Internal controls for small businesses Required Assume you are the owner of a small business that has
Question:
Required
Assume you are the owner of a small business that has only two employees.
a. Which of the internal control procedures are most important to you?
b. How can you overcome the limited opportunity to use the separation-of-duties control procedure?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
a If you are a small business with only two employees you still need to implement all ...View the full answer
Answered By
Umber Talat
I am providing full time mentoring and tutoring services in Business Finance, Contemporary issue in Global Economy, Quantitative Techniques, Principles of Marketing, strategic marketing, International Marketing, Organizational Behavior (OB), Consumer Behavior, Sales Force Management, Strategic Brand Management, Services Marketing, Integrated Marketing Communication (IMC), Principles of Management, General Management, Strategic Management, Small and Medium Enterprise Management, Innovation Management, Change Management, Knowledge Management, Strategic Planning, Operations Management, Supply Chain Management, Logistics Management, Inventory management, Total Quality Management (TQM), Productions Management, Project Management, Production Planning, Human Resource Management (HRM), Human Resource Development, Strategic HRM, Organizational Planning, Performance and Compensation Management, Recruitment and Selection, Organizational Development, Global Issues in Human Resource Management, Retail Marketing, Entrepreneurship, Entrepreneurial Marketing, International Business, Research Methods in Business, Business Communication, Business Ethics.
4.70+
158+ Reviews
236+ Question Solved
Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
Question Posted:
Students also viewed these Cost Accounting questions
-
Investigate the type of quadrilateral formed by connecting the midpoints of a general quadrilateral. Prove your conjecture in two ways, using (1) synthetic methods and (2) analytic methods
-
Assume you are the owner of a small business that has only two employees. a. Which of the internal control procedures are most important to you? b. How can you overcome the limited opportunity to use...
-
You are the owner of a small hard ware store, and you are considering opening a gardening store in a vacant area in the back of your present store. You estimate that it will cost you $50,000 to set...
-
Willingham Company Ltd. has the following comparative statements of financial position data. WILLINGHAM COMPANY LTD. Statements of Financial Position December 31 Additional information for 2017: 1....
-
Wang Company began operations on January 1, 2018, by issuing common stock for $70,000 cash. During 2018, Wang received $88,000 cash from revenue and incurred costs that required $65,000 of cash...
-
The high-low method of cost analysis has some weaknesses, but under certain conditions it can be very useful for determining cost behavior. Describe what is accomplished by analyzing costs using the...
-
DE 19-1 Your roommate, who plans to specialize in international business, is considering whether to enroll in the second principles of accounting course. She says, "I don't want to be an accountant,...
-
Journal entries related to the income statement. Toyota Motor Company (Toyota), the Japanese car manufacturer, reported Sales of Products of 22,670 billion for the year ended March 31, 2007. The Cost...
-
Burns Corporation's net income last year was $93,700. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash...
-
Approximately 1.65 million high school students take the Scholastic Aptitude Test (SAT) each year, and nearly 80% of the college and universities without open admissions policies use SAT scores in...
-
Control activities of a strong internal control system Required List and describe nine control activities of a strong internal control system discussed in this chapter.
-
Emergency Care Medical Centers (ECMC) hired a new physician, Ken Major, who was an immediate success. Everyone loved his bedside manner; he could charm the most cantankerous patient. Indeed, he was a...
-
An average human produces about 10 MJ of heat each day through metabolic activity. If a human body were an isolated system of mass 65 kg with the heat capacity of water, what temperature rise would...
-
What is the amount of Gain or Loss recognized on the disposition? Enter a Gain as a positive number or a Loss as a negative number or Zero if neither is recognized. R&R purchased a piece of equipment...
-
B)There is a significant increase in Machinery, Equipment, and Office Furniture (576%), a significant increase in A significant increase in the Line of Credit (344%), and a significant increase in...
-
Ryvel Company has 2 (two) Production Departments, namely Department I and Department II. In addition, it has 2 (two) Supporting Departments, namely Department C and Department D. Ryvel Company...
-
Dollars According to the graph below, what should this profit-maximizing firm do? P3 P4 MC ATC 0 Q3Q1Q2 MR D Quantity
-
Nyameye Ent. Manufactures rubber at Kurriasi. The following details relate to the movement of materials in February 2010. February Beginning balance: 800 units @ $6 per unit. 5 Received 200 units $7...
-
What practical considerations need to be taken into account when calculating a training programs ROI?
-
What is beacon marketing? What are digital wallets?
-
In Problems 1942, let w = 2, x = 1, y = 2, and z = 4. Find the values of the given capital letters. N = x + 2xy + y + 1
-
Why are the terms direct cost and indirect cost independent of the terms fixed cost and variable cost? Give an example to illustrate.
-
Give an example of why the statement, All direct costs are avoidable, is incorrect.
-
What are the important factors in determining the appropriate cost driver to use in allocating a cost?
-
A local bookstore is considering adding a coffee shop to their store. Building the coffee shop will cost $256,340.00 today. The bookstore is going to try this project for five years. The bookstore...
-
What is the depreciation deduction, using each of the following methods, for the second year for an asset that costs $40,000 and has an estimated MV of $5,000 at the its seven-year useful life?...
-
How do we use the simulation analysis for financial decision making
Study smarter with the SolutionInn App