The general guideline for the segregation of duties is that the following areas should be separated by accounting controls : 1. custody of assets, 2. authorization of transactions, and 3. record-keeping responsibilities.
<h3>Give a brief account on segregation of duties.</h3>
The assignment of distinct steps in a process to different personnel is known as the segregation of duties. By exercising extreme control over a process, the goal is to prevent situations in which someone might steal something or do another fraud. In essence, distinct parties should have physical custody of an asset, record-keeping responsibilities for it, and acquisition and disposal authority.
A key component of a control system is the separation of roles. When evaluating an entity's system of internal controls, auditors will consider duty segregation and will give the system a lower rating if there are any segregation problems.
The auditors will change their methods when there are segregation problems because they will presume that the danger of fraud has increased. This method shift typically entails a rise in audit workload, which is passed on to the customer in the form of higher audit fees.
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Answer:
c. $587,100.
Explanation:
The computation of the break even sales in dollars is shown below:
Break Even Sales = Fixed Cost ÷ Contribution Margin Ratio
where,
Fixed cost is $405,099
And, the contribution margin ratio is
= (sales price - variable cost) ÷ sales price
= ($215 - $66.65) ÷ $215
= 69%
Now placing these above formulae to the given formula
= $405,099 ÷ 0.69
= $587,100
Hene, the correct option is c. $587,100
Think this is a keep most of your saving in your checking account
Putting money into something
Answer: C. $15,000 of the distribution is taxable and $5,000 is not taxable
Explanation:
The options to the question are:
A The entire $20,000 distribution is not taxable
B $5,000 of the distribution is taxable and $15,000 is not taxable
C $15,000 of the distribution is taxable and $5,000 is not taxable
D The entire $20,000 distribution is taxable
It should be noted that variable annuity contributions are typically not tax-deductible. Since the customer contributed $20,000 to a variable annuity contract and the account value has grown over the years and the NAV is now $35,000; when the customer takes a lump-sum distribution of $20,000. From the $20,000, $15,000 of the distribution is taxable and $5,000 is not taxable.
