A type of internal control that separates the physical control of an asset from the person accounting for that asset is called _____.

Question

Quizplus · Accepted Answer

Separation of duties is the type of internal control that separates the physical control of an asset from the person accounting for that asset, to ensure accountability and prevent fraud or errors. Asset liability is a term that refers to a company's financial obligations and resources. Adverse possession is a legal concept related to property ownership. Separation of liabilities is not a recognized term in internal controls.

A Type of Internal Control That Separates the Physical Control