Man it keeps recomending your questions XD its Human capital
Answer:
A. The accounting department prepares a shipping report authorizing the shipment of goods
Explanation:
Internal control over sales is part of the audit procedures for the sales and collection cycle. Its purpose is to control the entire sales process so that there is no alteration in the related activities or in the documents associated with them. This type of control establishes parameters to disaggregate the tasks in several people, creates verification mechanisms so that the products delivered will be those already registered and controls that the goods or services are only delivered to customers with a good credit score.
According to the above, the response that shows an effective internal control over sales transactions is the A, since it establish a list of products authorized to ship, creating a control over the procedure avoiding errors that may appear.
Explanation:
There are several drawbacks involved with the use of the tiered pricing approach, such as the commitment of a buyer to the firm, a - customer relationship and a variety of benefits and services for the customer.
a) The end of year will be awarded to customers purchasing $100,000 worth of products, due to a five percent bonus offer for their sales throughout the year.
b) commitments to resolve all customer service problems in the next day turnaround time.
c) Consumers ordering goods over $500,000 will be compensated with a 10% discount and a 4-hour contribution to solving all customer service issues.
Answer and Explanation:
The journal entries are shown below:
On Aug 1
Short-term investments $70,000
To Cash $70,000
(Being the short term investment is recorded)
Here short term investment is debited as it increased the asset and credited the cash as it decreased the asset
On Oct 30
Cash ($70,000 × 11% × 90 days ÷ 360 days) 1,925
To Interest revenue $1,925
(Being the interest revenue is recorded)
here cash is debited as it increased the asset and credited the interest revenue as it also increased the revenue
Here we assume 360 days in a year
