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Answer the following questions about internal control over cash payments: 1. Payment by check carries three controls over cash. What are they? 2. Suppose a purchasing agent receives the goods that he purchases and also approves payment for the goods.

Answer the following questions about internal control over cash payments:
1. Payment by check carries three controls over cash. What are they?
2. Suppose a purchasing agent receives the goods that he purchases and also approves payment for the goods. How could a dishonest purchasing agent cheat his company? How do companies avoid this internal control weakness?

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Financial accounting

Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

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Posted Date: December 10, 2012 04:09:56
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