Question

Three key duties that must always be separated under a good system of internal controls​ are:

A. record​ keeping, transaction analysis and transaction approval.
B. asset​ handling, hiring and safeguarding of assets.
C. asset​ handling, record keeping and transaction approval.
D. asset​ handling, recordkeeping and safeguarding of assets.

Answer 1

Answer:. asset​ handling, record keeping and transaction approval----C

Step-by-step explanation:

Internal controls are a company's or business's policies which are put together and acts as checks in terms of business transactions, protection of assets, good accounting practices so as to maximize the efficiency and increase productivity of its operation and the same time creating atmosphere of compliant employees. The three key duties are

Asset handling or management: This refers to a systematic approach to the management of value from the investment of a business.

Record keeping: The act of keeping business records for reference and for tax purposes. This also helps to monitor the financial status of the company.

transaction approval: For every business transaction, there must be an approval. Every business must scrutiny analyse every business transaction before approval to avoid problems arising from wrong business transaction eg fraud.