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cristian roldan
on Nov 14, 2024

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The control principle related to not having the same person authorize and pay for goods is known as

A) establishment of responsibility.
B) independent internal verification.
C) segregation of duties.
D) rotation of duties.

Segregation of Duties

An internal control measure that involves dividing responsibilities among different people to reduce the risk of error or inappropriate actions in financial transactions.

Authorize and Pay

The process of approving financial transactions or disbursements and executing the payment accordingly.

Control Principle

An accounting principle that states the need for procedures and measures to regulate and ensure the accuracy of financial records.

  • Appreciate the necessity of distributing duties to lessen mistakes and inhibit fraud.
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aygul safarovaNov 14, 2024
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