True. The internal auditing department plays a crucial role in evaluating and contributing to improving an organization's governance, risk management, and control processes.
To do so effectively, they must use a risk-based approach, which involves identifying potential risks and assessing the likelihood and impact of those risks on the organization's objectives. By focusing on areas with the highest risk, internal auditors can provide valuable insights and recommendations to improve processes, strengthen controls, and mitigate risks.
Additionally, by evaluating the organization's governance practices, the internal audit function can help ensure that the organization is operating ethically and in compliance with applicable laws and regulations. Ultimately, an effective internal auditing function is essential to help organizations achieve their goals while minimizing potential risks and enhancing overall performance.
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Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month.
Based on the costs incurred by Shen Company, the schedule of costs of goods sold for manufactured goods is:
Total
Direct materials used $6,300
Direct labor $4,390
Manufacturing overhead $7,560
Total cost $18,250
Beginning WIP $0
Add: Cost during year $18,250
Total manufacturing cost $18,250
Less; Ending WIP $(6,770)
Cost of goods manufactured $11,480
What goes into the schedule of cost of goods manufactured?Direct materials:
= 3,400 + 2,900
= $6,300
Direct labor:
= 4,000 + 390
= $4,390
Manufacturing overhead:
= 6,300 x 1.2
= $7,560
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The schedule of Cost of Goods Manufactured for May by Shen Company is as follows:
Cost of Goods Manufactured:Direct materials $3,400
Direct labor 4,000
Overhead applied 4,080 ($3,400 x 120%)
Total costs $11,480
What is the Cost of Goods Manufactured?The cost of goods manufactured includes the costs of direct materials, direct labor, and overhead applied.
The cost of goods manufactured is only for Job 4 and does not include the costs incurred for Job 5 which is still in process at month-end. Instead, the costs of Job 5 will be recorded as ending work in process.
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When i'magoldminer chooses what quantity of gold each of it/s mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will?
If i'magoldminer chooses what quantity of gold each of it/s mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will determine the company's total revenue, total costs, and its profits.
What is total revenue?Total revenue can be defined as the total amount of income generated by a company or an organization at a particular period of time while on the other hand total costs can be defined as the total expenses a company incurred.
Hence, if a company chooses the quantity of gold each of its mines will produce, this quantity produced , along with the prices in the market for output and in2wqputs, will determine the company's total revenue, total costs, and its profits.
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A hypothetical interest rate whose only function is to compensate lenders for the opportunities they forgo by not having access to the loaned funds is called the ______.
An interest rate that is hypothetical and has the singular function of showing the returns that lenders forego when they don't have access to the loaned funds is pure rate of interest.
What is the pure rate of interest?The pure interest rate is a rate that is found in perfectly competitive markets and relates to foregone profit.
This rate might be hypothetical but it functions to show how much returns those who loan money would gain if they had access to the money they loaned to a loanee.
This rate is impractical however because it assumes a world where there is no risk which is simply not possible.
In conclusion, this is the pure rate of interest.
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As an important step in the human resource selection process, what will expedite the process of conducting background investigations and promises to get suitable results?
As an important step in the human resource selection process, Hiring services such as LexisNexis conduct criminal checks and driving records. Option A. This is further explained below.
What is human resource?Generally, The department of an organization known as human resources (HR) is the one that is in charge of all matters pertaining to the employees. This encompasses the process of recruiting, screening, choosing, interviewing, hiring, onboarding, training, promoting, paying, and terminating workers as well as independent contractors.
In conclusion, Hiring services like LexisNexis do criminal checks and look at driving records as part of the selection process for human resources. This is an essential phase in the process.
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CQ
As an important step in the human resource selection process, which of the following will expedite the process of conducting background investigations and promises to get suitable results?
.
a. Hiring services such as LexisNexis to conduct criminal checks and driving records.
b. Dedicating one human resource expert to making personal calls and doing all the background checks.
c. Minimalizing the types of questions the company asks at this juncture.
d. If there is a need to skip one of the selection process steps, most companies have found that this one can be eliminated.
in applying the standards of conduct set forth in the Code of Ethics, internal auditors are expected to compare them to standards of other professions
In applying the standards of conduct set forth in the Code of Ethics, internal auditors are expected not be unduly influenced by their own interests in forming judgments.
What is code of ethics?These are what guide the conduct of people or employees in an organization.
Code of ethics are guide of principles that are required to help professionals so that they can conduct their business with integrity.
