Which of the following is incorrect concerning the segregation of duties within an organisation?
A)All accounting records can generally be kept by the same person.
B)The various steps involved in executing a transaction should be separated.
C)The responsibility for executing a transaction, recording it and maintaining custody of resulting assets should be assigned to different individuals or departments.
D)All of the above are correct statements.

Question

Quizplus · Accepted Answer

Segregation of duties requires that no single individual should have control over all aspects of any financial transaction to prevent errors and fraud. Therefore, all accounting records should not be kept by the same person.

Which of the Following Is Incorrect Concerning the Segregation of Duties