Proper segregation of functional responsibilities calls for separation of:
a. custody, execution, and reporting.
b. authorization, recording, and custody.
c. authorization, payment, and recording.
d. authorization, execution, and payment.

C. authorization, payment, and recording.

Explanation:

This is on the principle of segregation of duties as a measure of internal controls. This principle requires that duties are properly separated to ensure that the risk of misstatement and misrepresentations due to fraud or error are mitigated.

For a good system of internal control for which the principle of segregation of duties is applied, one person should not be allowed to initiate, authorize, pay and record transactions. This is to ensure that errors or acts of fraud made by one party involved in the process is prevent, or  detected by another and is corrected.

As such, the right option is C. authorization, payment, and recording.

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