Answer:
New evidence of processing
more extensive testing of records
separation of duties
reduced processing errors
As credits increase revenues, so debits increase expenses.
<h3>What are debits and credits?</h3>
Debits and credits are accounting terms used in recording financial transactions in the accounting system. Debits are used to <u>increase</u> assets and expenses or <u>decrease</u> liabilities or equity, while credits <u>increase</u> revenues and equity or <u>decrease</u> assets and expenses.
Thus, whereas credits increase revenues, debits increase expenses.
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The treasury stock of Magnificent Molding was purchased by the stockholders at an average cost of $0.65 per share.
<h3>What is the average cost?</h3>
The cost which is derived from the division of the total costs by the number of units of such stocks is known as the average cost of the stocks. Using the given information, further computation can be made as below,
Par Value of stocks = $60,000; Further Paid-Up Capital = $135,000. Therefore, the total value will be $(60,000+135,000)=$195,000. The total number of shares will be 300,000.
Solving further,
Hence, the average cost of treasury stock purchased by the shareholders of Magnificent Moldings Inc. is calculated above as $0.65 per share.
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Regressive tax - larger proportion of lower-income earners’ total income is withheld, compared to high-income earners