Answer:
Statement is true
Explanation:
Internal control over financial reporting was designed to give assurance related to financial statements preparation and authenticity of financial reporting.
Material weakness refers to inefficiency in internal control which could lead to misstatement in financial statement thereby making financial reporting unreliable. As such, even one material weakness would prove ineffective internal control over financial reporting.
c. A decrease in the general price level.
b. A reduction in the supply of money.
d. A decrease in a nation’s standard of living. Please select the best answer from the choices provided A B C D
Answer:
Allows more rapid identification of errors and consequent remedial action than is possible with annual physical inventory
Explanation:
Cycle counting is a prominent stock tallying arrangement that enables organisations to include various things in various zones inside the distribution centre without calculating the whole stock. Cycle checking is an inspecting method where the count of a specific number of things derives the mean the entire distribution centres. It also helps in the identification of errors.
Cycle counting offers advantages such as rapid error identification and maintains accurate records, making annual inventories more manageable and reliable. It requires detailed records just like annual inventories and needs to be performed on all inventory items for effectiveness.
Among the advantages of cycle counting is that it allows for a more rapid identification of errors and enables quick remedial action, which can be more efficient than what is possible with an annual physical inventory. This ongoing process can help make the annual physical inventory more acceptable to management, as it ensures that inventory records are accurate throughout the year. However, it's important to note that cycle counting still requires detailed records similar to annual physical inventory and needs to be performed even for less expensive items to maintain accuracy. While it may not require highly trained people, sufficiently trained personnel are essential to perform cycle counting effectively, especially when identifying and correcting errors.
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Answer:
$25,000
Explanation:
Lupo Company's equity = owner's equity + retained earnings
Lupo Company's equity = $13,000 + $12,000 = $25,000
Answer:
First.At the time of delivery of the document, the company must cancel the customer's debt and register the document to charge more interest.( 2.000 x 0.05 = 100)
Notes receivable 2.100
interest to accrue 100
accounts receivable 2.000
Second. Then at the time of payment the client does not pay. The company must cancel the document and interests and according to its criteria, it can register an asset (1), a doubtful credit provision (2) or a loss (3) for this credit.
Notes receivable 2.100
interest to accrue 100
(1)accounts receivable 2.000
(2)provisions on doubtful debts
(3)bad debts
B. raise prices
C. cut prices
D. increase advertising
Answer:
B. raise prices.
Explanation:
When the demand increase, while the firm is not able to increase the production, they raise the prices, because there will be buyers willing to pay more. That is the classical equilibrium of the market, offer - demand: increases in demand push the prices upward, increasing in offer pushes the prices downward.