At Carlson Services,the cashier collects checks and cash from customers,and the junior accountant records the transactions in the journal.The controller approves the journal entries and bank reconciliations.The treasurer signs checks and approves contracts.Which internal control procedure is exemplified in the above situation?
A) assignment of responsibilities
B) competent, reliable, and ethical personnel
C) separation of duties
D) documents

Question

Quizplus · Accepted Answer

The situation described exemplifies separation of duties, where different individuals are assigned and responsible for different aspects of a transaction or process. This helps prevent errors or fraud by ensuring that no one person has complete control over a transaction or process.

At Carlson Services,the Cashier Collects Checks and Cash from Customers,and