Question 21 Which of the following can be considered a preventive control. Reconciling the bank statement to cash. Reviewing customer credit before approving a sales order. Maintaining frequent backup records to prevent data loss Inventory count based on system recrods
Answers
The correct answer is “Reviewing customer credit before approving a sales order.”
Preventive control is a type of internal control which is implemented to keep fraudulent activities at bay. It helps to prevent and detect errors, intentional or unintentional, by regularly monitoring activities, and analyzing results to make necessary adjustments. The objective of preventive control is to prevent or deter errors and fraud before they occur rather than detecting them after the damage is done. A preventive control can include access restrictions, approvals, and authorizations, encryption, dual control, segregation of duties, and data backups among others.
It is a preventive control because it restricts sales to customers that are unlikely to default on their payment and, in doing so, reduces the chances of bad debts.
For example, credit history is often used to determine creditworthiness, which can serve as a basis for decisions regarding a customer’s ability to purchase on credit. By reviewing customer credit before approving a sales order, the company can minimize the risk of extending credit to a customer who may not be able to make a payment.
Inventory count based on system records is not a preventive control but a detective control. It is used to check whether the inventory records in the system are accurate. Reconciling the bank statement to cash and maintaining frequent backup records to prevent data loss are corrective controls. Reconciling the bank statement to cash is done after the fact to correct any discrepancies between the bank and the cash records, while maintaining frequent backup records is done after data loss to recover any lost data.
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Related Questions
What type of exchange rate regime is in place when a country tries to hold the value of its currency within some range against an important reference currency like the euro
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When a country holds its currency within a range of an important reference currency like the Euro or U.S. Dollar, this is a Dirty float.
What is a dirty float?A dirty float refers to when a currency's value is allowed to fluctuate to an extent based on supply and demand.
This value will not be allowed to fluctuate past a certain range of an important reference currency which makes the value more stable.
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A cost remains unchanged when the volume of activity changes within the relevant range.a. Trueb. False
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A cost remains unchanged when the volume of activity changes within the relevant range. This, statement was true. Thus, option (a) is correct.
What is the cost?The term cost refers to the actual money are spent on the manufacturing of the product. The product are manufacture to spend on money are raw material, transportation, wages, salary, and other expenses add. The all expenses are added to identify the cost.
Fixed costs are expenses was no to the changed. Cost remains unchanged such as rent on a building, cost of insurance, and the salaries of employers. It was the cost unchanged when the mass of activity alterations.
As a result, the significance of the statement is true are the aforementioned. Therefore, option (a) is correct.
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Please help me asap!!!
Answers
Answer:
Finder's fee. good luck dude
What is a business opportunity?
Answers
Answer:
a packaged business investment that allows the buyer to begin a business.
Explanation:
PLEASE HELPPPPP due by tomorrow pleaseeee
write a one-page report that details the individual’s job position, education, and career training, current job responsibilities, and what the person enjoys the most about the job position.
Answers
The job description contains sufficient information to describe major responsibilities and essential functions as they exist today. They provide the information necessary to classify the position, not the person; thus they are “incumbent neutral” and not based on any specific quality of an incumbent (such as knowledge, skills, abilities, performance, dedication, loyalty, years of service, or degree). The document should not include every detail of how and what work is performed so that it remains useful even when minor changes occur. Job descriptions can be written as a joint effort between supervisor and employee, but the supervisor must approve.
The adjusted trial balance for Yondel Company at December 31, 2018 is presented below: Accounts Debit Credit Cash $ 8,000 Prepaid rent 23,000 Land 445,000 Accounts payable $ 12,000 Salaries payable 20,000 Common stock 230,000 Retained earnings 109,000 Dividends 14,000 Service revenue 340,000 Salaries expense 160,000 Rent expense 29,000 Utilities expense 32,000 Totals $ 711,000 $ 711,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2018.
Answers
Answer:
Explanation:
Cash =8000
Prepaid rent = 23,000
Land = 445000
Accounts payable = 12,000
Salaries payable = 20,000
Retained earnings = 109,000
Dividends = 14,000
Service revenue = 340,000
Salaries expenses = 160,0000
Rent expenses = 29,000
Utilities expenses = 32,000
Net income = Service revenue - Salaries-Rent-Utilities-
=340,000-160,000-29,000-32,000 = 119,000
Journal
1. Debit Service revenue - 340,000
Credit income summary - 340,000
2, Debit Income summary - 221,000
Credit Salaries expenses 160,000
Credit Rent expenses 29,000
Credit Utilities expenses 32,000
3 Debit Income summary 119,000
Credit retained earnings 119,000
4 Debit retained earnings 14,000
Credit retained earnings 14,000
In which type of economy is a business owner most likely to benefit from free enterprise?
