Sales revenue$ 4,000purchases of direct materials$ 400direct labor$ 450manufacturing overhead$ 620operating expenses$ 650beginning raw materials inventory$ 200ending raw materials inventory$ 180beginning work in process inventory$ 320ending work in process inventory$ 410beginning finished goods inventory$ 250ending finished goods inventory$ 200what was cost of goods manufactured? a) $1,580b) $1,380c) $1,400d) $1,490

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Why do you think the compensation plans differ at the two firms? in particular, why do you think kaufmann’s pays commissions to salespeople, while parkleigh does not? why does parkleigh offer employees discounts on purchases, while kaufmann’s does not?

Your own record of all your transactions. a. check register b. account statement