What is the purpose of internal controls in an organization?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
The purpose of internal controls is to reduce the possibil...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Question Posted:
Students also viewed these Cost Accounting questions
-
What is the purpose of Internal Revenue Code Section 482? What four methods of transfer pricing are acceptable under this section?
-
What is the purpose of internal control?
-
What is the purpose of an income statement?
-
Assume a companys estimated sales is 27,000 units. Its desired ending finished goods inventory is 5,000 units, and its beginning finished goods inventory is 3,000 units. What is the required...
-
(a) plot the probability histograms for the binomial distributions for n = 5 and p equal to .2, .5, and .8. (b) Locate the means. (c) Find P[X > 4] for each of the three cases.
-
An article in Technometrics by S. C. Narula and J. F. Wellington [Prediction, Linear Regression, and a Minimum Sum of Relative Errors (1977, Vol. 19)] presents data on the selling price and annual...
-
Describe the ways in which business-to-business (B2B) firms segment their markets.
-
Suppose that Lone Star Designs has two classes of distributors: class A distributors and class B distributors. The class A distributor places small, frequent orders, and the class B distributor tends...
-
ABC Corporation has three support departments with the following costs and cost drivers: Support Department Cost Cost Driver Graphics Production $200,000 number of copies made Accounting 500,000...
-
In the packing department, a worker stands sideways between the end of a conveyor and pallet. The surface of the conveyor is 40 inches from the floor and the top of the pallet is 6 inches from the...
-
In what circumstances can an auditor disclose confidential information about a client without the client's permission?
-
What is a financial statement audit? Who is qualified to perform it?
-
The peripheral speed of the tooth of a 10-in.-diameter circular saw blade is 150 ft/s when the power to the saw is turned off. The speed of the tooth decreases at a constant rate, and the blade comes...
-
Alec is an employee who drives a 2021 Ford C-Max with a fair-market value of $32,000. He has been given the choice to have the fringe benefit reported on his W-2 either using the lease-value rule or...
-
What resource do most thinking and learning technologies rely on to be effective? a) data b) images c) gas d) robots
-
Financial Reporting Problem Marks and Spencer plc (M&S) The financial statements of M&S (GBR) are presented in Appendix A. The companys complete annual report, including the notes to the...
-
Totally Chemical is considering an investment decision project in which the organization expands into the trucking business. Totally Chemical wants to begin this investment decision project by buying...
-
Presented below is the balance sheet of Sandhill Corporation as of December 31, 2017. SANDHILL CORPORATION BALANCE SHEET DECEMBER 31, 2017 Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts...
-
What best describes the discount on bonds payable account? a. A liability b. A contra liability c. An asset d. An expense
-
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
-
How is Porters five force framework related to the identification of key success factors?
-
Bonner Corporation's balance sheet indicates that the company has $320,000 invested in operating assets. During 2018, Bonner earned $24,000 of operating income on $480,000 of sales. Required a....
-
Gwinnett Corporation operates three investment centers. The following financial statements apply to the investment center named Rite Division: RITE DIVISION Income Statement For the Year Ended...
-
Roswell Company has operating assets of $8,000,000. The company's operating income for the most recent accounting period was $600,000. The Lawrence Division of Roswell controls $1,600,000 of the...
-
Construction of consumer price index number for the given goods and services. Item Weight in % Base period price Current period price Food 35 150 145 Fuel 10 25 23 Cloth 20 75 65 Rent 15 30 30 Misc....
-
Gammaro Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales of the credit sales, Gammaro Corporation has experienced the following...
-
Swifty Company estimates that 2022 sales will be $43,200 in quarter 1,$51,840 in quarter 2 , and $62,640 in quarter 3 , Cost of goods sold is 50% of sales. Management desires to have ending...
Study smarter with the SolutionInn App