Allowing Only the Treasurer to Sign Cheques Is an Example

question 66

Multiple Choice

Allowing only the treasurer to sign cheques is an example of which control activity?

• A)Documentation
• B)Segregation of duties
• C)Human resource controls
• D)Authorization of transactions and activities

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Definitions:

Adjusted Basis

The original cost of a property adjusted for factors such as depreciation or improvements, used to calculate capital gains or losses for tax purposes.

Recognized Gain

The profit earned from the sale of an asset that must be reported for tax purposes.

Adjusted Basis

The original cost of a property adjusted for improvements, depreciation, and certain other factors, used to calculate capital gains or losses.

Fair Market Value

The price that property would sell for on the open market, often used in the context of real estate and tax assessments.