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:

Sunk Costs

Sunk costs are past expenditures that have already been incurred and cannot be recovered, and thus should not impact future decision-making.

Past Costs

Refers to expenses that have already occurred and cannot be recovered.

Marginal Costs

The supplementary cost that comes with producing an extra unit of a good or service.

Mass Affordability

The widespread ability of the average consumer to purchase goods and services, often due to lower prices or increased income levels.