Answer:
$181
Explanation:
Given that,
Beginning:
Income tax payable = $54
Deferred tax liability = $75
Ending:
Income tax payable = $34
Deferred tax liability = $145
Tax expenses during the year = $231
Amount of tax paid during the year:
= Tax expenses during the year + (Beginning - ending tax payable) - (Ending - Beginning deferred tax liability)
= $231 + ($54 - $34) - ($145 - $75)
= $231 + $20 - $70
= $181
The separating of recordkeeping from the custody of assets a limitation of an internal control system because:
- In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
- Employee maintaining accounting records has no incentive to falsify records.
- Employee controlling asset will know if another person is maintaining records or not.
- The employee who controls/has access to an asset should not maintain that asset's accounting records.
<h3>
What is meant by Internal Control?</h3>
- Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
- Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.
To learn more about asset's accounting records: brainly.com/question/24012821
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Hello!
I don't really understand the question.. Sorry if this doesn't help!
-EmojiQueen
Answer:
C.
Explanation:
Do teams and individuals follow instructions well?
All the projects in an organization are based in team work, and need to be thinking as a team that reacts to a external environment. So, this exclude answers A, B and D.
Answer:
The correct answer is option A.
Explanation:
The dynamic model of aggregate supply and aggregate demand shows that if an economy the total spending in the economy increases faster than total production, there will be a shortage. This shortage will cause the price level to increase and will ultimately lead to inflation.
When the increase in aggregate demand is greater than the increase in aggregate supply, it will create a shortage in the economy. The demand for goods and services will be more than the supply of goods and services. This will cause the price level to increase.
