An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting,
Question:
1. What is the main objective of internal control procedures? How is that objective achieved?
2. Why should recordkeeping for assets be separated from custody over those assets?
3. Why should the responsibility for a transaction be divided between two or more individuals or departments?
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The main objective of internal control procedures is to safeguard the assets of the busin...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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