The Internal Control Principle Related to Assigning Responsibilities So That

question 80

Multiple Choice

The internal control principle related to assigning responsibilities so that one employee cannot make a mistake or commit a dishonest act without someone else discovering it is referred to as:

• A)duplication of responsibility.
• B)mandatory vacations.
• C)segregation of duties.
• D)rotation of duties.

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Definitions:

Planning Tool

A method or software used for organizing, managing, and envisioning the steps needed to achieve a certain goal or project.

Control Tool

Instruments or mechanisms utilized to monitor, manage, or influence processes or systems in order to achieve desired outcomes.

Financial Ratios

Quantitative measures derived from financial statement analysis used to assess a business's performance, financial health, and valuation.

Leverage Ratios

Financial ratios that measure the amount of capital coming from debt and assess the ability of a company to meet financial obligations.