Discuss the following statements: a. Internal control is the responsibility of the accountants in an organisation. b.
Question:
Discuss the following statements:
a. Internal control is the responsibility of the accountants in an organisation.
b. A properly designed system of internal control over cash should prevent employee theft of cash.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
a Internal control is the responsibility of the accountants in an organisation This statement is partially correct but it doesnt tell the whole story ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170349680
6th Edition
Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson
Question Posted:
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Nora Abbey, eighteen years old, is overjoyed to have received her first paycheck from her first employer, Nightingale Fashions, Inc. The check is in the amount of $542.00, and is drawn on the Bank of...
-
When are objects on the periphery of your vision most noticeable?
-
A jet of alcohol strikes the vertical plate in Fig. P3.149. A force F ≈ 425 N is required to hold the plate stationary. Assuming there are no losses in the nozzle, estimate (a) the mass flow...
-
How important training is to both organizations and employees
-
Put yourself in the position of an entrepreneur who is developing a new product to introduce into the market. Briefly describe the product and each component of its value proposition.
-
A vending machine at City Airport dispenses hot coffee, hot chocolate, or hot tea, in a constant service time of 20 seconds. Customers arrive at the vending machine at a mean rate of 60 per hour...
-
[The following information applies to the questions displayed below.] Fitness Fanatics is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as...
-
Metro Land is a country located on a 2D Plane. They are having asummer festival for everyone in the country and would like tominimize the overall cost of travel for their citizens. Costs oftravel are...
-
With respect to the internal control over cash, provide an example of each of the following: a. Independent checks and reviews b. Approval of transactions c. Matching documents d. Prenumbering and...
-
AAA Limited received its bank statement for the month ending 30 June, and reconciled the statement balance to the 30 June balance in the Cash account. The reconciled balance was determined to be...
-
Describe the relationship between each of the following pairs: molecules and cells, tissues and organs, organs and organ systems.
-
Critically evaluate the interplay between feedback skills, communication, listening, and assertiveness skills. How do these skills complement each other in the context of providing effective...
-
Generally, what was Starbucks intended strategy (first 2 minutes of video)? What is an emergent strategy mentioned in the video ( what changes made by Howard Schultz)? What were some (at least 2)...
-
1. first order of business is to create your city. What will you name your city? Name of City: 2. What are the main economic goals? Choose 2-3 goals . Why did choose these particular goals? What...
-
The organization I am presenting today is Tyler Coca-Cola Bottling, located in Tyler, Texas. Tyler Coca-Cola operates under the guidance of Coca-Cola Southwest Beverages. Tyler, Texas is a small...
-
Explain the interplay between power dynamics and communication patterns in hierarchical organizations. How do these factors influence decision-making and innovation?
-
Under a system of exchange rates pegged around official parities, each of the following is a possible remedy for a country facing a balance of payments deficit except: a. Using its international...
-
CdF2 (s) Cd+ (aq) + 2 F- (aq) 1. A saturated solution of CdF2 is prepared. The equilibrium in the solution is represented above. In the solution [Cd+] eq = 0.0585 M and [F-] eq = 0.117 M. a....
-
Baylor Company purchased 75% of the common stock of Reed Company for $600,000 in cash when the stockholders' equity of Reed Company consisted of $500,000 in common stock and $300,000 in retained...
-
CNA Financial Corporation provides the following information from its 2018 10-K report: Investments The Company classifies its fixed maturity securities as either available-for-sale or trading, and...
-
The following transactions involve investments in marketable securities and are accounted for using the equity method. (1) Purchased 12,000 common shares of Barth Co. at $9 cash per share; the shares...
-
Show that the convexity for a zero coupon bond with m payments per year is (m) n(n + -)(1+ m m
-
Abdul Canarte , a Central Bank economist, noticed that the total group purchasing basket of goods (CPI) has gone from $149,740.00 to $344,460.00 in 8 years. With monthly compounding, what is the...
-
ABC Corporation expects sales next year to be $50,000,000. Inventory and accounts receivable (combined) will increase $8,000,000 to accommodate this sales level. The company has a profit margin of 6...
Study smarter with the SolutionInn App