One Internal Control Safeguard Is to Assign All the Duties

question 126

True/False

One internal control safeguard is to assign all the duties of receiving, depositing, and recording cash to one employee.

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Definitions:

Minority Ownership

A holding of less than 50% of the voting shares in a company, which does not provide control over the company's operations.

Corporate Investor

An entity, typically a company, that invests its resources in other companies, either to gain strategic advantages or financial returns.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that aim to standardize financial reporting globally.

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction, particularly in the United States.