Identify the examples of good internal control designed to protect over-the-counter cash receipts. (Check all that apply.)
A. The clerk and the cashier have access to cash, but not to the accounting records.
B. The cash register should hold a temporary record of the transaction.
C. The clerk who has access to cash in the register should have access to its locked-in record.
D. Clerks should be required to give the customer a receipt for each sale.
Answers
Answer:
A- A. The clerk and the cashier have access to cash, but not to the accounting records
The examples of good internal control designed to protect over-the-counter cash receipts is the clerk and the cashier have access to cash, but not to the accounting records. Thus option A is correct.
What is internal control?Internal controls are defined as the procedures and records that assure the accuracy of financial and accounting data and help to avoid fraud.
It is a meant to provide reasonable assurance: that the information is trustworthy, accurate, and timely In terms of adhering to applicable rules, regulations, contracts, policies, and processes.
There are three types of internal controls.
Preventive controlCorrective controlDetective controlThe major objective of internal controls is
Effective business management.Asset protectionFinancial record completeness and accuracyFinancial statements must be prepared on timeThus. the examples of good internal control designed to protect over-the-counter cash receipts is the clerk and the cashier have access to cash, but not to the accounting records. Thus option A is correct.
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Related Questions
Your email campaign has an open-rate of 9.6%, and you emailed 25,000 people. How many people opened your email?
Answers
Answer:(25000 × 9.6) / 100
Explanation:
25000 mail is 100% of the email, so 9.6% of them will be the result of the answer i gave
In a print ad, the _____ is a link between the headline and the sales ideas presented in the text.
A. demonstration
B. close
C. pasteup
D. lead-in paragraph
E. hook
Answers
In a print ad, the lead-in paragraph is a link between the headline and the sales ideas presented in the text. Option D is correct.
The lead-in paragraph is a short paragraph that follows the headline and is designed to draw the reader into the ad and provide context for the sales message. It often includes a subheadline or a sentence that expands on the promise made in the headline and sets up the body copy.
The lead-in paragraph should be compelling and engaging, encouraging the reader to continue reading and learn more about the product or service being advertised. It serves as a bridge between the headline and the body copy, helping to create a cohesive and effective ad campaign.
Therefore, option D is correct.
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jerry, a partner with 30 percent capital and profits interest, received his schedule k-1 from plush pillows, lp. at the beginning of the year, jerry's tax basis in his partnership interest was $54,000. his current-year schedule k-1 reported an ordinary loss of $19,000, long-term capital gain of $3,400, qualified dividends of $2,400, $900 of non-deductible expenses, a $14,000 cash contribution, and a reduction of $4,400 in his share of partnership debt. what is jerry's adjusted basis in his partnership interest at the end of the year?
Answers
At the end of the year, Jerry's adjusted basis in his partnership interest is $44,600. It is important to note that these calculations assume no other adjustments or transactions occurred during the year that would affect his basis.
Jerry's adjusted basis in his partnership interest at the end of the year can be calculated by considering the various components that affect his basis. Let's break down each element:
Beginning Tax Basis: Jerry's starting tax basis in his partnership interest was $54,000.
Ordinary Loss: The reported ordinary loss of $19,000 decreases Jerry's tax basis. Therefore, his basis is now $54,000 - $19,000 = $35,000.
Long-Term Capital Gain: The long-term capital gain of $3,400 does not affect the tax basis since it is a gain, not a loss.
Qualified Dividends: Similarly, the qualified dividends of $2,400 do not impact Jerry's tax basis.
Non-Deductible Expenses: The $900 non-deductible expenses also do not affect Jerry's basis.
Cash Contribution: Jerry's $14,000 cash contribution increases his tax basis. Therefore, the basis is now $35,000 + $14,000 = $49,000.
Reduction in Partnership Debt: The $4,400 reduction in Jerry's share of partnership debt further decreases his basis. Consequently, his basis is $49,000 - $4,400 = $44,600.
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Emily and Jo, parents of two of your classmates, are starting a business that will provide packing, cleaning, and hauling services to college students. You have been hired as a consultant to help them select from among five generic types of competitive strategy to pursue as their company enters the marketplace. What are the five generic types of competitive strategy?
