Individuals with access authority to general ledger accounts should not prepare journal vouchers.

Business

1 answer:

Westkost [7]3 years ago

3 0

Answer:

True

Explanation:

Once individual account ledgers are prepared, the respective ledger account balances are posted and summarized in the form of a common ledger known as General Ledger, from where those account balances are transferred to trial balance, income statement, balance sheet and other financial reports.

As per the rule of segregation of duties as a mechanism of internal control to prevent error and a potential fraud, duties need to be segregated and any single person should not be granted access to a transaction process from beginning till end.

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