Answer:
19.) b, d
20.) d, a
21.) d, c
22.) a
23.) c
Hope This Helps! Have A Nice Day!!
Answer:
B. Sarbanes-Oxley
Explanation:
The Sarbanes-oxley act also know as Public company accounting reform and investor protection Act and Corporate and Auditing Accountability, Responsibility, and Transparency Act is a US Federal law that cracks down on corporate fraud. The act gave protection to whistleblowers and strengthened the independence and financial literacy of corporate boards.
The Act mandates archiving business documents and relevant internal communication, including e-mail and instant messages to guard against destruction of evidence to impede a federal investigation.
Answer:
<u>Ensure accurate reliable accounting records</u>
Explanation:
Internal controls refer to those processes and procedures employed by the management of an entity so as to ensure efficient operations and to keep a check on frauds and compliance with better reporting requirements.
For example, biometric system of recording employee attendance which keeps a check as in who is actually on payroll and elimination of any dummy entries from the records.
The purpose of internal control is to safeguard assets, ensure that employees adhere by company policies, compliance with the law, promote operational efficiency and ensure reliable financial reporting without misrepresentation of facts.
Answer:
a) liabilities only
Explanation:
The journal entry to record the payroll tax expense is shown below:
Payroll tax expense A/c Dr
To Social security tax payable A/c
To Medicate tax payable A/c
To State Unemployment tax payable A/c
To Federal Unemployment tax payable A/c
(Being the payroll tax expense is recorded)
The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet
