1. The FASB has concluded that financial reporting rules should 2. Keeping the personal assets of the owner of a business separate from the assets of the firm is an example of 3. Internal control is 4. Separation of duties refers to separating all of these functions except which of the following? A. Authorizing transactions. B. Keeping accounts record. C. Hiring personnel D. Maintain custody of assets 5. Which of the following is not a control activity? A. Mandatory B. Risk assessment C. Security measures D. Proper authorization