Answers
The five generic types of competitive strategy are:
low-cost provider, broad differentiation, focused low-cost, focused differentiation, and best-cost provider
A business would set out to become the low cost provider in the market. While trying to achieve this, they have to exploit all sources of cost to their own gain.
Broad differentiation means the uniqueness that the business would provide in the market that is different from what is offered by the competitors.
Focus has to do with channeling the attention of the business to a particular or narrow scope that would be beneficial to the consumers.
Focus also has to do with targeting a particular group to render services or provide your services to.
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Explain the importance of team dynamics (plz help)
Answers
Team dynamics in the workplace are important because they impact creativity, productivity and effectiveness. Since group work is integral to organisations, improving group dynamics can lead to better work outcomes, customer satisfaction and an improved bottom line.
Which of the following is an advantage of renting over
advantage of renting over buying a home?
Answers
Answer:
having to make a down payment..
An advantage of renting over buying a home and having to make a down payment. The correct option is D. Financial risks are lower when renting. You are aware of the precise monthly rent payment you will be making.
What is the most significant advantage of renting?The three biggest advantages of staying a renter, in Ramsey's opinion, are having more flexibility if you decide to move, not having to pay for home maintenance, and not having to spend as much money initially. Additionally, your landlord will handle all necessary repairs, upkeep, and other costs. There is no additional cost.
Renting offers convenience, consistent monthly costs, and maintenance assistance. Along with the concrete advantages of tax deductions and equity, home ownership also offers intangible advantages like a feeling of security and pride in one's possession.
Thus, the ideal selection is option D.
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accountants who work at the corporate headquarters of a large department store chain use state-of-the-art systems to create financial statements every day, but the interpretation and analysis of those statements can take several hours. the accounting department consists of financial, managerial, and tax accountants. one advantage of departmentalizing the accountants is:
Answers
The major advantage of departmentalizing the accountant is because its ensure maximum efficiency since employees could coordinate work within the department function.
Simply put, the term "Departmentalization" refers the process of grouping activities or function into section under the same department.
For instance, every company have an accounting department. The process of sub-grouping the accounting department into legal compliance or financial control, Reports and financial statements, Budgeting etc is known as departmentalization.
The process of Departmentalization has numerous advantages but one particular advantage is that employees with similar expertise can coordinate the work between themselves to achieve efficiency.
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Suppose demand for ice cream is Qp = -P+15 supply is Qs P-5 Suppose that pollutants are generated in the ice cream plant, resulting in an external cost of 2 per unit. At this time, plot the social supply curve.
Answers
Given the demand for ice cream, Qp = -P + 15, and the supply of ice cream, Qs = P - 5, with an external cost of 2 per unit due to pollutants generated in the ice cream plant, we can plot the social supply curve.
The social supply curve takes into account the external cost associated with the production of ice cream. In this case, the external cost is 2 per unit due to pollutants generated in the ice cream plant. To plot the social supply curve, we need to adjust the supply curve by including the external cost.
The social supply curve represents the true cost of producing ice cream, including both the private cost and the external cost. In this scenario, the private cost is represented by the original supply curve, Qs = P - 5. To incorporate the external cost, we add the external cost of 2 per unit to the private cost. Therefore, the social supply curve would be Qs + 2 = P - 5 + 2, which simplifies to Qs + 2 = P - 3.
By plotting the social supply curve, we can visually represent the true cost of producing ice cream, accounting for the external cost associated with pollutants. The social supply curve will be parallel to the original supply curve but shifted upward by 2 units.
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What is one method that helps control online fraud? O A. Deleting odd emails before reading B. Reporting odd emails to police • C. Reporting odd emails as spam • D. Signing into email in many locations
Answers
Answer: C. Reporting odd emails as spam
Explanation:
according to us gaas, when the auditor of the group financial statements is assuming responsibility for the work of component auditors, for components that are not significant components, the group engagement team should perform
Answers
The group engagement team, or a component auditor on its behalf, in the given case should perform an audit in accordance with GAAS for that component.
According to The US Generally Accepted Auditing Standards (GAAS), when the auditor of the group financial statements is assuming responsibility for the work of component auditors, for a component that is significant due to its individual financial significance to the group, the group engagement team, or a component auditor on its behalf, should perform an audit in accordance with GAAS for that component.
