Separation of Duties Refers To

question 128

Multiple Choice

Separation of duties refers to:

• A)Making each manager personally responsible for his/her department.
• B)Keeping functions across different departments separate.
• C)Preventing top management and lower-level employees from interacting.
• D)Individuals who have physical responsibility for assets should not also have access to accounting records.

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Definitions:

Unregulated Market

A market free from governmental control, where transactions are determined solely by the forces of supply and demand.

Imperfect Information

A situation where economic decision-makers do not have complete information or have misinformation, affecting their decisions.

Individual Preferences

refers to the specific desires, choices, and priorities of an individual, especially regarding consumption of goods and services.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used simultaneously by more than one person without diminishing the value or availability to others.