Question
During an audit, the auditor notices that a single
person in a company is responsible for authorizing transactions, maintaining records, and custody of assets. What is the likely implication of this observation?Solution
Lack of segregation of duties is a major internal control weakness, increasing risk of both errors and frauds. Proper internal control requires duties to be divided among different individuals.
The ratio of the number of boys to the number of girls in a school of 640 students, is 5 : 3. If 30 more girls are admitted in the school, then how many...
- A total amount of ₹24,750 is divided among ‘M’, ‘N’, ‘O’, and ‘P’ in the ratio of 4:7:5:6. What is the share of ‘N’?
The ratio of A's and B's salary is 6 : 7. If B's salary is increased by 5(1/2)%, then his total salary becomes Rs 1,26,600. The salary (in Rs) of A is:
If three numbers are in the ratio 5:6:8 and the sum of their squares is 1250, then the product of those numbers is:
The total number of teachers to the total number of students in Schools X and Y is in the ratio 40:9. Additionally, the number of students in School X ...Difference between the ages of A and B is same as the difference between the ages of B and C. The difference between the ages of A and C is 8 years. If ...
A school has a total of 600 students. The ratio of boys to girls is 3:5. If 40% of the boys and 20% of the girls participated in a sports event, how man...
Gagan and Magan have their monthly incomes in the ratio of 9:7 while their monthly expenditures are in the ratio of 6:5, if they have saved Rs. 23,400 a...
- The ratio of pens to pencils in a shop is 8:5. If 24 pens are sold and 21 pencils are added, the number of pens and pencils becomes equal. Find the origina...
Total population of city P and Q is 2240 and 2650 respectively. If the ratio of number of males to females in city is P and Q is 4:3 and 3:2 respectivel...
