Answer:
A common workflow error that can cause duplicate expenses in QuickBooks Online is:
Duplicating any transaction.
Explanation:
The reason behind this is that duplicating transactions is very common because it might originate before the accounting process is made. It can be executed by any manager or someone in the resources acquisitions department. That is why the books have to be reviewed at two different moments from two different departments. Accounting first and then finance. To check that everything is correct.
Answer:
Balance of prepaid insurance: $2,475
Explanation:
On April 1, Teneit, Inc shall record the following journal entry in its accounts in respect of insurance premium paid for three years.
Debit Credit
Prepaid Insurance $3,300
Cash $3,300
At December 31, the following adjusting journal entry shall be recorded in the accounts of Tenity, Inc. in respect of insurance premium expense
Debit Credit
Insurance expense $825
(3,300*9/36)
Prepaid Insurance $825
So based on above two journal entries, the following shall be the balance of the prepaid insurance as at December 31:
Balance of prepaid insurance: $2,475
(3,300-825)
self-employed taxpayers pay the employee portion of the fica tax burden through self-employment taxes, but they are exempt from paying the employer portion . This statement is false.
Tax payment for self employed?
The practice of working independently rather than for an employer is known as self-employment.If a person chooses to be recognized as a self-employed individual or is generating income for which a tax return must be filed, tax authorities will typically view them as such.The crucial question for tax authorities in the real world is not whether a person is engaged in a business activity—which is still referred to as "trading" when referring to the provision of a service—but rather whether the activity is profitable and, as a result, potentially subject to taxation.To put it another way, the tax authorities generally ignore occasional and hobby- or enthusiast-based economic activity because trading is likely to be ignored if there is no profit.People who work for themselves are typically referred to as sole proprietors (or sole traders), independent contractors, or partners.
to know more about taxation for self employment from the given link
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Answer: IT guidelines
Explanation:
In the IT audit process, a computer system is checked to see if it not only performs the duties for which it was set up, but also if it protects the assets of the company and maintains data integrity.
A code of ethics for such a process would therefore be one that helps set clear IT guidelines to ensure that the computer system does what it is supposed to do and protects the company's assets as well.
It can be called facial expressions