Which of the Following Is Incorrect Concerning the Segregation of Duties

question 33

Multiple Choice

Which of the following is incorrect concerning the segregation of duties within an organisation?

• A) all accounting records can generally be kept by the same person
• B) the various steps involved in executing a transaction should be separated.
• C) The responsibility for executing a transaction, recording it and maintaining custody of resulting assets should be assigned to different individuals or departments
• D) All of the above are correct statements.

Calculate the daily fees appropriate for eliminating float entirely.

Evaluate the financial impact of implementing a lockbox system on collection times and net cash flows.

Determine the average daily float based on the cheque amounts and collection delays.

Understand the calculation of net float based on account transactions.

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Definitions:

Formula

A concise way of expressing information symbolically, as in a mathematical or chemical formula.

Extraneous Solutions

Solutions that emerge from the process of solving the problem but do not satisfy the original equation.

Inversely

A relationship between two variables in which one increases as the other decreases, often described by an inverse proportion or relation.

Tenth Power

Raising a number to the tenth power means multiplying the number by itself nine more times.