What is the separation of duties?

Q: Which of the following is the impact of agency cost?

A: Agency costs are internal costs incurred due to the competing interests of Shareholder i.e the…

Q: What constitutes a dicontinued operations.?

A: Definition:   Income statement: The financial statement which reports revenues and expenses from…

Q: What is responsibility accounting?

A:

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: What is the difference between operating departments and service departments?

A: There are so many multinational corporations that manage difficult industries. Managing such…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

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: What is lessor?

A: A lease is the agreement between two individuals. Under the lease agreement one individual provide…

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: What is discretionary reporting?

A:

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: Explain the term Voluntary Conveyance

A: Voluntary Conveyance: Voluntary conveyance is defined as an elective transmission of title from one…

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: How Subordination Clause is used?

A: In order to regulate the importance of a credit in the occasion of nonpayment, a moneylender might…

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 the definition of a customer?

A: A customer is an individual, firm, company or any other person who purchased goods or services from…

Q: 1. How is the separation of duties performed

A: Separation of duties is also termed as segregation of duties. segregation of duties is internal…

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: How is the Handling of Unequal Service Lives done?

A: When decision has to be made while comparing one project with other projects and out of which only…

Q: What is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

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 indentures?

A: An indenture is a legal contract that states the advantages and commitments of two or more parties…

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

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

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: What is a performance obligation?

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

Q: Define agency cost or problem

A: Agency problem is that problem which is a conflict of interest in a relationship where one side…

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 fee income

A: Fee Income There are different ways an organisation can make the sources of income like sales…

Q: What are the two phases of responsibility accounting?

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

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 a contra account?

A:

Q: What Is  the term Surcharging?

A: A surcharge could be a fee applied to a master-card transaction for the acceptance of the…

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…