Proper Separation of Duties Involves Authorization of Purchases by Persons

question 95

True/False

Proper separation of duties involves authorization of purchases by persons who do not have custody,recording,or reconciliation duties.

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Definitions:

Double-Declining Balance

An accelerated method of depreciation where an asset loses value at double the rate of traditional straight-line depreciation.

Depreciation Method

An accounting technique used to allocate the cost of a tangible asset over its useful life, reflecting its consumption, wear and tear, or obsolescence.

Adjusting Journal Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accumulated Depreciation

The aggregate depreciation cost that has been accounted for a particular asset since its first operational use.