SEGREGATION OF DUTIES Definition

Bookmark and Share

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.

Learn new Accounting Terms

 EQUIPMENT TRUST CERTIFICATE is a bond that is secured by a first claim (lien) on certain equipment. The title to the equipment is held in trust until the bond is paid off.

PROFIT is the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses).

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.