The Control Principle Related to Not Having the Same Person

question 2

Multiple Choice

The control principle related to not having the same person authorize and pay for goods is known as

• A)establishment of responsibility.
• B)independent internal verification.
• C)separation of duties.
• D)rotation of duties.

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Definitions:

Transposition Error

A mistake made when two digits within a number are mistakenly reversed during data entry or calculation.

Slide Error

A mistake made when data is incorrectly shifted in a spreadsheet or financial analysis, often resulting in significant inaccuracies.

Trial Balance

A trial balance is a report listing the balances of all ledger accounts at a point in time, used to verify that the sum of debits equals the sum of credits in the accounting system.

Journal Entries

Recorded transactions in the financial books of a business, marking debits and credits in accounts affected by financial events.