Answers
hope this helps
Answer:
Sole proprietorship
Explanation:
I’m not 100% sure but it’s a sole individual business
Shirley took out a loan from the bank today for x. She plans to repay this loan by making payments of $440. 00 per month for a certain amount of time. If the interest rate on the loan is 0. 84 percent per month, she makes her first $440. 00 payment later today, and she makes her final monthly payment of $440. 00 in 5 months, then what is x, the amount of the loan? an amount less than $2,154. 00 or an anmount greater than $2,667. 00 an amount equal to or greater than $2,154. 00 but less than $2,363. 00 an amount equal to or greater than $2,363. 00 but less than $2,574. 00 an amount equal to or greater than $2,574. 00 but less than $2,612. 00 an amount equal to or greater than $2,612. 00 but less than $2,667. 0
Answers
To solve this problem, we can use the formula for the present value of an annuity, PV = PMT *\([1 - (1 + r)^(-n)] / r\) where PV is the present value, PMT is the monthly payment.
r is the interest rate per month, and n is the number of months. Substituting the given values, we get: Therefore, the amount of the loan is $2,200. Checking the given options, we can see that the answer is in the range of "an amount equal to or greater than $2,154.00 but less than $2,363.00", which is the third option. In summary, Shirley took out a loan of $2,200, and she plans to repay it over five months by making monthly payments of $440.00 at an interest rate of 0.84% per month.
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Accounts receivable arising from sales to customers amounted to $120,000 and $105,000 at the beginning and end of the year, respectively. Net income reported on the income statement for the year was $457,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is
Answers
Answer:
Cash flow from operating activities $472,000
Explanation:
The computation of the cash flows from operating activities to be reported on the statement of cash flows is given below:
Beginning account receivable $120,000
Add: net income $457,000
less: ending account receivable -$105,000
Cash flow from operating activities $472,000
How a researcher knows what is topical within his or her subject and why it is important to know that
Answers
The research topic that the researcher finds is interesting and hence, he becomes anxious to complete the research work to add value to existing gap.
The research's "what," or the subject to be examined, is provided by the topic. The researcher can locate the research in the literature by defining and identifying the "what" of the study. The drive to pursue an interest is personally generated by curiosity. You can concentrate interest by concentrating on accuracy and clarity.
You must select one study topic that can be thoroughly studied. Clearly define your bounds. Take into account this illustration of topic concentration. Try this question instead of "I am interested in why children are not succeeding": "What effect does comprehending specialised academic language have on accomplishment in the natural sciences for third-grade Hispanic second-language learners?"
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Post-Assessment
Question 2 of 5
Why is buying a car considered "bad debt"?
It decreases in value over time
It increases your net worth as it build equity
It gives you transportation to and from your job
It is worth more than any other investment
Submit
Continue
E
Answers
The reason why buying a car considered "bad debt"is that It decreases in value over time. option A
What is bad debt?The term bad debt can be described as the amount of money that a creditor must write off as a result of a default on the part of the debtor in a case whereby the creditor has a bad debt on the books, then things turn to uncollectible and is recorded as a charge-off.
It should be noted that a case can be regarded as bad debt because the value of the asset you receive from the loan depreciates quickly however in some cases interest charges increase how the amount that is been paid for the vehicle. and in thius case cost is higher compare to what it would be if you'd purchased the car outright with cash.
Hence, option A is correct.
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how can we apply our knowledge of business plan in our life
Answers
Answer:
we can just forget the way our school and family taught us and learn finance and math really well and then start putting everything in practice and then you'll forget that you'll ever need a paycheck and that is how it is
When a securities firm acts as a(n) ____, it makes a market in specific securities by maintaining an inventory of those securities.
Answers
Answer:
The correct approach is "dealer".
Explanation:
Dealers would provide money supply to financial products whilst also trying to establishing a working capital of those that have been exchanged at a small concentration. By mobilizing savings, dealers generate more money out of the expansion respectively bids and start questioning for quotes. To make profits, individuals consider purchasing lesser at either the contract offer, as well as take revenue at either the request and then, have a high turnover._____ is a pattern of shared basic assumptions that a group learns as it solves its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and, therefore, is taught to new members as the correct way to perceive, think, and feel in relation to these problems.
