Which of the following is a correct statement related to segregation of duties related to fixed assets?
A)Custody of fixed assets is to be separate from the related record keeping
B)Custody of fixed assets need not be separate from the purchasing of fixed assets
C)The IT function of programming need not be separated from the accounting for fixed assets.
D)All of the above are correct statements related to the segregation of duties.

Question

Quizplus · Accepted Answer

Custody of fixed assets should be separate from the related record keeping in order to prevent fraud and errors. This means that the person responsible for safeguarding the physical asset should not also be responsible for maintaining the related accounting records. The other options, B and C, do not accurately reflect proper segregation of duties related to fixed assets.

Which of the Following Is a Correct Statement Related to Segregation