There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records?
A. One employee would have access to the cash register.
B. The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form.
C. Ask customers to report to a manager if they do not receive a sales receipt or invoice.
D. The person behind the cash register should also be responsible for making price adjustments.
Answers
Among the given options, the element that would not address the issue of having cash transactions reported in the accounting records is the option D. The person behind the cash register should also be responsible for making price adjustments.
What are accounting records?Accounting records are a set of all documents and financial records used to record business operations systematically. This is because the price adjustment is not related to cash transactions or its reporting. Thus, it is irrelevant to the issue of having cash transactions reported in accounting records.
The other given options are as follows:
Option A - One employee would have access to the cash register. This would address the issue of having cash transactions reported in the accounting records.
Option B - The cash drawer should be closed out, and cash and the sales register should be reconciled on a prenumbered form. This would also address the issue of having cash transactions reported in the accounting records.
Option C - Ask customers to report to a manager if they do not receive a sales receipt or invoice. This would also address the issue of having cash transactions reported in the accounting records.
Hence Option D is correct.
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Related Questions
What do you think is an “infographic design”? *
Answers
Answer:
An info-graphic design is a map or design that contains pictures explanation about the topic.
Explanation:
To show the understanding about the topic, use shorter paragraphs, pictures, and make sections for the readers to understand faster than an essay or paragraphs.
(It might help if you search up pictures of info-graphics on Internet)
what functions are performed through the up/down buttons on 2022 versa’s available advanced drive-assist® display?
Answers
In 2022 Versa’s available Advanced Drive-Assist Display, the functions that can be performed by using the up/down buttons include the following:
To highlight multiple items on the menu screen.To use some primary screens in accessing available secondary screens.Nissan is an automobile manufacturing company that designs and develop various automobile vehicles such as:
Nissan AltimaNissan PrimeraNissan AlmeraNissan Sentra Nissan VersaIn 2022 Versa’s available Advanced Drive-Assist Display, the functions that can be performed by using the up/down buttons include the following:
1. To highlight multiple items on the menu screen.
2. To use some primary screens in accessing available secondary screens.
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discuss wether trade unions always have a harmful effect on the wider economy
Answers
Answer:
1 could lead to disruption of economy
2 could lead to firm going out of business
3 it cause an increase in unemployment
4 output damage reputation of a country
5 can lead to higher wages
One to two sentences, explain what happens to a production possibilities curve if a natural disaster creates a scarcity of a key resource needed to make a product. Explain why this happens.
Answers
A natural disaster causing a scarcity of a key resource necessary for production will result in a shift inward or to the left of the production possibilities curve.
This occurs because the reduced availability of the key resource limits the economy's ability to produce the affected product, leading to a decrease in overall production capacity.
As a result, the economy's production possibilities are constrained, and it is forced to operate at a suboptimal level.
The scarcity of the key resource disrupts the balance between the production of different goods, leading to a decrease in potential output.
The economy will need to allocate its limited resources and adjust its production mix accordingly, potentially focusing on alternative products or finding substitutes for the scarce resource in order to maximize production under the new constraints imposed by natural disaster-induced scarcity.
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The table shows the terms of a fixed-rate mortgage.
Which accurately describes the terms of this mortgage? Check all that apply.
The homeowner is borrowing $360,000.
The monthly interest rate is 4 percent.
Monthly payments must be made for 30 years.
The annual interest rate is 4.8 percent.
The homeowner is borrowing $200,000.
Monthly payments must be made for 360 years.
Answers
The fixed-rate mortgage concept is used in home loans. Monthly payments for 30 years, the interest rate is 4.8%, and borrowing $200,000.
What is a fixed-rate mortgage?It is usually used in home loans with a fixed interest rate during the term of the loan. It is beneficial because once the rate of interest is fixed it is not influenced by the increase in the rate in the future.
C - Monthly payments for 30 years.
D - The interest rate is 4.8 % annually
E - borrowing $200,000.
Therefore, options C, D, and E explain the fixed-rate mortgage.
