You had assisted management in strengthening the internal control system for a medium size limited company about a year ago. The management has recently pointed out that the occurrences of frauds and errors have reduced significantly but could not be eliminated altogether. You are required to offer your comments on the above situation with reference to limitations of any system of internal control.

The following comments are relevant to the recent management observations on the occurrences of frauds and errors. Every internal control system has some limitations.

1. A system of internal control only provides reasonable assurance that the controls are sound and not absolute assurance.

2. Human errors can override a system of internal controls, including collusion among employees.

3. For an internal control system to be effective, management should set the tone. Management should follow through with its instituted system of controls unless it makes convincing business sense to override some control.

4. Every internal control system should consider the implementation costs vis-à-vis the benefits. The employees must be involved in all aspects of internal control, just as I insisted earlier.

5. Lastly, management must understand that no system is error-proof. And every system evolves, just as fraud incidences are.  Therefore, management should always be on the lookout for unforeseen circumstances.

Thus, management should ensure that its policies and practices do not compromise internal controls.

Learn more about the limitations of internal controls here: https://brainly.com/question/13407997

For each situation below, state whether it is an example of the income effect changing quantity demanded or an example of a change in income shifting demand.
a. The mean income in Detroit rises and people purchase more homes. _______________
b. The price of frozen pizza decreases, making frozen pizza more popular among college students. ______________
c. A recession forces many people out of work and more people purchase ramen noodles than before. ____________
d. An increase in the price of game consoles decreases sales, as fewer people can afford them. _______________

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In choosing a career, your personal resources are defined as
the amount of money you require to accept the job when first hire
b. who you are and what you have to offer an employer
your career decisions and goals
d. whether or not you have transportation to and from work
Please select the best answer from the choices provided

On January 1, 2020, Holiday Inc. offered a stock option incentive plan to a top executive. The plan provided the executive 300 stock options for Holiday Inc. $1 par value, common stock at an option price of $15 per share through the expiration date of January 1, 2026. The fair value of the options based upon an option-pricing model on January 1, 2020, is $12,000. The market price at year-end of Holiday Inc. stock is $15 per share on January 1, 2020, and $18 on December 31, 2020. The requisite service period is 3 years. The options were not exercised. Which of the following are true regarding the entry on January 1, 2026?
A.
No journal entry required
B.
Paid-in Capital—Stock Options would be credited for $9000
C.
Paid-in Capital—Stock Options would be credited for $12,000
D.
Paid-in Capital—Stock Expired would be credited for $12,000

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Which of the following is not a type of trademark? fanciful arbitrary simple suggestive

Select all that apply.

Work environments can be:

indoor
outdoor
both indoor and outdoor
none of the above

Molly Jasper and her sister, Caitlin Peters, got into the novelties business almost by accident. Molly, a talented sculptor, often made little figurines as gifts for friends. Occasionally, she and Caitlin would set up a booth at a crafts fair and sell a few of the figurines along with jewelry that Caitlin made. Little by little, demand for the figurines, now called Mollycaits, grew, and the sisters began to reproduce some of the favorites in resin, using molds of the originals. The day came when a buyer for a major department store offered them a contract to produce 1,480 figurines of various designs for $9,500. Molly and Caitlin realized that it was time to get down to business. To make bookkeeping simpler, Molly had priced all of the figurines at $7.69. Variable operating costs amounted to an average of $5.87 per unit. To produce the order, Molly and Caitlin would have to rent industrial facilities for a month, which would cost them $4,500

a. Calculate Mollycaits' operating breakeven point.
b. Calculate Mollycaits' EBIT on the department store order.
c. If Molly renegotiates the contract at a price of $9.51 per figurine, what will the EBIT be?
d. If the store refuses to pay more than $7.69 per unit but is willing to negotiate quantity, what quantity of figurines will result in an EBIT of $3,700?
e. At this time, Mollycaits come in 15 different varieties. Whereas the average variable cost per unit is $5.87, the actual cost varies from unit to unit.
f. What recommendation would you have for Molly and Caitlin with regard to pricing and/or the numbers and types of units that they offer for sale?

