Which of the Following Duties Could Be Performed by the Same

question 1

Multiple Choice

Which of the following duties could be performed by the same individual and not violate segregation of duty controls?

• A)handling cash and posting to customer accounts
• B)issuing credit memos and maintaining customer accounts
• C)handling cash and authorizing credit memos
• D)handling cash receipts and mailing vendor payments

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Definitions:

All-purpose Journal

A general ledger used in accounting to record financial transactions that do not fit specifically into other specialized journals.

Purchases Journal

A record where a business notes all purchases of goods intended for resale or use in production, particularly on credit.

Revenue Journal

An accounting ledger detailing all income transactions for a business, used to track and manage sources of revenue.

General Journal

A comprehensive accounting record of all transactions, listed in chronological order.