What are four of the elements of the internal control environment?
What will be an ideal response?
The following are elements of the internal control environment:
i. Management's philosophy and operating style.
ii. Company organization structure.
iii. Methods of assigning authority and responsibility.
iv. Personnel policies and practices.
Or any combination of the eight listed in the box "Key Elements of the Internal Control Environment" on page 322.
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A trusting behavior involves which element?
A. Expecting one to behave in a way that has either harmful or beneficial results. B. Being aware that an outcome is only negative. C. We think the other person will behave in a way that will produce harmful results. D. Believing that a person will not repeat any of the secrets we tell him of her.
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $148,500, allowance for doubtful accounts of $1105 (credit) and sales of $1,145,000. If uncollectible accounts are estimated to be 0.700% of sales, what is the amount of the bad debts expense adjusting entry?
A. $8215 B. $8015 C. $8140 D. $6910 E. $9120
The CPSC is responsible for ensuring that food and drugs that consumers purchase are safe for consumption
Indicate whether the statement is true or false
Lobel Machines Company is evaluating an investment of $1,100,000 which will yield net cash inflows of $197,062 per year for 7 years with no residual value
What is the internal rate of return? Present value of ordinary annuity of $1: 5% 6% 7% 8% 1 0.952 0.943 0.935 0.926 2 1.859 1.833 1.808 1.783 3 2.723 2.673 2.624 2.577 4 3.546 3.465 3.387 3.312 5 4.329 4.212 4.100 3.993 6 5.076 4.917 4.767 4.623 7 5.786 5.582 5.389 5.206 8 6.463 6.21 5.971 5.747 9 7.108 6.802 6.515 6.247 10 7.722 7.36 7.024 6.71 A) 5% B) 6% C) 7% D) 8%