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Which term best describes a situation where an employee is a victim of discrimination?
Employment discrimination is the term best describes a situation where an employee is a victim of discrimination
This is further explained below.
What is Employment discrimination?Generally, Because of a certain reason, a person might be "discriminated against," which implies they are treated differently or less favorably.
Legally protected traits such as gender, ethnicity, sexual orientation, disability, and marital status are all examples of employment discrimination. Anti-discrimination legislation in the United States prevents companies from discriminating against workers on the basis of age, race/ethnicity/gender/religion/nationality/physical/mental impairment.
In conclusion, When an employee is subjected to discrimination at work, the phrase "employment discrimination" is the most appropriate.
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When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include: Multiple Choice A debit to Work in Process Inventory. A debit to Raw Materials Inventory. A credit to Cash. A credit to Raw Materials Inventory. A debit to Accounts Payable.
When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include: A debit to Raw Materials Inventory.
Raw materials, or primary raw materials, are the basic materials used in the production of commodities, final products, energy, or intermediate materials that are the starting materials for future final products.
Examples of products include steel, oil, corn, grains, gasoline, wood, forest resources, plastics, natural gas, coal and minerals. The raw material may be a direct raw material used directly in the manufacturing process, such as chair wood.
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Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a that is in the long run than in the short run.
If the long-run demand for oranges is the same as the short-run demand, a binding price ceiling will result in a shortage that is larger in the long run than in the short run.
What is a Binding Price Ceiling?A binding price ceiling is when the government or an agency of the government sets the maximum price for a product below the the equilibrium price.
In the long run, as a result of the binding price ceiling, there would be a decrease in the supply of oranges. If the demand in the long run and short run is the same, there would be a shortage.
Reason-
Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges.
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An investment banker who earns more than $1 million a year, a food service worker who makes minimum wage, and a teacher with a salary of $50,000 per year represent the presence of social ______ within society.
An investment banker who earns more than $1 million a year, a food service worker who makes minimum wage, and a teacher with a salary of $50,000 per year represent the presence of social inequality within society.
What is inequality?Inequality can be defined as the way in which income or wealth are not distributed equally in a society as some people earn more than others.
Hence, their is the presence of social inequality within a society if a investment banker earn $1 million a year, a food service worker makes minimum wage, and a teacher earn $50,000 per year.
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The freedom for people to buy, sell, and use land, buildings, machinery, and inventions are basic capitalist rights under?
The freedom for people to buy, sell, and use land, buildings, machinery, and inventions are basic capitalist rights under the right to own private property.
Capitalism: What Is It?
In a capitalist economy, private people or companies own the capital assets. The labor force, which does not own the means of production but merely uses them on behalf of the capital owners, is employed by business owners (capitalists).
Why Private Property Rights Are Important for Capitalism?
A framework that safeguards people's legal right to own or transfer private property is necessary if people or enterprises are to utilize their capital assets with confidence. Contracts, honest dealing, and tort law will all be used in a capitalist society to support and uphold these private property rights.
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__________ is the requirement that every employee be able to perform the work of another employee.
Task rotation is the requirement that every employee be able to perform the work of another employee.
Task rotation can limit the repetitive strain a job task may place on an employee. Rotating to a different task for a period of time before returning to the original task can enable an employee to perform to their maximum capacity.
Task rotations in a work environment is necessary and a requirement as it broaden skills because it exposes employees to different functional areas of the company.
For instance, when a research and development employee rotates to a sales position, they learn more about building relationships with customers, understanding their needs and how the whole sales cycle works in a company.
Hence, task rotation is the requirement that every employee must be able to perform in the work environment.
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A stock’s ______ is found by dividing the stock’s annual dividend by its closing price.
A stock’s current yield is found by dividing the stock’s annual dividend by its closing price.
Current yield refers to an investment's annual income divided by the current price of the security. This measure examines the current price of a bond, rather than looking at its face value. The current yield is equal to the stocks annual interest earned divided by the current price of the bond.
The current yield can also be calculated by taking the dividends received for a stock and dividing that amount by the stock's current market price.
Hence, current yield refers to the income you receive from a bond dividend by its current market price, and expressed as a percentage.
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As the director of HR, you are in a meeting with your corporate officers discussing the firm's deliberate use of personnel to gain a competitive edge in the marketplace. You are most likely discussing:
You are most likely discussing the general business environment in which your company must operate.
