Question

In: Operations Management

Part 1 Fill in the blanks in the five sentences given below with the most suitable...

Part 1

Fill in the blanks in the five sentences given below with the most suitable words:

(Inventory - revenue - reconciliation – appraisal – goodwill)

(a) In business, ………… is the income that a company receives from its normal

business activities, usually from the sale of goods and services to customers.

(b) ………… is an intangible, sale able asset arising from the reputation of a business

and its relations with its customers.

(c) Matching of the cash balance shown in the bank statement with the balance

given in the company’s cash book as at a particular date is called bank ……… .

(d) The ………… is valued at lower of cost or net realizable value.

(e) An ………… is defined as an impartial analysis and evaluation conducted

according to established criteria to determine the acceptance, merit or worth

of an item.

Part 2

Fill in the blanks in the five sentences given below with the most suitable

words: (procedures – subsequent – corporate – performance – investigations – accordance – compliance – deferred – impairment – strategies)

The Chief Internal Auditor presented a summary of the findings of internal audit and ...........

carried out by his department during the year as directed by the management.

One of the purposes of the audit committee is to review the company’s processes for monitoring

….…… with laws and regulations.

The financial statements of the company have been prepared and presented in .…… with the Sri Lanka Accounting Standards.

An internal audit generally determines whether the company’s....... are followed and whether embezzlement or other illegal activity has taken place.

The Board of Directors of our company is committed and takes responsibility to maintain the

highest standards of … …… governance.

Expert Solution

ANS- Part 1

a) In business revenue is the income that a company receives from its normal business activities, usually from the sale of goods and services to its customers.

b) Goodwill is an intangible, sale able asset arising from the reputation of a business and its relation with its customers.

c) Matching of cash balance shown in the bank statement with the balance given in the company's cash book as at a particular date is called bank reconciliation.

d) The inventory is valued at lower of cost or net realizable value.

e) An Appraisal is defined as an impartial analysis and evaluation conducted according to established criteria to determine the acceptance, merit or worth of an item.

Part 2

The chief internal auditor presented a summary of findings of internal audit and strategies carried out by his department during the year as directed by the management.
One of the purposes of audit committee is to review the company's processes for monitoring compliance with laws and regulations.
The financial statements of the company have been prepared and presented in accordance with the Sri Lanka Accounting Standards.
An internal audit generally determines whether the company's procedures are followed and whether embezzlement or other illegal activity has taken place.
The board of directors of our company is committed and takes responsibility to maintain the highest standards of corporate governance.

keosha answered 2 years ago

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