Question

regarding cash control procedures, what does specific responsibility ownership mean?
everyone has access, and responsibilities are delegated evenly to all employees
few people have access, and those who do, know that they are directly responsible
nobody has access so that there is absolutely no chance of any theft

Explanation:

In cash control procedures, specific responsibility ownership means limiting access to cash to a few trusted employees (to reduce theft risk) and making those with access aware of their direct accountability for cash handling. The first option (everyone has access) goes against segregation of duties, and the third (nobody has access) is impractical as cash needs to be managed. So the correct option is the one where few have access and know their responsibility.

Answer:

B. few people have access, and those who do, know that they are directly responsible