It is the control activity where it separates AP subsidiary ledger, cash disbursements, and general ledger functions.Select one:a.independent verificationb.access controlc.segregation of dutiesd.transaction authorization
Question
It is the control activity where it separates AP subsidiary ledger, cash disbursements, and general ledger functions.Select one:a.independent verificationb.access controlc.segregation of dutiesd.transaction authorization
Solution
The correct answer is c. segregation of duties. This control activity involves dividing responsibilities among different people to reduce risk of error or inappropriate actions. In this case, AP subsidiary ledger, cash disbursements, and general ledger functions are separated to ensure accuracy and prevent fraud.
Similar Questions
It is the control activity where there is a proper security over cash and limits access to the accounting records.Select one:a.access controlb.segregation of dutiesc.transaction authorizationd.independent verification
It is the control activity where an overall reconciliation by general ledgeris being performed.Select one:a.independent verificationb.transaction authorizationc.access controld.segregation of dutie
When duties cannot be segregated, the most important internal control procedure isSelect one:a.independent verificationb.supervisionc.accounting recordsd.access controls
Which of the following is not an internal control procedure?Select one:a.authorizationb.management's operating stylec.accounting recordsd.independent verification
What is Access control?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.