Current assets, or possessions used up within a year, are generally used to settle current liabilities.
<h3>Why do you use the term "current liabilities"?</h3>
- Current liabilities are debts or commitments that fall due within a year or during the regular business cycle. Additionally, current obligations are paid off by using a current asset, either by generating a fresh current liability or by using cash.
- In accounting, current liabilities are frequently interpreted as all debts owed by a company that must be paid in cash within the fiscal year or the operational cycle of that particular company, whichever is longer.
- Current assets, or possessions used up within a year, are generally used to settle current liabilities. Accounts payable, short-term loans, dividends, and notes payable are a few examples of current liabilities, along with any outstanding income taxes.
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Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the same rate regardless of income, this might be so because low-income individuals are more prone than high-income individuals to purchase alcohol, tobacco, and gasoline.
<h3>What are Excise taxes?</h3>
- Any duty on produced items that are assessed at the time of manufacture rather than the time of sale is known as an excise or excise tax.
- Excises and customs duties are frequently used interchangeably, although customs taxes are imposed on already-existing products when they cross a defined border in one direction, whereas excise is imposed on goods that were created inland.
- State sales taxes and excise taxes on alcohol and cigarettes are frequently criticized for being regressive.
- Despite the fact that everyone pays the same rate regardless of income, this may be the case because people with low incomes are more likely than those with higher incomes to buy alcohol, cigarettes, and fuel.
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Answer:
People or team oriented
Explanation:
The best organization culture is there when there is no comparison between the people who are working at different departments, different levels, etc
The rules, procedures, policies are all not for any single person
Here if the high level managers involves the others in decision making process and seek their opinions for the betterment of an organization that this represents the team oriented as the whole organization is working as a team so the same is to be considered
Answer: information system audit
Explanation:
The information system audit is the process through which organizations periodically have an external entity which helps in reviewing the controls in order to uncover any potential problems in the controls
In order to know how effectivene the information system controls is, the information systems audit is vital. It is required to verify the accounting records of an organization as well as the financial statements.