A. Organizational change
B. Organizational culture
C. Organizational structure
D. Organizational learning
Answers
Answer:
What is B. Organizational culture
Explanation:
Organizational culture is a pattern of shared basic assumptions that a group learns as it solves its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and, therefore, is taught to new members as the correct way to perceive, think, and feel in relation to these problems.
Organizational culture is a pattern of shared basic assumptions that a group learns as it solves its problems of external adaptation and internal integration, and that has worked well enough to be considered valid. Hence, option B is correct.
What is Organizational culture?The general definition of organizational culture is all of a company's beliefs, values, and attitudes, and how these affect how its people behave. What it's like for a customer to purchase from a business or for a supplier to cooperate with it is influenced by culture.
The definition of organizational culture pertains to the structure, values, sociology, and psychology of an organization, such as a business or non-profit. Philosophy, beliefs, expectations, and experiences are a few examples of organizational culture.
Your company's culture establishes standards for how employees should act, collaborate, and perform as a team. In this manner, siloed teams' barriers may be dismantled, decision-making can be guided, and workflow can be improved.
Thus, option B is correct.
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If tennis rackets and tennis balls are complements, an increase in the price of tennis rackets will cause the equilibrium price of tennis balls to ______ and the equilibrium quantity of tennis balls to _____.
Answers
Since the tennis rackets and tennis balls are complements,then equilibrium price of tennis balls would decrease and the equilibrium quantity of tennis balls decrease if there is increase in the price of tennis rackets.
What is Equilibrium price?Equilibrium price can be regarded as the point where there is intersection of cost of a product as well as the demand for that product.
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Answer: decrease
Explanation:
why adding payment options in the stands can increase a fan’s satisfaction at a sports
event?
Answers
The results of a partial least squares structural equation modeling analysis imply that aspects of the stadium, club management, and the fan-based support for the club are the most important determinants of fan satisfaction.
- BRAINLIEST answerer
Answer: The costumer would find it better and easier, which means sport event will make more profit because the fans are satisfied.
Hope this helped!
I NEED HELP ASAP!
Formulate reasons as to why both savers and borrowers may prefer indirect financing to direct financing
Answers
By enabling diversification, specialisation, liquidity, cost-effectiveness, and regulatory protection, indirect financing can be advantageous to both savers and borrowers.
Why do borrowers and savers favour indirect financing?Because banks can charge lower interest rates than private investors and because there are typically more investors interested in buying bonds than in lending money directly to businesses, indirect finance has the major benefit of making it more affordable for businesses to borrow money.
In indirect finance, how are savers and borrowers related?A financial intermediary accomplishes this by borrowing money from savers and lenders, and using that money to lend to spenders and borrowers.
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Free 50 Pts
Is it Legal if i use a M18 Claymore Mine While Hunting?
Answers
Answer:
no there would be not evidence that u killed something because that evaporate the animal
Explanation:
you recently finished an essay on the milky way galaxy in google docs, but you can’t locate the file anywhere on your Google Drive. What should you do?
Answers
Answer:
Google docs
Explanation:
Have you checked your files on your google docs or if they aren't there try searching for them on your phone.
Answer:
In Google Drive, enter a keyword in the search bar and press Enter. A list of files and folders matching your keyword search appears.
Select a folder or any type of file. ...
You can also select a folder or a Google file, right-click and select Show file location
A registered representative that wishes to recommend a variable annuity to a customer must make reasonable efforts to obtain the customer's:________
Answers
I liquidity needs
II investment time horizon
III existing assets including insurance holdings
IV intended use of the variable annuity
A. I and II only
B. III and IV only
C. I, II, III only
D. I, II, III, IV
Answer:
D. I, II, III, IV
1. liquidity needs
2. investment time horizon
3. existing assets including insurance holdings
4. intended use of the variable annuity
Explanation:
Before a registered representative gives recommendation on a variable annuity, the following actions amongst others should have been taken:
1. investment time horizon
2. liquidity needs
3. intended use of the deferred annuity
4. existing assets including life insurance
5. investment experience
6. investment objectives
8. obtain the customer's age,
9. annual income
10. financial situation and needs
Darrin lives in washington, d. C. , which has a sales tax of 6%. He just bought a video camera whose full price was $620, but after sending in a rebate form, he later received a check in the mail for $95. What was the total amount that darrin ended up paying after receiving the rebate?.
