Question: Internal control is a function of management, and effective control is based on the concept of charge and discharge of responsibility and duty. Which of

Internal control is a function of management, and effective control is based on the concept of charge and discharge of responsibility and duty. Which of the following is one of the overriding principles of internal control?

(a) Responsibility for accounting and financial duties should be assigned to one responsible officer.

(b) Responsibility for the performance of each duty must be fixed.

(c) Responsibility for the accounting duties must be borne by the audit committee of the company.

(d) Responsibility for accounting activities and duties must be assigned only to employees who are bonded.

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