Allowing Only Designated Personnel to Handle Cash Receipts Is an Example

question 52

Multiple Choice

Allowing only designated personnel to handle cash receipts is an example of

• A) establishment of responsibility.
• B) segregation of duties.
• C) documentation procedures.
• D) independent internal verification.

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Definitions:

Output Market

Marketplaces where finished goods or services are sold to consumers, as opposed to input markets where raw materials are bought.

Consumers

Individuals or entities that purchase goods or services for personal use, not for manufacture or resale.

Firms

Business entities that produce goods or provide services with the aim of making a profit.

Entrepreneur

An individual who creates, organizes, and operates a business or businesses, taking on financial risk to do so.