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Which of the following reconciling items on a bank reconciliation require an adjustment to the balance of the cash account? A monthly service charge fee Outstanding checks Deposits-in-transit Errors by the bank All of the above require adjustment.
Answers
It require an adjustment to the balance of the cash account on Deposit-in-transit.
Hence, Option C is correct.
What do you mean by Bank Reconciliation Statement?
The bank reconciliation statement is used to prepare and compute the adjusted bank balance. It is usually in the books of accounts. The adjusted balance can be reflected in the balance sheet. It is usually present in the required adjustments.There are various types of bank statements including bank reconciliation, vendor reconciliation, business-specific reconciliation, intercompany reconciliation and customer reconciliation.By going through, we can conclude that the Option C is correct.
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If imports are $100 million greater than exports, government spending is $500 million, consumer expenditures are $1 billion, and investment spending is $500 million, then GDP is:
A. $2 billion.
B. $1 billion.
C. $2.1 billion.
D. $1.9 billion.
Answers
GDP in this case is $2 billion.
What is GDP?Gross Domestic Product refers to the sourced income produced within the domestic boundar of a country.
To calculate GDP using the expenditure approach, we add up the four components: consumption (consumer expenditures), investment spending, government spending, and net exports (exports - imports).
Given:
Consumer expenditures: $1 billion
Investment spending: $500 million
Government spending: $500 million
Imports - Exports: $100 million (since imports are $100 million greater than exports)
GDP = Consumption + Investment + Government Spending + Net Exports
GDP = $1 billion + $500 million + $500 million + ($100 million)
GDP = $2 billion
Therefore, the correct answer is:
A. $2 billion.
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A bond with a 7 percent coupon that pays interest annually and is priced at par will have a market price of _____ and coupon payments in the amount of _____ each.
Select one:
a.
$107; $7
b.
$00; $3.5
c.
$107; $3.5
d.
$100; $7
e.
$100.7; $7
Answers
The correct answer is (d) $100; $7. A bond with a 7 percent coupon that pays interest annually and is priced at par will have a market price of $100 and coupon payments in the amount of $7 each.
When a bond is priced at par, it means that its market price is equal to its face value. In this case, since the bond is priced at par, its market price will be $100. The face value of the bond is typically $100 or a multiple of $100.
The coupon payment of the bond represents the annual interest payment that the bondholder receives. In this case, the bond has a 7 percent coupon rate, which means that the bondholder will receive 7 percent of the face value as interest each year. Since the face value is $100, the coupon payment will be $7.
Therefore, the correct answer is (d) $100; $7, as the bond will have a market price of $100 and coupon payments in the amount of $7 each.
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Vega Inc signs a $100,000 4.2% 5-year loan on July 1, 2020. The terms of the loan state that accrued interest is due in cash each June 30 of the loan term. What will Vega Inc record on its October 31, 2022 balance sheet for this loan? 1) Interest Expense $1,400; Loan Payable $100,000 2) Interest Payable $3,150; Loan Payable $100,000 3) Interest Payable $4,200; Loan Payable $100,000 4) Interest Payable $1,400; Loan Payable $100,000 5) Interest Expense $3,150: Loan Payable $96,850
Answers
Vega Inc. signs a 100,000 4.2% 5-year loan on July 1, 2020. The terms of the loan state that accrued interest is due in cash each June 30 of the loan term. The Vega Inc will record Interest Payable 4,200; Loan Payable 100,000 on its October 31, 2022, balance sheet for this loan.
Words more than 100:Vega Inc. signs a 100,000 4.2% 5-year loan on July 1, 2020. The loan is issued to Vega Inc. with an annual interest rate of 4.2% for a loan period of 5 years.
The terms of the loan state that accrued interest is due in cash each June 30 of the loan term, which means that on each June 30, the borrower is required to pay the interest amount.
The interest expense will be accrued during the year and will be recorded as interest payable in the balance sheet until paid.
The interest on the loan will be calculated as follows: Interest = Principal × Interest Rate × Time Interest = $100,000 × 4.2% × (487/365)Interest = 5,599.45.