Component auditors are individual auditors who assist in performing an audit for a portion of an entity's financial statements. The group engagement partner is responsible for the audit of the group's consolidated financial statements as a whole, while the component auditor is responsible for the audit of the component. The component auditor's work is evaluated by the group engagement team as part of the audit of the consolidated financial statements, and it is an essential component of the audit.
In order to perform an audit in accordance with GAAS:
1. Review the component auditor's report.
2. Review the documentation of the component auditor's understanding of the component's significant accounting policies and the entity's compliance with those policies.
3. Consider the effects of uncorrected misstatements identified by the component auditor.
4. Review the component auditor's procedures to assess the reasonableness of the amounts allocated to the component.
5. Perform additional procedures necessary in the circumstances to satisfy itself that it can use the work of the component auditor.
As a result, US GAAS suggests that the group engagement team, or a component auditor on its behalf, should conduct an audit in accordance with GAAS for that component when the auditor of the group financial statements is assuming responsibility for the work of component auditors, for a component that is significant due to its individual financial significance to the group.
Note: The question is incomplete. The complete question probably is: According to US GAAS, when the auditor of the group financial statements is assuming responsibility for the work of component auditors, for a component that is significant due to its individual financial significance to the group, the group engagement team, or a component auditor on its behalf, should perform:
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This graph represent the _______ of rewritable
cds
Answers
This graph represents the market price of rewritable CDs. Option (a) is correct.
What is Opportunity cost?Opportunity cost is the value of other commodities or services you must forgo in order to get your desired item.
The price at which a good or service can currently be purchased or sold is known as the market price. The dynamics of supply and demand influence the market price of a good or service. The market price is the cost at which the quantity supplied and the amount demanded are equal.
The interaction of a market's supply and demand factors determines the price. The desire of consumers and producers to engage in purchasing and selling is represented by demand and supply. When buyers and sellers can agree on a price, a product exchange takes place.
Therefore, Option (a) is correct.
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Mike looked for work for six months and ended up finding a part-time job and hoping to find a full-time job. For purposes of employment, he is considered:
Answers
Mike is considered to be underemployed.
This is because he is working part-time but desires and is actively seeking full-time employment.
Underemployment refers to a situation in which a person is employed, but not to the full extent of their skills, education, or desires.
It is often associated with lower job satisfaction, lower pay, and reduced opportunities for advancement.
In Mike's case, he may continue to search for full-time employment while working part-time in the meantime.
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What happens to the supply curve when any of the following determinants change? indicate whether each of these determinants causes a shift of the supply curve or a movement along the curve.
Answers
Changes in the determinants will result in a shift in the supply curve. A shift in supply refers to a shift in the supply curve due to the influence of supply shifters. In contrast, a shift in quantity supplied is the movement along the supply curve because of a change in the price of a good, keeping other factors unchanging.
The supply curve shifts forward if there is a growth in supply. This may be due to technological progress, an increase in the number of sellers, a reduction in input prices, the expectation of lower prices for the future, lower prices of other goods, or the provision of subsidies. A supply curve shifts rearwards if there is a reduction in supply. This may be due to technological deterioration, reduction in the number of sellers, increase in input prices, higher price expectations for the future, higher prices of other goods, or the imposition of taxes.
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crane corp. changes its inventory method from fifo to the weighted-average method. which items will be affected on the income statement? (select all that apply.)
Answers
Crane Corporation switches from the FIFO approach to the weighted-average method for managing its inventories. The income statement will be impacted by things such as net income, cost of goods sold, and earnings per share.
The main distinction between a weighted average and FIFO is that the weighted average approach utilizes average inventory levels to determine inventory value whereas FIFO uses the first acquired products to determine inventory value.
The FIFO technique is consequently better suited since it does not add the costs of the current period to those of the past period. But when using the weighted average method, costs from both the present and past eras are included. As a result, the suggested pricing is incorrect.
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Choose the correct terms to complete the sentence.
Larry owns his own gym. He is the only owner. His liability is 1.______
a. unlimited
b. partnership
c. limited
d. undetermined
and he runs a 2._____
a. public company
b. sole proprietorship
c. partnership
Neville is the CEO and shareholder of a company that sells household cleaning products. The company has 75 shareholders and is not
traded on a stock exchange. Neville's company is a 3._____
a. sole proprietorship
b. partnership
c. public company
d. private-limited company
and his liability is 4.______
a. limited
b. unlimited
c. undetermined
Answers
Answer:
unlimited
sole proprietorship
private-limited company
limited
Explanation:
What is a small business according to the SBA?
