Which of the following sets of duties would ordinarily be considered basically incompatible in terms of good internal control?
A. Posting to the general ledger and approval of additions and terminations relating to the payroll.
B. Collection of receipts on account and maintaining accounts receivable records.
C. Custody of unmailed signed checks and maintenance of expense subsidiary ledger.
D. Preparation of monthly statements to customers and maintenance of the accounts payable subsidiary ledger.
Answer: B
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Using the information given below, prepare an income statement and statement of retained earnings for Rapid Car Services from the adjusted trial balance. Rapid Car ServicesAdjusted Trial BalanceFor the year ended December 31Cash …………………………………………….$33,000?Accounts receivable …………………………….14,200?Office supplies ………………………………….1,700?Vehicles ………………………………………..100,000?Accumulated depreciation - Vehicles …………?45,000Accounts payable ………………………………?11,500Common stock …………………………..?20,000Retained earnings …………………………..?51,900Dividends …………………...40,000?Fees earned
……………………………………..?155,000Rent expense …………………………………...13,000?Office supplies expense ………………………...2,000?Utilities expense ………………………………..2,500?Depreciation Expense - Vehicles……………..15,000?Salary expense ………………………………….50,000?Fuel expense ……………………………………Totals…………………………………… 12,000 $283,400________$283,400 What will be an ideal response?
Cielo Corporation had net income of $740,000 in 20x4 and $830,000 in 20x5. Total stockholders' equity at the end of 20x4 was $1,250,000 and total stockholders' equity at the end of 20x5 was $1,500,000. Cielo's total assets at the end of 20x4 were $2,210,000 and its total assets at the end of 20x5 were $2,860,000. Based on this information, what is Cielo's return on equity for 20x5?
A) 32.74% B) 55.33% C) 57.09% D) 60.36%
Under the federal legislation known as OSHA
a. employers must keep records of all workplace injuries. b. employers must keep records of positive results of workplace drug tests. c. employers must keep a record of recognized hazards used in the workplace. d. employers may monitor workers' e-mail messages if the monitoring is done in the ordinary course of business and the employer provides the e-mail system.
Title VII of the Civil Rights Act of 1964 prohibits employment discrimination based on race, color, religion, sex, or national origin. Which of the following federal government agencies is charged with enforcing this statute?
a. U.S. Department of Labor b. Merit Systems Protection Board c. Office of Personnel Management d. Equal Employment Opportunity Commission