Separation of Duties This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities. The following are the two applications of segregation of duties: 1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities. 2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay. To determine: The importance of separation of duties

Question

Want to see the full answer?

Answer 1

Question

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is the budgeted manufacturing overhead for march?

Please solve this question General accounting and step by step explanation

Compute a schedule of deductible expenses related to the following hobby:

Answer 2

Question

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Answer 6

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Answer 7

Chapter 7, Problem 4QC

To determine

Separation of Duties

This is the internal control principle which reduces the possibilities of money embezzlement, by separating the responsibilities of employees. This ensures that the employees working in related jobs will not interfere with other employees’ responsibilities.

The following are the two applications of segregation of duties:

1. The related responsibilities should be shuffled and given to the employees who are not related. This application eliminates the possibility of fraud due to separation of responsibilities.

2. The custodian of asset should not be made responsible for accounting records or accounting department. This avoids the interference of custodians with the book-keeping responsibility, and keeps fraud at bay.

To determine: The importance of separation of duties

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Solution Summary: The author explains that separation of duties reduces the possibility of money embezzlement by separating the responsibilities of employees.

Want to see the full answer?

Chapter 7 Solutions