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attashe74 [19]
3 years ago
8

Which audits or typically used as part of process management to help identify any areas where improvements often minor can be ma

de
Business
1 answer:
lakkis [162]3 years ago
5 0

Answer:

Internal audit

Explanation:

Internal audit provides an independent evaluation of an organization's internal control mechanisms and risk management strategies. Management uses internal audit reports to identify areas that need improvements. Internal audit is an objective consulting service designed to assure compliance with set procedures and improve organizations' operations.

Internal audit adds value to a business by providing insights and recommendations based on financial records assessments and processes analysis.

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Is it customary for a feeder fund to be able to keep all client fees
Karo-lina-s [1.5K]

Answer:

It is customary for a feeder fund to keep all client fees

Explanation:

3 0
3 years ago
Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work i
kicyunya [14]

The question incomplete! The complete question along with answer and explanation is provided below.

Question:

Eagle Life Insurance Company pays its employees $.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus $100 a month for the cost of a pass. Tom, in his Mazda 2-seat Roadster, collected $100 for his automobile mileage, and Mason received $100 as reimbursement for the cost of a bus pass.

a. What are the effects of the $100 reimbursement on Tom's and Mason's gross income?

b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is $0.30 per mile. What are Tom's and Mason's after-tax costs of commuting to and from work?

Explanation:

a.

For Tom:

He is required to include the $100 in gross income therefore, he would have to pay after-tax cost on the reimbursement.

For Mason:

He is not required to include the $100 in gross income due to qualified transportation fringe.

b.

For Tom:

Marginal tax = 24%

The after-tax cost of commuting = 0.24*$100 = $24

The before-tax cost of commuting = $0 (since he was reimbursed)

For Mason:

The after-tax cost of commuting = $0

The before-tax cost of commuting = $0 (since he was reimbursed)

5 0
3 years ago
Inflation can impose significant costs and adversely distort economic systems. Indicate whether the costs and distorting effects
kaheart [24]

Answer:

1. Menu costs

- Can lead to stores listing prices in more stable currencies.

- Causes costs associated with changing prices in stores.

2. Shoe-leather-costs

- Discourages people from holding money.

- Spending time converting money into something that better holds value.

3. Unit-of-account costs

- Can reduce the quality of economic decisions.

- Makes money a less reliable source of measurement.

- Can cause distortion to the tax system.

- Causes difficulty in firms and individuals financial planning.

3 0
3 years ago
A petty cash fund was established with a $350 balance. It currently has cash of $41 and petty cash tickets totaling $309. Which
Vesna [10]

Answer:

C. A credit to Petty Cash for $309

Explanation:

Based on the information given we were told that the PETTY CASH tickets total the amount of $309 which therefore means that the appropriate entry included in the entry to REPLENISH THE FUND will be :

A credit to Petty Cash for $309

(Replenish fund)

7 0
3 years ago
Assume that Cane expects to produce and sell 88,000 Alphas during the current year. One of Cane's sales representatives has foun
Reptile [31]

Answer:

Advantage = $360,000

Explanation:

Since fixed costs cannot be changed, it is unavoidable or irrelevant.

We have to deduct the avoidable expenses from the revenue to find whether Cane accepts the order or not.

Revenue ($112 x 18,000 units) =                                           $2,016,000

Less: Relevant Costs (Product costs)

Direct Material      $30 x 18,000 =                            $540,000

Direct Labor          $22 x 18,000 =                            $396,000

Variable Manufacturing Overhead   $20*18,000 = $360,000

Variable Selling expenses            <u>    $20*18,000 = $360,000</u>

Total Relevant costs                                                    <u>        $(1,656,000)</u>

Financial advantage of accepting the new order            $ 360,000

Therefore, the company should accept the new order.

7 0
3 years ago
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