Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Questions - Page 372: 8

Answer

a) Different individuals should be responsible for related activities. b) The responsibility for record-keeping for an asset should be separate from the physical custody of that asset.

Work Step by Step

The two common applications of this principle.
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