Question 2- Budget 20 minutes total Internal controls have several control activities. From the list below, briefly discuss (no more than 1 page total) each of the control activities, how each works as a control and give an example of how each is used in real life. Assignment of responsibility Segregation of duties Documentation Physical Controls

Question 2- Budget 20 minutes total Internal controls have several control activities. From the list below, briefly discuss (no more than 1 page total) each of the control activities, how each works as a control and give an example of how each is used in real life. Assignment of responsibility Segregation of duties Documentation Physical Controls

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Description: resource/content/0/Short%20Answer%20questions%20-%20Summer%202021.pdf2/3100%Question 2- Budget 20 minutes totalInternal controls have several control activities. From the list below, briefly discuss (no more than 1page total) each of the control act

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ings Review View Help y Tell me E·E·G· T AaBbCcDd AaBbCcDd AaBbC AaBbCct AaB AaBbCCD AaBbCCDd A ••• 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... BI Paragraph Styles Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: cost formulas Direct labor $16.20q Indirect labor $4,600+ $1.50q Utilities $5,200 + $0.40q Supplies Equipment depreciation $1,400 + $0.30q Factory rent $8,400 Property taxes $2,800 Factory administration $13,300 + $0.60q The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 63,120 Indirect labor $9,780 Utilities…
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