In the study of internal control, the auditor uses sampling to compare the adjusted estimate of the deviation rate to the tolerable rate of deviation.
How Do Internal Controls Work?
A plan of structure, processes, and records that are concerned with the security of assets and the accuracy of financial records are together referred to as internal controls.
Fundamentals of Internal Control Systems
A firm's unique information requirements should be taken into account when designing an internal control system. As a result, the system might be anything from a straightforward manual system to a sophisticated computerized online system with remote terminals dispersed all over the nation. The accounting system must process data effectively, precisely, and promptly whether it is electronic or manual. An internal control system that has been carefully thought out is at the core of any well-designed accounting system.
Protecting the assets under management's control is one of their main duties.
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Answer:
$2,014
Explanation:
Alain's net investment income tax is the lesser of 1) his net investment income ($53,000) or 2) his modified adjusted gross income less the threshold of $200,000 .
Therefore
$304,000 - $200,000 = $104,000
3.8%×$104,000= $3,952
($53,000 × 3.8% )= $2,014
The additional tax that alain will pay on his net investment income for the year is $2,014
Answer:
0.34
Explanation:
Calculation to determine what The manufacturing cycle efficiency (MCE) was closest to:
First step is to calculate the Throughput time using this formula
Throughput time = Process time + inspection time + move time + queue time
Let plug in the formula
Throughput time=6.1+1.5+4.1+6.2
Throughput time=17.9
Now let calculate the MEC using this formula
MEC = process time / throughput time
Let plug in the formula
MEC=6.1/17.9
MEC =0.34
Therefore The manufacturing cycle efficiency (MCE) was closest to:0.34
