If Duties Are Properly Segregated,the Authorization Function Is Performed by ________,The

question 100

Multiple Choice

If duties are properly segregated,the authorization function is performed by ________,the recording function is performed by ________,and cash handling is performed by the ________.

• A)accounts payable;purchasing;cashier
• B)purchasing;accounts payable;cashier
• C)purchasing;cashier;accounts payable
• D)purchasing;accounts payable;treasurer

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Definitions:

Markup Percentage

The percentage increase between the cost to produce or purchase a product and its selling price.

Product Cost Concept

An accounting approach that includes costs directly associated with manufacturing a product, including raw materials, labor, and overhead expenses.

Manufacturing Costs

The total expenses involved in making a product, including direct materials, direct labor, and factory overhead.

Markup Percentage

The proportion added to the purchase price of products to cover operational costs and profit, which sets the retail price.