Combining the Functions of Authorizing and Executing Events Is a Violation

question 85

Short Answer

Combining the functions of authorizing and executing events is a violation of the organizational control plan known as ______________________________.

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Definitions:

Operating Activities

These are the core activities that generate revenue and involve expenses for a company, including sales and service provision.

ASPE

Accounting Standards for Private Enterprises; a set of accounting standards for private companies in Canada, focusing on simplicity and cost-effectiveness.

Accounts Receivable

Accounts receivable represents money owed to a company by customers for products or services delivered but not yet paid for.

Operating Activities

Activities that relate to a company’s primary business operations, including revenue and expense transactions affecting net income.