The Separation of Duties Control Would Not Be Violated If

question 17

True/False

The separation of duties control would not be violated if a company's cashier was also responsible for recording cash transactions.

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Definitions:

Credit Sale

A transaction where goods or services are provided to a customer with the agreement that payment will be made at a later date.

Terms 3/10

A payment term indicating that a buyer can take a 3% discount on the invoice amount if the payment is made within 10 days of the invoice date.

Credit Terms

The conditions under which a seller will extend credit to a buyer, including the repayment time frame and any interest charged.

Merchandise

Goods bought and sold in the normal course of business, typically referring to products available for resale to customers.