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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Answer:
answer is given below
Explanation:
Equilibria with high tax rate.
-
In the high balance tax system, taxes are already high. Make government spending and revenue sources mandatory. and Tax rates decrease.
- The income effect leads to an increase in both consumption and leisure, but when the alternative effect is taken into account, higher costs lead to greater employment and greater consumption but leave the party on leave.
- Tax base witnesses grow. Output increases but relaxation decreases.
Equilibria with low tax rate:
-
An increase in government spending leads to an increase in tax rates to increase income sources.
- The increase in taxes leads to a decline in consumption and production.
- Therefore, the amount of time spent at rest will increase.
The correct answer is C,
A good is said to have an inelastic supply if the suppliers did not have any choice than producing it even though the cost of production is high and the buyers did not have any choice than buying it even though it is expensive.
No one can do without shoes, even if they are expensive, we still need to buy them.
I believe it is 75? I may be incorrect
