<span>Rachel is already on her way to work, in this case she will write the note to herself and store it in her pocket. When she returns home she will then proceed to paste the note on her door preventing her from forgetting it tomorrow.</span>
Options :
A)net present value of the $25,000.
B)future value of the $25,000.
C)internal rate of the return on the $25,000.
D)present value of $25,000.
Answer: B)future value of the $25,000.
Explanation: The Smith's calculation and subsequent result which yielded $31,000 refers to the future value of $25,000. The initial $25000 is the present value of the amount held. If the initial amount is saved or deposited over a certain number of years in an account which yields a certain rate of interest per annum and is compounded either on a monthly, yearly, quarterly or semiannual basis as the case may be, in this scenario above, the interest is called mounded annually. This initial amount will grow and yield an amount which is greater than the present deposit. This is called the future value of the initial deposit.
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:
The correct answer is letter "B": LLC.
Explanation:
A Limited Liability Company (LLC) is a type of business organization where the owners do not share unlimited liability. This scenario implies that the owners are responsible for the liabilities of the entity according to their contribution. LLCs as considered individual firms with an individual tax identification number, bank account, and name.
