Jessica Mahan is the new owner of Penny Parking. She has heard about internal control but is
Question:
Jessica Mahan is the new owner of Penny Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Jessica the four purposes of internal control and give her one application of each purpose for Penny Parking.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (21 reviews)
The purposes of internal control are to 1 Safeguard a companys assets from employe...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
Nathan McPhail is the new owner of Liberty Parking, a parking garage. He has heard about internal control but is not clear about its importance for his business. Explain to Nathan the six types of...
-
Heather Bailiff is the new owner of Ready Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Heather the four purposes of internal...
-
Phyllis Lapin is the new owner of Ready Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Phyllis the four purposes of internal control...
-
Suppose you make beautiful coffee tables out of juniper trees. Your materials cost for each table is $135. You pay your craftsman $25 per hour and it takes him 5 hours to complete one table. If you...
-
Europium is a lanthanide element found in parts per billion levels in natural waters. It can be measured from the intensity of orange light emitted when a solution is illuminated with ultraviolet...
-
What is the purpose of this Search Inside Yourself course?
-
Describe how you think history is repeating itself in todays healthcare system.
-
Gentle Bens Bar and Restaurant uses 5,000 quart bottles of an imported wine each year. The effervescent wine costs $ 3 per bottle and is served only in whole bottles because it loses its bubbles...
-
2-1. GASB Concepts Statement No. 3 discusses various methods of communicating financial accounting information to users. One method is using required supple- mentary information (RSI). What is RSI,...
-
Three former RIM employees decided to go into business for themselves and open a store near an office park to sell wireless equipment to young professionals. Their first products were cell phones,...
-
Shelly Eckert has prepared the following list of statements about internal control. 1. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized...
-
The internal control procedures in Valentine Company provide that: 1. Employees who have physical custody of assets do not have access to the accounting records. 2. Each month, the assets on hand are...
-
People often worry that high tax rates would reduce the supply of labor. Consider the impact of higher taxes with a backward-bending supply curve as follows: Define the before-tax wage as W, the...
-
Two cannons are placed in the same position at different altitudes, \(h_{1}\) and \(h_{2}\). Two projectiles are fired simultaneously and horizontally. Calculate what ratio the two initial velocities...
-
An observer is stationary on a merry-go-round at a distance \(R=3 \mathrm{~m}\) from the axis of rotation. The merry-go-round, starting from a standstill, begins to rotate with constant angular...
-
Ganymede is a satellite of the planet Jupiter, like the Moon for Earth. Using the data below, determine: 1. the acceleration of gravity \(g_{G}\) on Jupiter (for comparison, the acceleration of...
-
Determine the angular speed of the hour and minute hands of a clock (of course, with hands and not digital!). If at 3:00 (a.m. or p.m.) the angle between the hour hand and minute hand form an angle...
-
Successful interviews require diligent preparation and repeated practice. To be well prepared, you need to know what skills are required for your targeted position. In addition to computer and...
-
Which of the following properties of gasoline is a chemical property? (a) Colorless liquid (b) Burns with air (c) Density, 0.70 g/mL (d) Boiling point, 97 C (e) Insoluble in water.
-
Which of the ocean zones shown would be home to each of the following organisms: lobster, coral, mussel, porpoise, and dragonfish? For those organisms you identify as living in the pelagic...
-
Compose an offer that specifically limits the offerees ability to accept.
-
The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. Adjustment data: 1. Store supplies on hand totaled $2,500. 2....
-
Pauls Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Pauls inventory consisted of books purchased for...
-
Newman Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Newman showed Cash of $5,000 and Newman, Capital of $5,000. May 1...
-
There are 42 locations throughout the northeast region with deposits totaling $3.2bil. If you were Kiamarie's vice president, how would you expect her to choose between Gagne's Nine Events of...
-
Why is succession planning essential in an organization? 2. What is the need for succession planning? 3. What do you think are the challenges to succession planning? 4. How can employees contribute...
-
Two activities/obligations/responsibilities that might be added to an updated version of the job description for an HR professional: How would you go about monitoring changes in laws and regulatory...
Study smarter with the SolutionInn App