Which of the Following Statements Is Most Correct with Respect

question 29

Multiple Choice

Which of the following statements is most correct with respect to separation of duties?

• A) A person who has temporary or permanent custody of an asset should account for that asset.
• B) Employees who authorize transactions should not have custody of the related assets.
• C) Employees who open cash receipts should record the amounts in the subsidiary ledgers.
• D) Employees who authorize transactions should have recording responsibility for these transactions.

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Definitions:

Critical Needs

Fundamental requirements identified by customers that must be addressed by a product or service for it to be considered viable and satisfactory.

Market Orientation

A business approach that prioritizes identifying and meeting the needs and wants of customers through product innovation and customer service.

Customer Relationships

The ongoing process of engaging and maintaining ties with a company's customers.