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Which of the following components of the internal control pyramid sets the overall ethical tone of the company and contains the formal policies related to management's philosophy: Risk assessment Information and communication Monitoring Control activities Control environment Question 8 4
Which of the following components of the internal control pyramid sets the overall ethical tone of the company and contains the formal policies related to management's philosophy: Risk assessment Information and communication Monitoring Control activities Control environment Question 8 4.75 pts Based on the account balances shown below, calculate "Net Sales Account Name Deferred Revenue Accumulated Depreciation Sales Revenue Sales Discounts Sales Returns Normal Account Balance $15.000 $7.500 $97.000 $3,586 $1,577 Fill in the blank with your calculated number. DO NOT include commas, siens, period. decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123
Expert Solution
Solution
1) The correct answer is e) Control environment
Control environment sets overall ethical tone of the company with respect to internal control includes formal policies related to managements philosophy, assignment of responsibilities, and organizational structure.
2) Calculation of Net sales
Sales Revenue $97,000
Sales Discounts $ (3,586)
Sales Returns $ (1,577)
Net Sales $ 91,837
Deferred revenue is money received by a company in advance of having earned it. Deferred revenues are not yet revenues and therefore cannot yet be reported on the income statement. As a result, the unearned amount must be deferred to the company's balance sheet where it will be reported as a liability.
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