Proper segregation of duties reduces the opportunities in which a person would both: Question 19 Not yet answered Marked out of 1.00 Flag question records cash receipts and cash payments perpetuates errors and frauds and conceals them Establish control and executes them record transactions in journal and ledger Question 18 Not yet answered Marked out of 1.00 Flag question Consider the following: A. Auditor has right to speak in the shareholder's meeting B. If the company make any written resolutions, auditor has a right to get a copy of that resolutions Which of the above statement is/are valid c. Only statement A is valid b. Both statement are not valid a. Both statements are valid d. Only statement B is valid The effect of treating a revenue expenditure as capital expenditure on financial statements is: Question 15 Not yet answered Marked out of 1.00 P Flag question Balance sheet of the company will not show correct position of assets Balance sheet of the company will not show correct position of liabilities Income statement of the company will not get affected None of the listed choices Question 14 Not yet answered Marked out of 1.00 Consider the following situations: A. The purpose of internal control system is to help manage and control risk appropriately B. The purpose internal control system is to eliminate risk Identify the appropriate statement in the context of internal control system. Flag question c. Both statements are valid a. Statement A only valid b. Statement B only valid d. Both statements are invalid An external auditor has a responsibility of Question 16 Not yet answered Marked out of 1.00 F Flag question b. Making accounting estimates while preparing financial statements c. To adopt sound accounting policies d. None of the listed choices a. Fair presentation of financial statements