What is the general environment in business?The diversity of external elements that have an impact on an organization's performance and operation is known as the general environment, or macro-environment. These outside factors can decide whether a company encounters market opportunities or failures.
The overall environment can influence how a firm identifies itself, the products it sells, and how it interacts with other businesses and regulatory bodies. When performing market research and strategic analysis, businesses often consider the overall environment.
What are the six elements of the business environment?Sometimes, economic and legal aspects are combined to form five major components of the business environment. Political, economic, social, technological, legal, and environmental factors are the six components of the business environment.
What is the external business environment?Economic, political and legal, demographic, social, competitive, international, and technological sectors make up the external business environment. Managers need to be aware of how the environment is changing and how those changes are affecting the company.learn more about area(s) of the general external business environment:
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A(n) _________ (or neutral fact-finding) can assist parties in a business dispute in which the issues are complex and the third party can then recommend a settlement as an attractive alternative.
When there are complicated problems involved in a business dispute, parties can benefit from mediation (or unbiased fact-finding), after which the third party can suggest a settlement as an appealing alternative.
What exactly does mediation entail?In a mediation, the parties meet with a third party who is neutral and objective and who helps them negotiate their disagreements.
What serves as the primary goal of mediation?Even if the parties to the disagreement are unable to come to an agreement, mediation will frequently "bring out" the true issues and improve communications, leading to a better working relationship.
What constitutes mediation's five steps?Stage 1: Introductory Statements.stage 2. Joint discussions Stage 3: Confidential Conversations.Stage 4: the negotiating phase.Stage 5: Settlement.Is mediation a good decision?When two parties desire to work together but require outside assistance to solve a current problem, mediation might be compared to relationship counseling. When the connection is particularly important to you, mediation can assist you in resolving a particular problem without harming the partnership as a whole.
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Britney is selling her bungalow via an installment contract. The buyer made payments dutifully for five years, but has not made any payments for more than a year. Which of the following is true
"Britney is selling her bungalow via an installment contract. The buyer made payments dutifully for five years, but has not made any payments for more than a year." This is further explained below.
What is an installment contract.?Generally, A contract known as an installment purchase agreement is one that facilitates the financing of the purchase of assets.
In conclusion, Britney has the right to retain the whole of the money that was received and to reclaim the property.
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What are the determinants of demand? what happens to the demand curve when any of these determinants change? distinguish between a change in demand and a movement along a fixed demand curve.
Determinants of demand includes following:
Price of the ProductIncome of the ConsumersPrices of related goods or servicesConsumer ExpectationsNumber of Buyers in the Market
When any of determinants of demand changes, the demand curve shifts to the right. This indicates that even while the price remains the same, there is a greater demand for the commodity or service.
Demand curve movement happens along the curve, whereas demand curve shift occurs when the determinant of demand relationship changes and causes the demand curve to shift. When changes in quantity demanded are correlated with changes in the commodity's price, the demand curve moves along.
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Typically, when will the national bureau of economic research (nber) announce that the economy is in a recession?
the national bureau of economic research (nber) announces that the economy is in a recession, a year or more after the recession has begun
The specific time the economy entered a recession or an expansion is not given in the NBER chronology. The first month of a recession, according to the NBER's convention for determining its length, is the month that comes after its peak, and its final month is its trough.
The most recent dip occurred in April 2020; hence, April 2020 marked the end of the recession and May 2020 marked the start of the next expansion. months that experience peaks and troughs. PILT, nonfarm payroll employment, real personal consumption expenditures, wholesale-retail sales adjusted for price fluctuations, employment as determined by the household survey, and industrial production are some of these. There is no set formula for how measurements are weighted in our judgments or how they contribute information to the process.
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If 100 mexican pesos could buy $1.00 u.s. dollar in 2006 and $.87 u.s. dollars in 2010, then:________.
The dollar have strengthened against the Mexican pesos, If the same amount of Mexican pesos are available for lesser dollar then this means that the Dollar have increased worth or the Mexican pesos worth is decreased.
What is exchange rate?An exchange rate is a rate at which a currency can be translated into some other currency, generally a currency is considered strong when a small amount of that currency can buy a large amount of the other currency.
The Mexican pesos are 100 for the exchange of 1 USD which means that the dollar is a strong currency. But this is not just the case in fact the Mexican pesos in 2010 can only be exchanged for a 0.87 USD which suggests that the Mexican pesos worth is decreased.
There are countries in the world whose currency is so low and they exchange large amounts for a single USD.
