Components in a System Are in Parallel If the Performance

question 71

True/False

Components in a system are in parallel if the performance of the entire system depends on all its components functioning properly.

Recognize the importance of segregation of duties and its impact on preventing fraud and errors in financial statements.

Identify the role and importance of external and internal audits in maintaining financial integrity.

Comprehend the procedures and benefits of using electronic funds transfers for improved cash management.

Understand the implications of errors and fraud on financial statements and the difference between them.

---

Definitions:

Cafeteria-Style Plans

Employee benefit plans that allow workers to choose from a variety of pre-tax benefits, tailoring their benefits package to their specific needs.

Unemployment Insurance Tax

A tax collected by the federal and state governments from employers to fund unemployment benefits for workers who have lost their jobs.

Administrative Costs

Expenses related to the general management and administration of an organization, as opposed to production or manufacturing costs.

Defined-Benefit Plans

Defined-benefit plans are retirement plans where an employer promises a specified monthly benefit upon retirement, which is calculated based on factors like salary history and duration of employment.