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If the revenues are correctly reported and the gross profit of a company is understated, what is the effect on owner's equity? Ca. understated b. correctly stated overstated d. None of these choices are correct.
Answers
If the gross profit of a company is understated, it means that expenses have been overstated. This results in a lower net income and, subsequently, a lower retained earnings balance. Since owner's equity is made up of retained earnings, the understatement of gross profit will also result in a lower owner's equity balance. Therefore, the effect on the owner's equity is that it will be understated. The correct option is (a) understated.
If the gross profit of a company is understated, it means that the company's revenues are correctly reported but the costs of goods sold are overstated or expenses are understated. In this case, the understatement of gross profit directly affects the company's net income, which subsequently impacts the owner's equity.
Owner's equity represents the residual interest in the assets of a company after deducting liabilities. Net income is a component of owner's equity and is typically added to the beginning balance of owner's equity to calculate the ending balance. If the gross profit is understated, it means that the net income will be lower than it should be. Consequently, the ending balance of owner's equity will also be lower, resulting in an understatement of owner's equity.
Therefore, the effect of an understated gross profit on the owner's equity is that it will be understated as well. The correct answer is option a: understated.
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use the table and proivded and explain the law of diminshing returns
plz help asap
Answers
Answer:
The law of diminishing returns states that at some point, the amount of additional output per amount of additional input decreases more and more as more inputs are used. In other words, at some point the marginal product will continuously decrease with more labor (input).
This is reflected in the table, where marginal product decreases past 2 units of labor. At 2 units, the marginal product is 14. This reduces to 6 at 3 units, and further to 2 with 12 units of labor.
Explanation:
which republicans voted for debt ceiling
Answers
Answer:
John Barrasso of Wyoming, Roy Blunt of Missouri, Susan Collins of Maine, John Cornyn of Texas, Mitch McConnell of Kentucky, Shelley Moore Capito of West Virginia, Lisa Murkowski of Alaska, Rob Portman of Ohio, Mike Rounds of South Dakota, Richard Shelby of Alabama, and John Thune of South Dakota.
What type of advertising is the slogan "Friends Don't Let Friends Drive Drunk"?
А.
product advertising
B.
corporate advertising
C.
retail advertising
D.
ublic service advertising
Answers
an import quota is an example of a a. tax on imported goods. b. price floor. c. price ceiling. d. quantity restriction. e. tariff. part 2 restricting the quantity of a good that can be imported is likely to mean that the price of that good will
Answers
An import quota is an example of a d. quantity restriction.
Restricting the quantity of a good that can be imported is likely to mean that the price of that good will rise.
In the term of business and financial economic, Quantity restriction generally can be defined as a form of government intervention in a market. The Quantity restriction arrange how the limit of products are manufactured and sold at some fixed amount. The quantity produced by the companies reduces, If the government imposes the restrictions. The quota generally can be defined as a government-imposed restriction on the number of goods bought and sold.
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Discuss the role of the father in attachment theory
Answers
Explanation:
Both parents are considered attachment figures in attachment theory, and the child-father attachment is autonomous from the child-mother attachment. Whereas mothers are commonly involved in caregiving and providing emotional refuge, fathers are particularly involved in play and exploratory undertakings.
Of every 500,000 jobs in the U.S., the approximate number of those through international firms are _____.
Answers
Answer:
90,000
Explanation:
The repair service that fixes your farming equipment doesn’t seem to fix your plow correctly. The technician says that if you are not happy, you can buy a new plow from him, but the cost is extremely high. Do you have other options available to you for higher-quality repairs or cheaper equipment? Explain your answer.
Answers
Answer:
Your best option would be for higher quality repairs and higher quality equipment, this would save you more money and time in the long run where you have the ability to do other things.
Explanation:
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Answer:
No, because in command economies, there is no competition. So, there are no other repair services that would offer higher-quality repairs or cheaper equipment. Additionally, no incentive exists for the technician to provide high-quality service.
