1. How is the separation of duties performed

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Define each of the following terms:a. Agent; principal; agency relationship

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal authorizes agent…

Q: What is responsibility accounting?

A:

Q: What is the separation of duties?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the difference between "Comptroller" and "Controller"?

A: Meaning - Comptroller is the person responsible for audits and expenses of the government. The…

Q: Explain principal (agency relationships)

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal approves agent to…

Q: When does an agency relationship happen

A: Agent Relationship : The official stipulations of a specific principal-agent relationship are…

Q: Define subordinated debenture

A: Companies issue the debentures against the assets to raise the funds easily from the public and pays…

Q: Why should responsibility for related transactions be divided among different departments or…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What are the three rules that ensure that no single employee or department processes a transaction…

A:

Q: With respect to custody of assets - how should duties be segregated?

A: Segregation of duties means separating the accounting functions of authorisation, custody and…

Q: What is separation of duties? Give five examples?

A: Separation of Duties: Management uses various techniques to improve the internal control of the…

Q: True or False Segregation of duties is one of the categories of control activities.

A:

Q: Explain the principle of “separate legal entity”.

A: Bookkeeping means recording the transactions which have any monetary value. It is the business…

Q: What are the primary reasons for separating operational tasks?

A: Operational Tasks: Operational tasks refer to those tasks that are performed on a regular basis in…

Q: agency problem

A: The concept of Agency is established between two persons, i.e. a principal and an agent. The…

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: istinguish between responsibility, authority, and accountabilit

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: 1. The internal control of separation of duties requires that employe

A: Internal control represents the activity of the company to detect the fraud and errors of the…

Q: What is an agency order?

A: Solution- Agency order An order to buy or sell that a broker executes with another investor. The…

Q: two types of operational responsibility

A: Operational responsibility is the responsibility of the managers to make sure that the operation…

Q: What is the difference between a principal and an agent?

A: Principal:   Principal is the legal owner of goods or service which is transferred tc the customer…

Q: What activities represent Segregation of Duties?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

Q: What is ALCO and what important duties do they perform?

A: A resource with economic value that a person, company, or country owns or controls with the…

Q: What is meant by the term responsibility accounting?

A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…

Q: With regard to segregation of duties, rule one is that transaction authorization and transaction…

A: Answer: One of most important part of internal control is segregation of duties. It includes that…

Q: What is the primary difference between commissions and referrals?

A: Referral fee refers to referring a service or recommending a service of CPA to other person or…

Q: What is the purpose of a responsibility accounting system?

A: Responsibility accounting system: the responsibility accounting system is an internal system that…

Q: Explain Doctrine Separate Legal Entity

A: Doctrine separate legal entity is a concept related to Company / Corporation. The concept is…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: What is a performance obligation?

A: Definition: Performance obligation: Performance obligation is a promise to transfer goods or…

Q: Distinguish between responsibility, authority, and accountability

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: With relevant examples, explain the following; i. Primary appointment and secondary apportionment…

A: Part i: When overheads are allocated to all divisions in the company (both manufacturing and service…

Q: Define the term service revenue.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Which one of the following is a revenue expenditure?

A: Revenue expenditure: It refers to the amount spent on normal maintenance and repairs of fixed assets…

Q: Which of the following is not an operating activity?

A: ANSWER Option B is correct = payment of cash dividend   Explanation Payment of cash dividend is an…

Q: What are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: Distinguish between responsibility, authority, and accountability.

A: Accountability simply means to answer about the things which are in his or her power. And power…

Q: segregation of duties

A: Internal control is the function by which the company avoids errors and fraud in the company. It…

Q: Define agency problems, and describe how they give rise to agency costs.

A: Agency problems occur when the managers use the firm's resources to invest in projects that may not…

Q: What is meant byseparation of duties?

A: In every organization, separation of duties is one of the features which should be used for the…