Internal Controls Used Specifically in Accounting Applications to Control Inputs

question 74

Multiple Choice

Internal controls used specifically in accounting applications to control inputs, processing, and outputs are referred to as a(n) :

• A)Specific controls
• B)Application controls
• C)General controls
• D)IT controls

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Definitions:

Federal Income Tax

An annual fee collected by the United States federal government from individuals, corporations, trusts, and other legal entities' earnings.

Average Tax Rate

The ratio of the total amount of taxes paid to the total tax base (income, expenditure, or asset), representing the overall burden of the tax.

Marginal Tax Rate

The rate at which the next dollar of taxable income would be taxed, relevant in progressive tax systems where tax rates increase as income increases.

Federal Income Tax

An annual income tax imposed by the US federal government on individuals, corporations, trusts, and various legal entities.