Examlex
What is relative risk?
General Ledger
A comprehensive record of all financial transactions made over the life of a company.
Vouchers Payable
Liabilities representing invoices that have been received but not yet paid.
Separation Of Duties
Separation of duties is a key control in internal systems, aimed at reducing the risk of fraud and errors by ensuring that no single individual has control over all aspects of a financial transaction.
Approves Purchases
Refers to the process or authority given to certain individuals or systems to validate and authorize the acquisition of goods or services for a business or organization.
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