Explanation:
the actual answer
Use the expanded accounting equation to solve for the missing amount. Assets $34,000; Liabilities ?; Owner's Capital, Beginning Balance $17,000; Revenues $15,000; Expenses $3,000; Withdrawals $1,000
Answers
The accounting equation is the basic mathematical equation which states that assets are equal to liabilities plus owner's equity (A = L + OE).Therefore, the missing amount of Liabilities is $10,00
The expanded accounting equation is derived from the accounting equation and is expressed as follows:Assets = Liabilities + Capital + Revenues - Expenses - Withdrawals
From the given data, we can find the missing amount by using the expanded accounting equation:Assets $34,000; Liabilities ?; Owner's Capital, Beginning Balance $17,000; Revenues $15,000; Expenses $3,000; Withdrawals $1,000.
The expanded accounting equation can be written as follows:Assets = Liabilities + Capital + Revenues - Expenses - Withdrawals. Substitute the given values:Assets = Liabilities + $17,000 + $15,000 - $3,000 - $1,000$34,000 = Liabilities + $28,000 - $3,000 - $1,000
Liabilities = $34,000 - $28,000 + $3,000 + $1,000; Liabilities = $10,000
Therefore, the missing amount of Liabilities is $10,000.
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Novak corp. Issued $488,000 of 15-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $473,360, the company redeemed the bonds at 98
Answers
Novak Corp. incurred a loss of $4,880 when they redeemed the bonds at 98% of face value.
The carrying value of the bonds was $473,360.
The face value of the bonds is $488,000, so 98% of that is $478,240.
The amount of the loss is the difference between the carrying value and the amount paid, which is $478,240 - $473,360 = $4,880.
Face value refers to the nominal or stated value of a security or financial instrument. This value is typically assigned when the security is first issued and does not necessarily reflect the actual market value of the security. For example, a bond with a face value of $1,000 will typically pay out $1,000 to the bondholder upon maturity, regardless of any changes in the market value of the bond over time.
Similarly, a stock with a face value of $1 may be issued at a higher price, reflecting the perceived value of the company's shares. While face value is often used as a reference point for accounting and legal purposes, investors and analysts will typically focus on the actual market value of a security, which can fluctuate based on a range of factors, including supply and demand, interest rates, and the performance of the issuing company.
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When there are many people seeking the same job, this is known as a _____ of workers.
PLS DONT GUSSSS!!!!!!!!!
consumer
demand
projection
surplus
Answers
Answer:
surplus
Explanation: A surplus is a group of people searching for the same job.
Answer:
surplus
Explanation:
Drag the tiles to the correct boxes to complete the pairs.
Match the different resources to the scenarios where they are used.
natural resources
human resources
man-made resources
entrepreneurship
A power plant uses an Industrialdesign power generator to generate large-scale
electricity for the neighborhood.
A power plant uses coal to heat water and then converts it into steam, which
then turns the turbines.
>
A power plant is set up by a group of industrialists as they come together to
solve the power crisis in their nelghborhood.
A power plant employs local workers who work in shifts to keep the plant
running for most of the day.
Answers
Answer:
1. Man-made
2. natural resources
3. entrepreneurship
4. Human resources
Explanation:
Natural resources are those which are present in the environment and are limited in number.
The man-made resources are those where a power generator is used to initiate the electricity on large scale.The natural resources are those where the water is heated from coal and then converting it to steam for running the turbines.The entrepreneurship is represented when the industrialists come together to solve the power crisis of their own neighborhood.The human resources are those where the workers are working in shifts to keep their plants in running condition.Therefore, the given resources are matched with the scenarios in which they are used.
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What do most states use as a general guideline for punitive damages?
A.Four times the amount of special damages
B.One half of the amount paid for proven damages
C.Ten times the amount of special damages
D.An amount equal to special damages
Answers
Answer:
four times
Explanation:
just answered
Answer:
A. Four times the amount of special damages
Explanation:
Starbucks supports literacy campaigns in every community in which it does business. Starbucks wants to give back to the community in a meaningful way by doing this. Which of the following is a component of the pyramid of corporate social responsibility represented by the Starbucks literacy effort? Select one: a. Self-dealing b. Opportunism c. Creativity d. Philanthropy
Answers
The component of the pyramid of corporate social responsibility represented by the Starbucks literacy effort is D. philanthropy.
