George H.W. Bush firmly said, "Read my lips: no new taxes."
He would continue to be troubled by the words. The top tax rate was increased from 28% under Ronald Reagan to 31% by the Omnibus Budget Reconciliation Act of 1990.
What is Tax??
In order to ensure that taxpayers are paying the proper amount of tax at the proper time and obtaining the proper tax allowances and tax reliefs, tax compliance refers to both policy actions and individual behaviour. A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (A person or legal entity) is used by a government organisation to pay for government expenses and other public expenditures (regional, local, or national). Around 3000–2800 BC, the first recorded taxation was enacted in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation. Taxes can be paid in cash or in the labour equivalent and can be either direct or indirect.
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Answer:
Explanation:
I'm pretty sure that gross profit is simply just sales-Cost of goods sold
846,000-401,850= 444,150
Answer:
a. Briefly discuss what is meant by audit risk, inherent risk and control risk.
Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.
Audit Risk = Inherent Risk x Control Risk x Detection Risk
Auditors will want their overall audit risk to be at an acceptable level. Inappropriate opinion will result in damages / costs
Inherent risk is the susceptibility of an assertion to a misstatement that could be material individually or when aggregated with other misstatements, assuming there were no related internal controls.
Control risk is the risk that a material misstatement, that could occur in an assertion and that could be material will not be prevented or detected and corrected on a timely basis by the entity's internal control.
b. What level of detection risk is implicit in this problem?
Detection risk is the risk that the procedures performed by the auditor to reduce audit risk to an acceptably low level will not detect a misstatement
In this case the detection risk given is 0.41.
Answer:
A higher operating income will result under absorption costing
Explanation:
If manufacturing production exceeds units sold there will be an increase in inventory and increases in inventory cause income to be higher under absorption costing than under variable costing.
Under variable costing, as its name suggests, only variable production costs are assigned to inventory and cost of goods sold.
Under absorption costing, normal manufacturing costs are considered product costs and included in inventory.
<em>Recognize that a reduction in inventory during a period will cause the opposite effect. </em>
<em>Specifically, a portion of the contents of the beginning inventory would be transferred to expense commensurate with the decrease in inventory. </em>
<em>Since the inventory contains less under variable costing, expect expenses to be lower and income to be higher.</em>
Answer: C
Explanation:
An emergency contact number for lost card makes no sense when it comes to an advantage to using credit cards.
