SEGREGATION OF DUTIES Definition

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SEGREGATION OF DUTIES means assigning different people the responsibilities of authorizing transactions, recording transactions, and maintaining custody of assets. Segregation of duties reduces the opportunities for one person to both perpetrate and conceal errors or fraud.

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ASSET APPROACH is a general way of determining a value indication of a business, business ownership interest, or security by using one or more methods based on the value of the assets of that business net of liabilities.

INHERITANCE TAX is a tax charged on the passing of wealth from one person to another, either during life or at death.

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