Which of the Following Is Not a Primary Concern of Internal

question 117

Multiple Choice

Which of the following is not a primary concern of internal control?

• A) Fairness of financial statements
• B) Accuracy of accounting records
• C) Safeguarding assets
• D) Efficiency of company operations

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Definitions:

Proportional Tax

A tax system where the tax rate remains constant regardless of the amount subject to tax.

Federal Income Tax

Tax levied by the national government on the annual income of individuals, corporations, trusts, and other legal entities.

Income Distribution

How a nation's total GDP is distributed amongst its population, often used to analyze economic inequality.

Tax Deductible Donation

A charitable contribution that can be subtracted from one's gross income, lowering the taxable income and thus reducing the tax liability.