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The economic system based on the premise that some, if not most, basic industries should be owned by the government so that profits can be more evenly distributed among the people is called:
The economic system based on the premise that some, if not most, basic industries should be owned by the government so that profits can be more evenly distributed among the people is called Socialism.
A socialist economy is that system of production where production of goods and services is done for using it directly, however in a capitalist economic system, goods and services are produced generally to generate profit means they are produced for indirect use.
"Production which is done under socialism would always be directly and solely for use. With the use of natural and technical resources of the world which are controlled democratically, the sole objective of the production is to meet human needs only."
Goods and services would be produced only for their usefulness, or for their usage-value. It eliminates the need for market-induced needs of profits.
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An employee concerned primarily with the seniority system, insurance plan, and retirement policy is motivated by:
An employee concerned primarily with the seniority system, insurance plan, and retirement policy is motivated by security needs.
A retirement policy is designed to help you manage your retirement and live a stress-free life. One such type is a retirement plan that helps you grow your money and provide a steady income for life.Such plans help secure retirement money while you are still working. increase.
A retirement benefit is a monetary or another incentive that a person collects after the termination of employment. Develop a payout plan while you are employed and collect a portion of your salary and contributions from your employer on a regular basis until retirement.
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Data that has been collected for some other purpose than to answer the question at hand is called?
Data that has been collected for some other purpose than to answer the question at hand is called secondary data.
Secondary data is data collected for research that has been gathered previously and can be accessed by researchers.
The term also contrasts with primary data means the data which is data collected directly from its source.
Secondary data is always used to increase the sampling size of research studies.
Secondary data is also chosen for its efficiency and the speed that comes with using an already existing resource.
Secondary data helps in large research projects, in which different research groups work in teams to collect secondary data. The main researcher is then focuses on primary research or particular areas of interest.
Common sources of secondary data includes data collected by government public services departments, different libraries, websites over the internet and censuses.
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Because a decrease in real autonomous spending results in a ________ in the price level, the ultimate effect on real gdp is ________ that predicted by the multiplier.
Because a decrease in real autonomous spending results in a fall in the price level, the ultimate effect on real GDP is smaller that predicted by the multiplier.
Another significant discovery is made by Keynesian economics. You've learnt that Keynesians think fluctuations in total spending are what ultimately determine the level of economic activity in the short run (or aggregate demand).
Assume that full employment prevails in an economy because the macro equilibrium occurs at the potential GDP.
Keynes noted that even while the economy starts at potential GDP, it is improbable that it will stay there because aggregate demand has a propensity to fluctuate.
In 2007, the collapse of the housing market caused a decline in U.S. investment spending. The Great Recession subsequently hit the American economy as a result.
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After refrigerant lines have been installed they should be evacuated to a(n) ____ vacuum
After refrigerant lines have been installed they should be evacuated to a(n) moderate vacuum.
Refrigerant lines are insulated copper wires that transport refrigerant between outdoor and indoor air conditioning or heat pump units. One line carries gaseous refrigerant and the other carries liquid refrigerant. It is an important part of the cooling system as it allows the condenser and coils to move and heat away from your home.
If you upgrade or replace your air conditioner or heat pump, you will need to replace the refrigerant lines. Do not attempt to reuse old refrigerant lines as the line sealant can wear out over time. When this happens, moisture can get in and mix with the coolant, causing damage to the internals of the system.
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A_____will warehouse products, pack and ship them, and send an automated email to customers to let them know that the product is on its way.
A company will warehouse products, pack and ship them, and send an automated email to customers to let them know that the product is on its way.
The corporation is co. Abbreviated as, a legal entity that is a group of people with a specific purpose, a mixture of nature, legal, or both. Members of the company have common goals and work together to achieve specific goals.
Industry is formed by a group of individuals to carry out and operate a commercial or industrial business. Companies may be organized in different ways for tax and financial liability purposes, depending on the company law of their jurisdiction.
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Microeconomics looks at the ______
relationship between consumers and
producers and how this relationship affects the economy.
Answer:
economy
Explanation:
Microeconomics examines the economic relationship between producers and consumers and its impact on the economy.
Microeconomics refers to the study of decision-making by individuals and businesses, while macroeconomics focuses on the decisions made at the national and governmental levels.
As consumers require goods and services, producers aim to make a profit from providing them.
The economic choices are influenced by factors such as prices, demand, and supply. Ultimately, determining the cost of products and services is the responsibility of both parties involved.