What is the pyramid of corporate social responsibility?The pyramid of corporate social responsibility is a framework that outlines the different levels of responsibility that a company has towards society, with philanthropic responsibilities being the highest level of responsibility. Philanthropic responsibilities involve giving back to society through charitable contributions, such as supporting literacy campaigns in local communities.
Starbucks' support for literacy campaigns aligns with the philanthropic level of corporate social responsibility, as it represents a voluntary and discretionary contribution by the company to the welfare of the community.
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Furniture is an
O asset
O expense
O none of the above
Answers
I hope it helped you
Answer:
Asset.
Explanation:
An asset is a useful or valuable thing or person.
what are some common tasks performed by Psychiatrists? (Select four options)
A administering first aid and life support care
B collaborating with other medical professionals
C maintaining patient information and records
D developing diagnostic imaging techniques
E prescribing, directing, or administering psychotherapeutic treatments or medications
F analyzing and evaluating patient data or test findings
Answers
Answer:
B, E and F and explanation I share you other thought about it
Explanation:
Psychiatrists are medical doctors who specialize in the treatment of mental health conditions. Some common tasks performed by psychiatrists include:
Conducting initial evaluations and assessments to diagnose mental health conditionsPrescribing and managing medications to treat mental health conditionsProviding individual, family, or group therapy to help patients manage their mental healthDeveloping and implementing treatment plans for patientsCollaborating with other healthcare providers to coordinate care for patientsProviding crisis intervention and support to patients experiencing mental health emergenciesConducting research to advance the field of psychiatry and improve treatment options for patients.HELP ASAP PLEASE
The CPI is calculated by comparing
the spending levels at the beginning of
each year to the end of each year. In
this way, the calculation is similar to
what?
A. Unemployment
B. Inflation
C. Circular Flow Model
Answers
Answer:inflation
Explanation:
Analysis of Mueller Company's accounts show that as a result of a single transaction, both cash and notes payable increased by $10,000. Which transactions would have caused this increase?
Answers
Answer: borrowing cash and signing a promissory note.
Explanation:
Analysis of Mueller Company's accounts show that as a result of a single transaction, both cash and notes payable increased by $10,000.
The transactions that would have caused this increase are borrowing of cash and signing a promissory note. It should be noted that since the cash and notes payable increased by $10,000, it simply means that the company has borrowed funds.
Mnemonics are a tool to aid which of the following?
A. Perception
B. Memory
C. Rewards
D. Confidence
Answers
Answer:
B. Memory
Explanation:
Mnemonics are a tool to aid memory.
Fill in the table by indicating the changes in the determinants necessary to decrease short-run aggregate supply (increase/decrease)
Answers
Input prices and burdensome regulation will lead to an increase in the short-run aggregate supply while human capital leads to a decrease.
What is supply?It should be noted that supply is the quantity of goods that a producer is willing to sell at a price and particular period.
In this case, input prices and burdensome regulation will lead to an increase in the short-run aggregate supply while human capital leads to a decrease.
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how is valuation of any financial asset related to future cash flows?
Answers
The valuation of a financial asset is closely related to its expected future cash flows. The underlying principle is that the value of an asset is determined by the present value of the cash flows it is expected to generate in the future.
When valuing a financial asset, investors consider the timing, magnitude, and uncertainty of the expected cash flows. Cash flows can come in various forms, such as dividends, interest payments, or future resale proceeds. The timing and magnitude of these cash flows play a crucial role in determining the asset's value.
To determine the present value of future cash flows, investors use various methods such as discounted cash flow (DCF) analysis. DCF involves discounting the expected cash flows back to their present value using an appropriate discount rate, which accounts for the time value of money and the asset's risk.
In summary, the valuation of a financial asset reflects investors' expectations of its future cash flows and their assessment of the risk associated with those cash flows. The more anticipated cash flows and the higher their expected value, the greater the valuation of the financial asset.
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