Answer: Options A and C are strengths while options B and D are weaknesses. See explanation below.
Explanation:
a. All employees must take at least five consecutive days off each year.
This is a strength in internal control. This would help to maintain stability in operational process and ensure leave days are effectively utilized. It also prevents staff from taking the leave days in piecemeal and sporadic manner thereby disrupting the operational process and causing team instability. It is also used to ensure leave days are promptly utilised and well accounted for.
b. The accounting department orders merchandise and approves invoices for payment.
This is a weakness in internal control. There should be a check and balance in this regard. In some organizations, proper scrutiny of the vendor and invoice is done by the Procurement Unit and the Expense Control Unit respectively. Even within the accounting department, there is approval hierarchy. Also, the unit within accounting department that is making the order should not be the one to approve the transaction.
c. Cash received over the counter is controlled by the sales clerk, who rings up the sale and places the cash in the register. The daily sales are recorded in the accounting records by the accounting department.
This is a strength in internal control as it ensures checks and balances. Fraud and error can be detected through this means. The accounting department should verify the transactions to the relevant supporting document before recording the transaction in the system.
d. The officer who signs checks need not examine the payment packet because he is confident the amounts are correct.
This is a weakness in internal control in the sense that checks signed by the officer is binding in the court of law. The officer cannot claim ignorance if anything goes wrong. There is therefore a need for proper scrutiny and relevant questions asked before checks are signed.
Answer:
option (d) $1.40 taxable income rather than $1.00 tax-exempt income
Explanation:
The taxpayer would prefer option (d) $1.40 taxable income rather than $1.00 tax-exempt income
The above statement will be chosen because in this case the after tax income will be greater than the tax exempt according to the condition given in the question
Given:
Marginal Tax bracket = 25%
thus,
Taxable income = $1.40
Tax = $1.40 × 0.25 = $0.35
Therefore,
The net income = Taxable income - Tax = $1.40 - $0.35 = $1.05
and,
$1.05 > $1.00
Yes I would sacrifice potentially winning the state title. Using performance enhancing drugs is both morally wrong, and illegal. If my team was to win states I would want it to be because we deserved it, not because players were taking drugs. Not only that, but the players who took the drugs could be causing a lot of harm to their bodies, something that isn't worth a title.
Answer:
If the social cost of an activity exceeds the costs relevant to the decision makers in the activity , there is an external diseconomy . If the benefits of an activity exceed its marginal cost , there is an external economy .
Explanation:
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