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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.

To determine

Internal Control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. The following are the some of the internal control procedures:

  • Competent personnel, rotating duties, and mandatory vacations
  • Separating responsibilities for related operations
  • Separating operations, custody of assets, and accounting
  • Proofs and security measures

To determine: The reason for maintaining accounting records to be separated from the responsibility of operations.

Explanation

Maintaining the accounting records need to be separated from operations responsibility.  For example, Cash received from customer are entered in the records of accounts receivable...

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