Indicate whether each of the following statements about separation of duties is true or false.
-One employee should not be responsible for both making cash sales to customers and recording the transaction in the business's accounting records

Question

Quizplus · Accepted Answer

Separation of duties is an important principle of internal control in which different individuals are responsible for different aspects of a transaction or process to prevent errors or fraud. In this case, separating the responsibilities of making cash sales and recording the transactions helps to ensure that all sales are properly recorded and that there are multiple checks and balances in place to prevent errors or fraud.

Indicate Whether Each of the Following Statements About Separation of Duties