The Flowchart of LCF's Financing Process Would Indicate an Internal

question 29

Multiple Choice

The flowchart of LCF's financing process would indicate an internal control weakness if appeared in the ___ column.

• A) Accounting clerks.
• B) Send checks.
• C) Board of directors.
• D) Online database.

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Definitions:

Federal Unemployment

The tax system in the United States that funds state workforce agencies and unemployment insurance.

Federal Income Taxes

Federal Income Taxes are taxes levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.

Property Tax Expense

The cost incurred by property owners for taxes levied by local governments, based on the assessed value of property.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not coincide with the calendar year.