Answers
It uses firm income (from $1 million including over $40 millions) and employment to define small businesses (from 100 to 1,500 employees).
SBA stands for what in a small business?Its U.S. Small Business Agency (SBA) supports Americans in establishing successful enterprises and fostering their growth. For instance, a roofing company is considered a small business by the SBA if their yearly sales are $16.5 million or less. A small business is described as a company that employs a small number of people, usually less than 500, and runs separately from bigger organisations. A sole proprietor or a small group of owners often run and own small firms, which are usually privately owned and operated.
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To have a more positive metaverse experience, it's important to __________________________.
A. check in with yourself to find the right balance
B. interact with everyone in the same experience
C. exit before someone starts connecting with you
D. continue as long as possible without taking a break
Answers
Interacting with everyone in a similar experience is crucial for a more fulfilling metaverse experience. As a result, choice (B) is the proper response.
What is metaverse?In science fiction and futuristic literature, the metaverse is a fictitious version of the Internet that is a single, all-encompassing virtual environment made possible by the usage of virtual reality (VR) and augmented reality (AR) devices. A metaverse is a collection of 3D virtual environments that are mostly utilized for social interaction.
The words "meta" and "universe" were combined to create the phrase "metaverse," which first appeared in the science fiction book Snow Crash in 1992.
Hence, option (B) is accurate.
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What phrase describes businesses who develop a positive relationship to
society
Answers
What is the minimum number of atoms that could be contained in the unit cell of an element with a face-centered cubic lattice
Answers
The total number of atoms in the FCC unit cell is 1 + 3 = 4 atoms.
In a face-centered cubic (FCC) lattice, each lattice point is shared by four adjacent unit cells. Therefore, the minimum number of atoms contained in the unit cell of an element with an FCC lattice is 4.
In an FCC lattice, there are atoms located at each of the eight corners of the unit cell and an additional atom at the center of each face. Each corner atom is shared by eight neighboring unit cells, contributing 1/8th to the unit cell, while each face-centered atom is shared by two neighboring unit cells, contributing 1/2 to the unit cell. Adding up the contributions, we have:
8 corners × 1/8 atom per corner = 1 atom
6 faces × 1/2 atom per face = 3 atoms
The total number of atoms in the FCC unit cell is 1 + 3 = 4 atoms.
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A cover letter does all of the following EXCEPT:
Sells you as the best candidate for the job
Introduces you and summarizes your resume
Explains why you don't meet every qualification of the job
Explains why you are interested in the job
Answers
A cover letter does not explain why we don't meet every qualification of the job. The correct option is c.
What is a cover letter?A cover letter can be understood as a written document which is submitted with a job application outlining the applicant's credentials and interest in the open position. A cover letter is often one of only two documents sent to a potential employer, therefore, a well or poorly-written letter can impact whether the applicant is called for an interview. A cover letter which is good complements the resume and explains why the candidate is the ideal person for the job.
Cover letter mistakes can sink a job applicant.
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A
The document shows a personal allowances worksheet.
Personal Allowances Worksheet (Keep for your records.)
A Enter "1" for yourself if no one else can claim you as a dependent.
• You are single and have only one job; or
B Enter "1" it: • You are married, have only one job, and your spouse does not work; or
• Your wages from a second job or your spouse's wages (or the total of both) are $1,500 or less.
с Enter "1" for your spouse. But, you may choose to enter --" if you are married and have either a working spouse or more
than one job. (Entering-0-" may help you avoid having too little tax withheld.) ..
D Enter number of dependents (other than your spouse or yourself) you will claim on your tax return.
This document is part of a
Answers
Answer: W-2 form
Explanation:
I’m not for sure but it looks like it
This document is a Personal Allowances Worksheet that helps individuals determine the number of allowances they can claim on their tax return.
What is W- 2 Form ?The worksheet has four sections, labeled A, B, C, and D.
Section A asks individuals to enter "1" if no one else can claim them as a dependent. This applies to individuals who are single and have only one job.
