An arrangement of accounting routine that errors and frauds are automatically prevented or discovered by the very operation of bookkeeping itself is called

Related MCQs

• Common governance problems of corporate failures in India are i. Accounting frauds carried out in collusion with statutory auditors ii. Insider trading iii. Fiduciary failure by the board iv. Disproportionate compensation paid to executive board members and senior management.
• The arrangement of duties of staff in such a manner, that the work of one person is automatically checked by another during the course of carrying out, recording and processing a transaction.
• Errors occurring when generally accepted accounting principles are not observed while recording any transaction in the books of accounts
• An error occurs due to negligence in recording the details of transaction, such errors are of clerical nature and are of wrong entries,wrong positioning,additions,transfer,etc.. is called
• The work of one clerk is automatically check by another clerk is called
• The work of one clerk automatically checked by another clerk is called
• The verification of the correctness of cost accounts and of adherence to the cost accounting plan is known as
• Transactions entered in the computer as they occur and processed simultaneously in the processing capabilities of accounting system is
• Cost audit is the verification of the correctness of cost accounts and adherence to the cost accounting plan. This concept is given by
• The process of substantiation of assets and liabilities recorded in the books of accounts by physical inspection and examination of legal and official documents to form and expert opinion