Proper Segregation of Functional Responsibilities Calls for Separation of the Functions

question 98

Multiple Choice

Proper segregation of functional responsibilities calls for separation of the functions of:

• A) authorisation, payment, and recording.
• B) custody, execution, and reporting.
• C) authorisation, recording, and custody.
• D) authorisation, execution, and payment.

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Definitions:

Corporation's Property

Refers to the assets owned by a corporation, including real estate, equipment, and intellectual property.

Compulsory Share Exchange

A mandatory process where shares of one company are exchanged for those of another, often during mergers or acquisitions.

Short-Form Merger

A type of merger that occurs when a parent company absorbs a subsidiary without obtaining approval from the subsidiary’s shareholders, typically allowed under certain conditions by law.

Statutory Provisions

Specific requirements, rules, or laws enacted by a government’s legislative body.