For this firm, the average revenue when 14 units are produced and sold is a. $15. b. $13. c. $9. d. $11.

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If the required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits are $800 billion, and excess reserves total $0.8 billion, then the money supply is ________ billion. A) $8000 B) $1200 C) $1200.8 D) $8400

How can a company economically benefit by Producing green products

The following is information concerning a product manufactured by Ames Brothers. Sales price per unit $ 79 Variable cost per unit 43 Total fixed manufacturing and operating costs (per month) 410,000 a. Determine the unit contribution margin. b. Determine the number of units that must be sold each month to break even. (Round your answer to the nearest whole number.) c. Determine the number of units that must be sold to earn an operating income of $234,000 per month. (Round your answer to the nearest whole number.

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Allen and Charlotte married in 2020. They filed a joint return for the year, but the IRS offset their refund because Allen owes past-due child support for his two children from a previous marriage. Charlotte is not legally responsible for the children's support, and she would like to receive her portion of their tax refund. As the couple's tax preparer, what advice would you offer?

explain the advantages of earthworm farming​

At the beginning of the year, The Mann Corporation, a private entity, decided to go public.
A charter of incorporation was constructed which authorized the sale of 10 million shares of $8 par value common stock, 100,000 shares of $800 par value, 8% preferred stock, and 200,000 shares of $40 no-par-value convertible preferred stock.
The following shares were sold as part of the firm's initial public offering:
* 1,000,000 shares of common stock at $80 per share.
* 100,000 shares of $800 par value, 8% preferred stock at $840 per share.
* 100,000 shares of $40 convertible, no-par preferred stock at $440 per share.
At year-end, the full dividend was declared and paid on both preferred stock offerings.
Required
Using a spreadsheet, record the financial effects of the shareholders' equity transactions for The Mann Corporation for the year.
Enter amounts in thousands (i.e., $10,000,000 = $10,000). Use a negative sign with answers to indicate a reduction in an account balance.
The Mann Corporation
Transaction (in thousands)
Common
Shares IPO
8% Preferred
IPO
No-par
Preferred IPO
8% Preferred
Dividend No-par
Preferred
Dividend Balance
Sheet
Totals
Assets
Cash $Answer $Answer $Answer $Answer $Answer $Answer
Shareholders' Equity
Common Stock Answer Answer Answer Answer Answer Answer
APIC - Common Answer Answer Answer Answer Answer Answer
$100 Preferred Stock Answer Answer Answer Answer Answer Answer
APIC-Preferred Answer Answer Answer Answer Answer Answer
$5 Conv. Preferred Answer Answer Answer Answer Answer Answer
Retained Earnings Answer Answer Answer Answer Answer Answer
Total Shareholders' Equity

The hedge ratio of a call option is
A) A positive constant
B) Negative and larger than -1
C) Positive and larger than 1
D) Positive and smaller than 1

In market-basket terminology, ________ describes the probability that two items will be purchased together.

is the value of all goods in an economy using current prices during the year that they were produced

A movie theater can increase its profits through price discrimination by charging a higher price to adults and a lower price to children if it A. only shows G-rated movies. B. has no monopoly pricing power. C. cannot easily distinguish between the two groups of customers. D. can prevent children from buying the lower-priced tickets and selling them to adults.