Section B instructs individuals to enter "1" if they are married and have only one job, and their spouse does not work, or if their wages from a second job or their spouse's wages (or the total of both) are $1,500 or less.
Section C asks individuals to enter "1" for their spouse, but they may choose to enter "0" if they are married and have a working spouse or more than one job. This can help individuals avoid having too little tax withheld.
Section D instructs individuals to enter the number of dependents they will claim on their tax return, other than their spouse or themselves.
Overall, the Personal Allowances Worksheet is an important tool for individuals to use when calculating the number of allowances they can claim on their tax return and avoid any potential tax withholding issues.
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zhang company reported cost of goods sold of $852,000, beginning inventory of $40,600 and ending inventory of $48,000. the average inventory amount is: multiple choice $40,600. $48,000. $88,600. $7,400. $44,300.
Answers
The average inventory amount for Zhang Company is $44,300.
To calculate the average inventory amount, we need to take the average of the beginning and ending inventory. The formula is:
Average Inventory = (Beginning Inventory + Ending Inventory) / 2
Plugging in the given values:
Average Inventory = ($40,600 + $48,000) / 2 = $44,300
Therefore, the average inventory amount for Zhang Company is $44,300. This represents the average value of inventory held during the specified period and is used in various financial calculations, such as inventory turnover ratio and cost of goods sold calculation.
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The chart shows a combined supply and demand schedule.
A 3-column table has 5 rows. The first column is labeled Price per Pair of Running Shoes with entries 45 dollars, 75 dollars, 100 dollars, 125 dollars, and 150 dollars. The second column is labeled Quantity Demanded with entries 100, 80, 60, 40, 20. The third column is labeled Quantity Supplied with entries 40, 50, 60, 70, 80.
According to this table, what will happen when the price of a pair of shoes rises from $100 to $125?
The cost to make a pair of shoes will rise.
A scarcity of shoes will result.
Profits from selling shoes will increase.
Consumers will want to buy fewer pairs of shoes
Answers
Answer:
Consumers will want to buy fewer pairs of shoes
Explanation:
How would inventions such as the smart fitting room affect retail jobs???
Answers
Answer:
ummm because it is bigger
Explanation:
the sum of individual supply curves added together reflect the
Answers
The sum of individual supply curves added together reflect the supply curve added together reflects the Market supply.
What is The Market Supply Curve?A market supply curve is the summation of individual firms' supply curves. An important principle for market supply curves is that the market has to be perfectly competitive. This means that there is a large number of players (firms producing the same product) in the market and there is no dominant player that can manipulate prices. To understand market supply curve, we must first understand a supply curve.
The total quantity of a product that producers are willing and able to sell over a specific time period, such as one month, at various prices, is known as the market supply. A market supply curve, according to the industry, is the horizontal addition of the supply curves for every single firm. An industry's supply will migrate outward in response to the introduction of new companies, as well as in response to advancements in producer-accessible technology across the board.
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The given question is incomplete, complete question is:
the sum of individual supply curves added together reflect the supply curve added together reflects the
if charhofe was able to increase sales at a greater rate than cost of goods sold, how would gross margin percentage be impacted?
Answers
If Charhofe increases sales at a greater rate than cost of goods sold, the gross margin percentage would increase.
Gross margin percentage is the percentage of revenue that remains after deducting the cost of goods sold (COGS). It is a measure of a company's profitability and efficiency in managing its production costs.
If Charhofe is able to increase sales at a greater rate than the cost of goods sold, it means that the revenue generated from sales is increasing at a higher rate than the cost of producing those goods. This would result in a higher gross margin percentage.
For example, if Charhofe's sales increased by 10%, but the cost of goods sold only increased by 5%, the gross margin percentage would increase because the revenue generated from the additional sales would exceed the additional cost of producing those goods.
This would result in a higher percentage of revenue remaining after deducting the cost of goods sold, which would be reflected in the gross margin percentage.
In general, a higher Gross margin percentage is a positive indication for a company as it suggests that the company is effectively managing its production costs while generating more revenue from its sales.
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The annual rate your bank charges to borrow money for1, 5, 10 or 30 years is shown in the table
Below.
Duration Annual Loan Rate
1 YEAR 6%
5 YEARS 7%
10 YEARS 9%
30 YEARS 10%
If you borrow from the bank for any duration from 1-30 years that's not listed in the table, your loan rate is found by interpolating the appropriate number between the rates given in the table.
