The Responsibility for Keeping the Records for an Asset Should

question 72

True/False

The responsibility for keeping the records for an asset should be separate from the physical custody of that asset.

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Definitions:

Qualified Profit-sharing Plan

A retirement plan that allows employees to share in the profits of their company, contributing to their retirement savings.

Positive Net Income

A financial situation where revenues exceed expenses, resulting in a net profit.

Not Taxed

A classification for income or transactions that are exempt from taxation.

Distributions

In financial contexts, distributions refer to payments made by a fund, account, or security to its shareholders or unit holders, which could include interest payments, dividends, or returns of capital.