Question

Having one person post entries to accounts receivable subsidiary ledger and a different person post to the accounts receivable control account in the general ledger is an example of:________

Answer 1

Having one person post entries to accounts receivable subsidiary ledger and a different person post to the accounts receivable control account in the general ledger is an example of Segregation of duties.

When using a subsidiary ledger the accounts receivable account in the general ledger is called the?

• The account balances of subsidiary ledgers are recorded in control accounts, also referred to as master accounts in general ledgers.
• For each client that purchases things on credit, a separate account is added to the customers' subsidiary ledger (accounts receivable subsidiary ledger).

• Separation of Functions and the Segregation of Duties (SOD) Segregation of tasks is a crucial element of efficient risk management and internal business controls (SOD).
• The shared accountability for a critical process, which assigns its key functions to many parties or departments, is the cornerstone of the SOD principle.

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