Amy currently volunteers at her local hospital. She would like to one day
become a doctor. What is the best type of student organization for Amy to
join?
A. One that has a focus on community service
B. One that has a focus on building marketing skills
C. One that has a focus on health care careers
O D. One that has a focus on technology careers

Q1: Torville Company's contribution margin income statement is presented below.
Sales for the current period consisted of 5,000 units. Determine the company's
break-even point in dollars.
Torville Company
Contribution Margin Income Statement
Sales
Variable costs
Contribution margin
Fixed costs
Sales : $125000
Variable cost : $90000
Contribution margin : $35000
Fixed cost : $28000
Net income: $7000
Net income
S125,000
20.000
35,000
28.000
$7.000

AN Razimah has been investing in a Unit Trust for the past 10 years. She is very happy with the performance of the fund manager that enables her to get at least 15 % return annually. Razimah has estimated that she will receive a retum of RM8000 next year, RM9000 in next 2 years, and RM10,000 in the next 3 years. What is the value of these future payments?​

As a general rule a recession is a decline in real GDP that lasts at least

Products that a seller sells in other countries are called
A. imports.
B. exports.
c. trade barriers.
D. quotas.

Financial managers: Question 5 options: 1) play such an important organizational role that they often are called operations managers 2) focus on profit maximization 3) are not typically involved in long-term strategic planning 4) are simply a type of bookkeeper 5) are described by none of the above

A company provided the following data: sales, $510,000; beginning inventory, $41,000; ending inventory, $46,000; and gross profit, $159,000. What was the amount of inventory purchased during the year?

Which of the following statements is CORRECT? Question 9 options: The AFN equation for forecasting funds requirements requires only a forecast of the firm's balance sheet. Although a forecasted income statement may help clarify the results, income statement data are not essential because funds needed relate only to the balance sheet. Dividends are paid with cash taken from the accumulated retained earnings account, hence dividend policy does not affect the AFN forecast. A negative AFN indicates that retained earnings and spontaneous liabilities are far more than sufficient to finance the additional assets needed. If the ratios of assets to sales and spontaneous liabilities to sales do not remain constant, then the AFN equation will provide more accurate forecasts than the forecasted financial statements method. Any forecast of financial requirements involves determining how much money the firm will need, and this need is determined by adding together increases in assets and spontaneous liabilities and then subtracting operating income.

Bebe Co is a small company that manufactures and sells high-quality.blouses. Its customers are mainly fashion boutiques.
Bebe Co has two directors, one of who is non-executive. The other is involved in the day-to-day administration of the company. There are ten other employees. Six of these work in the factory, one works in the warehouse, one is a sales representative and two are accounts staff. The accounts staff consist of Miss Ines, who is responsible for processing sales and receivables, and Mrs. Evie, who is the purchases and wages clerk. Mrs. Evie works part-time, five mornings a week. The company's sales representative visits shops throughout the region. He takes orders from customers which he records on a pre-numbered two-part order form. He passes the completed forms to the accounts department. Miss Ines files one copy of the order form in numerical sequence and passes the other to the warehouse.



The completed order is dispatched from the warehouse by the carrier, accompanied by one copy of a dispatch note. The other copy is sent to Miss Ines, who prepares an invoice based on the information it contains and on the company's price list. She sends one copy of the invoice to the customer, and a second copy of the invoice is retained



Each Friday, Miss Ines inputs the week's invoices to the computerized sales ledger. She then files the invoices alphabetically by customer name. Dispatch notes are not retained because filing space is limited. Miss Ines opens the post daily and lists remittances received from credit customers. Every Friday, she inputs the information listed to the sales ledger. Cheques received are banked daily by the executive director.



Miss Ines reviews the sales ledger balances every month and writes to customers who have not paid within 90 days of receiving goods. The sales ledger is printed out annually for year-end purposes. Otherwise, no hard copy is printed, and Miss Ines reviews the sales ledger on the computer screen. The company's computer package includes the facility to produce a sales day book and sales ledger control account. These are not used because Miss Ines considers that the low volume of transactions (10-15 invoices per week) makes them unnecessary.
Requirements
a) Explain the particular issues relating to controls which would affect the audit of a small company such as Knits.
b) List six control objectives of a sales system.
c) State, with reasons, what you consider to be the potential deficiencies in Ecovacs’s present system of accounting for sales and receivables.
d) List and explain the controls that a small firm such as Ecovacs could feasibly adopt to overcome the deficiencies you have identified.

provided service to srijana store and received cash Rs 5000.
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