In Establishing a Strong Internal Control System at Banks Company,management

question 72

Multiple Choice

In establishing a strong internal control system at Banks Company,management is concerned with administrative controls.Administrative controls include:

• A)performance evaluation
• B)accuracy of the recording procedures.
• C)keeping cash in a safe.
• D)maintenance of accurate inventory records.

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Definitions:

Marginal Tax Rates

The rate at which your last dollar of income is taxed, indicative of the tax bracket in which your income falls.

Provincial Tax Brackets

The tax rates assigned to various income levels within a specific province, determining the amount of tax payable by residents.

Tax Difference

The discrepancy between tax rates, credits, and deductions in different jurisdictions or between different types of income.

Cash Flow To Creditors

A measure used in finance to determine the net amount of cash that a company pays to its creditors over a period, often used in analyzing financial health.