Internal Control Is a Plan of Organization and System of Procedures,implemented

question 99

Multiple Choice

Internal control is a plan of organization and system of procedures,implemented by company ________ and the ________,designed to accomplish five objectives.

• A)internal auditors,employees
• B)external auditors,management
• C)management,board of directors
• D)external auditors,board of directors

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Definitions:

SUTA Rate

The rate imposed on employers by a state to fund unemployment benefits, varying by state and the employer's claim history.

Interstate Commerce

Refers to any business or trade activity that crosses state lines, regulated by the federal government in the United States.

Federal Income Tax

A fiscal duty assessed by the federal authority on the annual revenues of people, firms, trusts, and assorted legal entities.

FICA Rate

The total percentage of Social Security and Medicare taxes that must be paid by both employees and employers under the Federal Insurance Contributions Act.