Answer: Culture
Explanation:
Culture is the refers to the set of values, attitude and the ideas that are shared among the team members and the word culture is derived from the french word which means cultivation and the earth.
According to the given question, the culture is the defined as the knowledge for the specific religion or the group in the society. When we used to share the traditions, expectations and the beliefs withing the specific society or a group.
There are basically two types of culture that are as follows:
- Material culture
- Non-material culture
Therefore, Culture is the correct answer.
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
With an assumption that the company's accounting year is same as the calender year, the income statement would show $1,000 of rent expense.
<h3>What is an
income statement?</h3>
An income statement refers to a financial statement that shows a firm's income and expenditures for an accounting year.
Rent expenses = $2,400 prepaid rent / 12 months
Rent expenses = $200 per month
Rent expenses = $200 rent expense per month x 5 months (in Year 2)
Rent expenses = $1,000 rent expense
In conclusion, with an assumption that the company's accounting year is same as the calendar year, the income statement would show $1,000 of rent expense.
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Regardless of income or wealth, setting aside some portion of current income regularly for future use helps develop good income savings.
Personal saving is the money left over after people spend their money and pay their taxes. The personal saving rate is the percentage of disposable income that people save. This rate is used to learn about Americans' financial health and to forecast consumer behaviour and economic growth. the average saving rate by income or wealth class The dotted line represents the frequently stated 4% number, which comprises the poorest 90% of income earners. The top 10% to top 1% of income earners save about 12%, which I find relatively low. Only the top 1% holds a fantastic 38%.
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