The economy of a society is built on the creation of wealth through selling and purchasing. Producing and consuming are done by consumers and producers respectively. Therefore, the economic relationship is the correct answer.
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Large dam projects are extremely costly and often benefit the wealth who invest in their construction, but they also create a lot of energy
Large dam projects are extremely costly and often benefit the wealth who invest in their construction, but they also create a lot of energy electricity, power, or energy that is carbon free.
What is Energy?Energy is referred to by scientists as the capacity for work. People have figured out how to transform energy from one form to another and then use it to accomplish tasks, making modern civilization possible. Walking and bicycling, driving cars on roads and boats through water, cooking meals on stoves, making ice in freezers, lighting our homes and workplaces, producing goods, and sending astronauts into space all require the usage of energy. Energy is capable of changing its forms. For instance, a person's body stores chemical energy from the food they consume until they may use it as kinetic energy when working or playing.When an energy source is designated as carbon-free, it means that it was created using a resource that emits no carbon dioxide, like nuclear power or huge hydropower plants.
Therefore, Large dams create a lot of energy electricity, power, or energy that is carbon free.
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XYZ Company makes one product and has calculated the following amounts for direct labor: AH x AR = $84,000; AH x SR = $83,000; SH x SR = $85,000. Compute the labor efficiency variance.
Based on the various cost rates and hours for XYZ Company, the labor efficiency variance is $2,000 unfavorable
What is the labor efficiency variance?This can be found as:
= (Actual hours x Standard rate) - (Standard hours x Standard rate)
Solving gives:
= 83,000 - 85,000
= $2,000 unfavorable
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A manufacturer's raw-material purchasing department would likely be classified as a: Select one: a. investment center. b. cost center. c. profit center. d. contribution center. e. revenue center.
b. cost center
The department responsible for buying raw materials for a manufacturing would probably be categorized as a cost center.
What are cost centers and how do they differ?There are primarily two categories of cost centers: centers for production costs, where goods are made or processed. An assembly area is an illustration of this. Cost centers for services, where goods and services are delivered to other cost centers. The canteen or the personnel office are two examples of this.
What sort of thing would be a cost center?The accounting, human resources, IT, maintenance, and research and development departments are a few examples of cost centers. In comparison to a department, a cost center can be defined at a lower level. It might have to do with a certain machine, manufacturing line, or work role.
Why is a cost center created?Cost centers' main duty is to maintain a record of the costs incurred. The managers or other high-level officials are tasked with keeping expenditures in line with the allotted budget; they are not responsible for the use of the earnings that are earned.
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Hierarchy is the means of coordination in which independent agents adjust their actions in response to information and incentives from their immediate environment. Group of answer choices True False
True, Hierarchy is the means of coordination in which independent agents adjust their actions in response to information and incentives from their immediate environment.
Typically, the term "coordination" refers to the planning of collaborative actions among participating systems to achieve a goal. In the Ramadge-Wonham framework (1987), hierarchical coordination of separate systems described by automata is presented.A group of individuals or objects ordered according to rank, or the individuals who hold the highest positions in such a system, are considered to be in a hierarchy. A hierarchy example is the business ladder. The many ranks of priests in the Catholic church serve as an illustration of hierarchy.What is the type of coordination?
Internal coordination, or creating a connection between all of the employees, departments, etc., and external coordination, or creating a connection between the employees and others outside the organization, are the two main types of coordination.
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1. the opening bank balance is: 2. the opening book balance is: 3. the interest earned ($28) is a reconciling item to: 4. the deposits in transit are a minus to the bank's opening balance of $82,500? 5. the error in check 1115 should be recognized as a reconciling item to the: 6. the "credit memorandum" ($18,000) and the corresponding "collection fee" is a reconciling item for: 7. the ending bank balance is: 8. the ending book balance is: 9. the journal entry to record the $300 error to check 1115 includes: 10. the journal entry to record the $18,000 credit memorandum is:
The bank reconciliation statement based on the information given about the journal will be illustrated below.
How to illustrate the bank reconciliation statement?The bank reconciliation statement will be:
Bank balance= $82500
Add deposit that doesn't appear in bank = $41750
Less: Outstanding checks = $11317
Adjusted book balance = $112933
Books
Book balance = $95250
Add: Cash collected by bank = $18000
Add interest earned = $28
Less: Collection free deducted by bank = $45
Less: Correction of error in check $300
Adjusted book balance = $112933
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