A Principal authorises a payment, personally prepares the voucher, makes the payment, records it and reconciles the bank...
Type: MCQ • Marks: 1
A Principal authorises a payment, personally prepares the voucher, makes the payment, records it and reconciles the bank account The principal weakness is:
Options
A. Excessive segregation
B. Concentration of incompatible financial functions
C. Excessive audit
D. Under-recording of assets
Explanation
Independent checks are weakened when one individual controls multiple stages of a transaction.
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UPSC Principal & Vice PrincipalManagement Finance Administration
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