A Person Who Controls or Has Access to an Asset

question 176

Short Answer

A person who controls or has access to an asset must not keep that asset's accounting records.This refers to the internal control principle of ________________________.

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Definitions:

General Fund

A primary accounting fund used by a government to record its general operating revenues and expenses.

Fund Balance

The net assets of a governmental fund calculated as the difference between fund assets and liabilities, reflecting the financial position of the fund.