1. Explain the term internal controls. 2. Explain two (2) major objectives of a system of internal control. 3.Explain briefly SIX (6) major categories of internal control.

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A: Net Present Value (NPV) represent the difference between the present value of cash inflows and the…

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A: The question has asked to compute the current assets, and, noncurrent assets on December 31, 2021.…

Q: On September 12, Fang Company sold merchandise of $5,800 to Brown Company, with credit terms of…

A: Sales discount is an attempt to attract customers to make each payments for credit sales on time. It…

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A: Operating cash flows are the cash inflows and outflows from the daily operations of the business.…

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A: A cost center is a responsibility center. This statement is True. A cost center is a responsibility…

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A: NET ASSETS VALUE  Net Asset Value (NAV) of a Mutual Fund (MF) Scheme is the Market Value per unit…

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A: In order to determine the common stock price, the earning per share are required to be multiplied…

Q: Assume a company is preparing a budget for its first two months of operations. During the first and…

A: A cash budget is prepared to estimate the total cash received and total cash disbursement. It is…

Q: Sepia Inc. issued bonds for $450,000 that were redeemable in 6 years. They established a sinki that…

A: Sinking funds are established to provide and collect money for future liabilities and periodic…

Q: eps balance in the proper order. Steps Order B. Adjust C. A. Assess Review

A: In business preparing the account of business is very important for that books of account are…

Q: Prepare journal entries to record the following transactions for Emerson Corporal transaction/event,…

A: Solution...     Journal Entries are given Below :

Q: Appliance Corporation makes and sells electric fans. Each fan regularly sells for $43. The following…

A: Answer :Variable cost of making the additional fans  = Direct material + Direct labor + Variable…

Q: 1) A merchant buys 40 computers for $1500.00 each, less 35%, 10 %. The store prices the merchandise…

A: Cost of Computer = 1500 * (1-0.35) * (1-0.10)                               = 877.5

Q: You bought $5,000 worth of mutual funds with a redemption fee of 5 percent. If you sell within the…

A: Introduction: Mutual Fund Redemption fees are the fee charged by the mutual fund company from the…

Q: A company recorded the $32,000 adjusting entry for the accrual of wages payable by debiting revenues…

A: The adjustment entries are prepared for accrued and deferred revenue and expenses. The accrual…

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A: 1)calculation of sales quantity variance and sales mixed variance for R66 R-66 actual total units…

Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value…

A: (A) Debit cash $1,827,000    credit common stock $1,827,000   (B) Debit Land $1,827,000    credit…

Q: A Corporation provided the following information for the current year: Income from continuing…

A: The question has asked to compute the total amount of other comprehensive income.   The other…

Q: Income Statement                                        October            November        December…

A: Lets understand the basics. Management prepares various type of budgets based on the activity…

Q: N6    A new machine tool is being purchased for $260,000 and is expected to have a $36,000 salvage…

A: Depreciation is the amount calculated on the carrying amount of the fixed asset over the life of the…

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A: Margin is the amount or percentage which is earned on the product. It is calculated by dividing the…

Q: CX Enterprises has the following expected dividends: $1.02 in one year, $1.23 in two years, and…

A: Stock Price :— It is the current selling price of stock in the market.    According to Gordon's…

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A: Cost incurred to produce and sell a product consist of different components, variable cost, fixed…

Q: company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: FIFO is the inventory management method wherein the goods bought at first are to be sold first.…

Q: luation of Peachtree accounting

A: Financial Accounting - An approach to recording, summarizing, and reporting the transactions…

Q: V2. On November 29th, Year 1, Jeffrey White purchased a piece of equipment (7-year property) used to…

A: Depreciation is the reduction in the value of asset due to normal wear and tear Effluxion of time.…

Q: Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current…

A: Cash flow statement means the statement which shows the cash inflow and outflow during the specified…

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A: A financial analysis tool used to determine the profitability of possible investments is the…

Q: The following are the four activities and the total cost pools of each which were gathered after a…

A: Activity-based costing is a costing approach in which a company's activities are identified and the…

Q: Your factory has been offered a contract to produce a part for a new printer. The contract would…

A: Time Value of Money :— According to this concept, value of money in present day is greater than the…

Q: Listed below are the following August 31, 2021 accounts and information for the Moses Bosco Company.…

A: Lets understand the basics. Net income is a all revenue earned less all expenses incurred.  It is…

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A: The current ratio tells about the relation between current assets and current liabilities of the…

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A: Given data is as follows: Market value = $200,000Tax policy = 45%City mill rate = 14.6School board…

Q: $12.00 8 $4.00

A: Answer : Break even unit = $270,000 / $48 = 5625 units Variable cost = Sales - Contribution margin…

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A: there are various product that are produced combined or in separate so these product whether they…

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A: Bonds are debt instrument that offers fixed interest. The bond interest is called the coupon rate.…

Q: A standard cost system is used to measure performance and value inventory. Variance reports are…

A: Answer:-  Standard costing:- Standard costing is the practice of predicting production related costs…

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A: Journal entries are the foremost reporting in the accounting system. These are prepared in…

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A: A credit card refers to a plastic card that is used for purchasing goods or services from the seller…

Q: Question 3. Auto Bhd. is a motorcycle dealer in the Klang Valley. For the month of January, the…

A: Dealers perform the business of buying products from the distributors and selling them to the…

Q: Harry Hollywood exchanged his fully depreciated business-use condominium with a fair market value…

A: The correct answer is: (D) $97,000 and $8,000

Q: XLM Inc. sells a single product for a budgeted selling price of $21 per unit. Budgeted direct…

A: STATIC BUDGET VARIANCE The static budget is used as the basis from which actual results are…

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A: When there is a constraining resource then the contribution margin per the constraining resource is…

Q: brate Reporting and Analysis Problems ... Required information [The following information applies to…

A: PAR VALUE  Par value, in finance and accounting, means stated value or face value.  Par value,…

Q: Critically analyse the Liquidity performance of the Apple company.

A: The critical analysis of the Liquidity performance of Apple company is presented hereunder : To…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Answer to Question 1:- Transaction General Journal Debit($) Credit($) a Treasury Stock,…

Q: Use the information provided to create a standard cost card for production of one glove box switch.…

A: A standard cost card lists the usual amounts of materials, labour, and overhead needed to produce…

Q: For each of the following statements regarding dividends, indicate whether it is true or false. (You…

A: Out of the profit earned by the business entities, some of the profit is retained by the business…

Q: Varto Company has 7,400 units of its product in inventory that it produced last year at a cost of…

A: Incremental evaluation is a selection-making method utilized in enterprise to decide the proper…

Q: oren Inc. employs one person to run its solar management company. The employee's gross income for…

A: For a transaction with dual purposes known as a journal entry, the debit and credit accounts can be…