below.
Sales for the current period consisted of 5,000 units. Determine the company's
break-even point in dollars.
Torville Company
Contribution Margin Income Statement
Sales
Variable costs
Contribution margin
Fixed costs
Sales : $125000
Variable cost : $90000
Contribution margin : $35000
Fixed cost : $28000
Net income: $7000
Net income
S125,000
20.000
35,000
28.000
$7.000
Based on the sales and the contribution margin, the breakeven point in dollars is $28,000
The breakeven point can be found as:
= Fixed cost / Contribution margin per unit
Breakeven point is therefore:
= 28,000 / (35,000 / 5,000 units)
= 4,000 units
This amount in dollars is:
= (4,000 x (Sales revenue - Variable cost / Number of sales))
= 4,000 x (125,000 - 90,000/ 5,000)
= $28,000
In conclusion, the breakeven point is $28,000
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When assets are pooled into financial instruments such as collateralized mortgage obligations (CMOs) to better facilitate selling them to the general public, the process is known as
It should be noted that When assets are pooled into financial instruments such as Collateralized Mortgage Obligations (CMOs) to better facilitate selling them to the general public the process is known as:
SecuritizationSecuritization helps in a process which involves the pooling of asset in order to make their selling to be faster and make the public to be aware of it.
Therefore, securitization is When assets are pooled into financial instruments such as Collateralized Mortgage Obligations.
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