Suppose that you own a house. What is the opportunity cost of living in the house?

The risk of not implementing internal control is that it can lead to unethical practices in the workplace.

Internal control refers to the process for assuring the objectives of an organization in operational efficiency and effectiveness. Reliable financial reporting and compliance with laws are vital in internal control.

The risk of not implementing internal control is that it can lead to unethical practices. Also, since there isn't any review of the work done by the financial manager, and this can be risky for the company. This can lead to fraudulent activities.

Since the bank statement is different from the cash book balance, the bank can reconcile this by getting the bank records. This can be done through the checking of appropriate debit and credit transactions in the bank records.

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Answer:

The AJ's dad finds AJ's phone:

D. Behind the dashboard

Explanation:

• This question is from Impact Texas Young Drivers Program's video to raise the awareness in the younger generation about driving carefully.
• In this program, real life examples are shown via video that how distractions can lead to sever accidents and one of the video show that AJ's dad finds AJ's phone behind the dashboard.

Answer:

B.Journalism: a career that combines technologies to make video recordings possible

Answer:

a. Date  Account Title and Explanation                        Debit           Credit

1 - Jul    Cash ($440,000-$22,000-$7,920)                  $410,080

            Due from Factor ($440,000*5%)                       $22,000

            Loss on sale of receivables ($440,000*1.8%)   $7,920

                 Accounts receivable                                                       $440,000

            (To record sale of accounts receivable to Factor)

b. Date  Account Title and Explanation      Debit            Credit

1 - Jul     Accounts receivable                      $440,000

                   Due to customer                                            $22,000

                   Interest revenue                                             $7,920

                   Cash                                                                $410,080

             (To record purchase of accounts receivable)

c. Sale or financing of accounts receivables with recourse is a transaction in which a company sells its accounts receivable to a factoring company with an assurance to cover the risk of uncollectible.

Sale or financing of accounts receivables without recourse is a transaction in which the company selling its accounts receivables to a factoring company, in which the factoring company bears the risk of uncollectible.