Indicate which statements are true and which are false.

1. Separation of recordkeeping for assets from the custody over assets helps reduce fraud.

2. The primary objective of internal control procedures is to safeguard the business against theft from government agencies.

3. Internal control procedures should be designed to protect assets from waste and theft.

4. Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to himself.