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

CONSIGNMENT STOCK is vendor supplied stock that is only paid for when it is used. Consignment stock should change nothing except cash flow. Holding any more stock than is necessary is always inefficient whether it is consignment stock or not.

HYBRID INSTRUMENT is a package containing two or more different kinds of risk management instruments that are usually interactive.

Suggest a Term

Enter Search Term

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