FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
Question
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Chapter 7, Problem 8Q
To determine

Segregation 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.

To mention: Two applications of segregation of duties

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Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it important? Provide an example. b. In your own words, describe independent Internal Verification. Why is it important? Provide an example.
What activities represent Segregation of Duties?
What is the separation of duties?

Chapter 7 Solutions

FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS