The custodian of an asset shouldSelect answer from the options belowbe a person from an outside firm.not be in the same department of that asset.be a professional accountant.   not be responsible for the accounting records for that asset.

The custodian of a company asset shouldGroup of answer choicesnot have access to the accounting records for that asset.have access to the accounting records for that asset.be an accountant.be someone outside the company.

Select the correct set of accounting functions that must be separated for effective segregation of duties.Select answer from the options belowPlanning, recording, monitoringData input, information output, database storageRecording, authorizing, monitoringRecording, authorizing, custody of assets

The owner's claim over the assets of the business.Select one:a.Statement of Financial Positionb.Capitalc.Expensesd.Revenue

Assets, Liabilities, and Owner's Equity are permanent accountsSelect one:TrueFalse

In recording transactions for a business, the accountant will follow the Accounting Entity principle. This means that the accountant will:a.record cash transactions separately from credit transactionsb.separate spending on purchases from spending on non-current assetsc.separate the financial activities of the business from those of the ownerd.record revenues and expenses separately to calculate profits and losses