Bank Exams Questions

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Let amount of milk removed = 2x litre
So, amount of water added = x litre
Now → (165 − 2x)/x = 5/3
x = 45 lit

Total cost = deposit + loan + interest
= 1231.67 + 2463.33 + 237.55
= $3932.55

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.

Internal control is all of the policies and procedures management uses to achieve the following goals.

• Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.

• Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.

• Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.

• Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

• Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.

Hence, Internal controls are concerned with safeguarding assets.

Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tec-City (GIFT City).