The general guideline for the segregation of duties is that the following areas should be separated by accounting controls : 1. custody of assets, 2. authorization of transactions, and 3. record-keeping responsibilities.
<h3>Give a brief account on segregation of duties.</h3>
The assignment of distinct steps in a process to different personnel is known as the segregation of duties. By exercising extreme control over a process, the goal is to prevent situations in which someone might steal something or do another fraud. In essence, distinct parties should have physical custody of an asset, record-keeping responsibilities for it, and acquisition and disposal authority.
A key component of a control system is the separation of roles. When evaluating an entity's system of internal controls, auditors will consider duty segregation and will give the system a lower rating if there are any segregation problems.
The auditors will change their methods when there are segregation problems because they will presume that the danger of fraud has increased. This method shift typically entails a rise in audit workload, which is passed on to the customer in the form of higher audit fees.
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Answer:
The price of $23 will maximize the total revenue.
Explanation:
Revenue is a function of price multiplied by quantity. Thus, the equation for revenue is,
Let p be the price.
Revenue = (3680 - 80p) * p
Revenue = 3680p - 80p²
To find the price that will maximize the revenue, we need to take the derivative of this equation as derivative tell us about change.
Taking derivative,
d/dp = 1 * 3680 - 2 * 80p
0 = 3680 - 160p
160p = 3680
p = 3680 / 160
p = 23
So, at price p=$23, the total revenue will be maximized.
Ownership<span>. In a </span>capitalist<span> economy, </span>property<span> and businesses </span>are<span> owned and controlled by individuals. In a </span>socialist<span> economy, the state owns and controls the major means of production. In some </span>socialist<span> economic models, worker cooperatives have primacy over production</span>
Answer:
<em>End up losing because it is legally binding the clause that would limit the statute of limitations to 18 months.</em>
Explanation:
Within UCC 2-725, in cases that involve the exchange of goods, a 4-year restriction law applies. The parties can reduce the duration to not less than 1 year (but not extend it).
When a delivery tender is made, an action for violation of warranty accrues (the statute begins to run).
However if the warranty specifically applies to future performance and violation disclosure must postpone that performance, the penalty will occur when the breach is discovered or should have been discovered.