FOR EXAMPLE: Assume you borrow money for 15 years. Because 15 years is one quarter (1/4) of the way between 10 years and thirty years the annual loan rate would be calculated as follows:
.75.09 +.25.1
Using a VLOOK UP table write formulas that returns the annual interest rate for the loan periods
8 years and 20 years.
Answers
To create a VLOOKUP formula to return the annual interest rate for loan periods of 8 years and 20 years, you can follow these steps:
Set up a table with the loan durations and corresponding annual loan rates:
Duration (Years) Annual Loan Rate
1 6%
5 7%
10 9%
30 10%
In a cell where you want to calculate the interest rate for 8 years, use the following formula:
php
Copy code
=VLOOKUP(8, A2:B5, 2, TRUE)
This formula searches for the value 8 in the first column of the table (A2:A5) and returns the corresponding value in the second column (B2:B5). The "2" as the third argument indicates that you want to retrieve the value from the second column.
In a cell where you want to calculate the interest rate for 20 years, use the following formula:
=VLOOKUP(20, A2:B5, 2, TRUE)
This formula searches for the value 20 in the first column of the table (A2:A5) and returns the corresponding value in the second column (B2:B5).
The VLOOKUP formulas will interpolate the appropriate interest rates based on the given table. In the case of 8 years, it will return the rate between 5 years and 10 years, while for 20 years, it will return the rate between 10 years and 30 years.
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I don't have moey. What is the best job to get when you're in middle school?
Answers
Answer:
You can work at publix as a cashier. They acept 14 year olds. And ur in 8th grade as 14 which is in middle school.
Explanation:
This is the best job u can get as a kid
also brainlist me pls
Determine the interest rater needed for an investment of $3,000 to grow to $6,000 in 7 years if interest is compounded continuously. Exact interest rate (without using a calculator), r = Interest rate, as a percent, rounded to 2 decimal places = %
Answers
To determine the interest rate needed for an investment of $3,000 to grow to $6,000 in 7 years, if interest is compounded continuously, we will use the formula for continuous compounding, which is given by:$$A=P{{e}^{rt}}$$Where:A = the amount of money at the end of the investment period P = the principal (starting amount of money)t = the time the money is invest dr = the annual interest rate = Euler's number (approximately 2.71828)
Since we are solving for the interest rate, we need to isolate the variable r. To do this, we will first divide both sides by P to get:$$\frac{A}{P}={{e}^{rt}}$$Now we will take the natural logarithm of both sides, which will allow us to isolate the variable r. This gives:$$\ln \left( \frac{A}{P} \right)=\ln \left( {{e}^{rt}} \right)$$By the logarithmic rule, we can rewrite the right-hand side of the equation as:$$\ln \left( {{e}^{rt}} \right)=rt\ln \left( e \right)=rt$$Substituting this into our equation, we get:$$\ln \left( \frac{A}{P} \right)=rt$$Solving for r, we get:$$r=\frac{\ln \left( \frac{A}{P} \right)}{t}$$
Now we can substitute the given values into the formula to get the interest rate needed:$$r=\frac{\ln \left( \frac{6000}{3000} \right)}{7}$$Simplifying, we get:$$r=\frac{\ln 2}{7}$$This is the exact interest rate, without using a calculator. To convert this to a percentage and round to 2 decimal places, we multiply by 100 and get:$$r \approx 9.93\%$$Therefore, the interest rate needed for an investment of $3,000 to grow to $6,000 in 7 years, if interest is compounded continuously, is approximately 9.93%.
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Before you move forward, summarize the changes you will need to make to your new budget. Describe these changes in at least two sentences.
Answers
Answer: yes
Explanation:
The right answer on edge is: I need to change my budget so that I save at least $300 per month. Over twelve months, this will increase my savings by $3,600. I also need to change my budget to save for a new computer, so I need to save an extra $100 a month for that. In total, I need to save $400 a month.
Answer:
The right answer on edge is: I need to change my budget so that I save at least $300 per month. Over twelve months, this will increase my savings by $3,600. I also need to change my budget to save for a new computer, so I need to save an extra $100 a month for that. In total, I need to save $400 a month.
Explanation: I just did the test an got a 100