Answers
The total amount Darrin paid after receiving the rebate would be $525. It is the basic concept of finding the final price after discount.
To find the final price that Darrin paid for the video camera after receiving the rebate, you need to subtract the amount of the rebate from the original price of the camera. In this case, the original price of the camera is $620, and the rebate he received is $95.
So, to find the final price, you subtract the rebate amount from the original price:
$620 - $95 = $525.
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Summarize the trading policies that the United States presently holds with China.
Answers
In the twenty years since China joined the World Trade Organization, trade between the U.S. and China has expanded. Both Chinese and American consumers and businesses have profited from this trade.
What do you know about the trading between the U.S. and China?Trade between the United States and China has significantly increased recently and is essential for both nations. China is currently the greatest source of imports for the United State. Despite having drawbacks, this trade has benefited the US economy by lowering consumer prices and increasing corporate profits.
Consumers and businesses in the United States and China have profited from this trade, but Beijing's state-led development has brought about a number of issues, prompting Washington to push back.
To change the bilateral relationship, President Biden also kept tariffs on Chinese imports and enacted new trade restrictions.
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The Americans with Disabilities Act (ADA) requires that a company
a. provide training to people with disabilities
b. find ways to help workers who are physically challenged
c. hire a certain number of people with special needs
d. adapt products manufactured for special-needs customers
TIMEEDD FIRST ANWER GETS BRAINLIEST!!!!
Answers
Answer:
b. find ways to help workers who are physically challenged.
Explanation:
QUESTION 4 of 10: A clothing designer is looking for a job that can cover her living expenses of $5,000 per month. If she plans on working
forty hours a week, with four weeks a month, what's the minimum hourly wage she needs?
Answers
Answer:
$31.25
Explanation:
40 hours a week x 4 weeks a month = 160 hours of work per month
$5,000 divided by 160 = $31.25
A consumer who expresses rational and emotional attachments to a brand to the exclusion of most other brands has reached the ________ level in the BrandDynamics Pyramid.
A) advantage
B) relevance
C) presence
D) performance
E) bonding
Answers
The correct answer is E) bonding. The BrandDynamics Pyramid is a model that shows the different levels of consumer engagement with a brand.
At the bonding level, a consumer has a strong emotional and rational connection with a brand, often to the point of exclusivity.
This level represents the highest level of engagement and loyalty that a consumer can have with a brand. A consumer who expresses rational and emotional attachments to a brand to the exclusion of most other brands has reached the E) bonding level in the BrandDynamics Pyramid.
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what is the main aim of business office
Answers
Answer:
the main aim is to aim for correct and fast work
Damerly Company (a Utah employer) wants to give a holiday bonus check of $350 to each employee. Since it wants the check amount to be $350, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5% Utah income tax must be withheld on supplemental payments.
Answers
Answer:
$350
Explanation:
Calculation for the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative
Social Security rate 6.20%
Medicare rate 1.45%
Federal Income tax 22.00%
State income tax 5.00%
Total tax percentage 34.65%
Calculation for the Required gross bonus
Required gross bonus =$350/(1-34.65%)
Required gross bonus=$350/1-0.3465
Required gross bonus=$350/0.6535
Required gross bonus=$535.57
Gross bonus amount $535.57
Federal Income tax withheld (117.82) ($535.57*22%)
OASDI tax withheld (33.20)
($535.57*6.2%)
HI tax withheld (7.76)
($535.57*1.45%)
Utah Income tax withheld (26.77)
($535.57*5%)
Take home bonus check $350.00
Therefore the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative will be $350.00
Which of the following would be a business selling the same thing in another country?
Answers
if I'm wrong please give more details? and ice cream parlour?
Answer:
I think cafe or Hotel will be the best business in another county.
For a customer of Lush, how will their MVV translate to your experience?
For an employee of Lush, for example a shop worker – how might the companies MVV affect your working life, your daily experience and your perspective of the business?
Answers
3.1.5. Discuss the characteristics of a mixed Economy.
Answers
Answer:
A mixed economy has three of the following characteristics of a market economy. First, it protects private property. Second, it allows the free market and the laws of supply and demand to determine prices. Third, it is driven by the motivation of the self-interest of individuals
Explanation:
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