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Focused questions for skill assessment

Focused questions for skill assessment

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Premium questions with correct answers

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Free Sample Questions for Accounting

Which choice is a general guideline for adequate separation of duties to prevent both fraud and error?

A person who has control over an asset should not safeguard that asset.

A person who has temporary or permanent custody of an asset should not account for that asset.

A person who has record-keeping responsibility should not make journal entries.

A person who has operational responsibility should not authorize transactions for the area.

Answer:
A person who has record-keeping responsibility should not make journal entries.

_____ precisely indicates how much of a firm's sales is converted into profits.

Break-even price

Working capital turnover

Return on revenue

Inventory turnover

Answer:
Return on revenue

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