Newell Company has the following internal control procedures over cash disbursements. Identify the internal control principle that

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Newell Company has the following internal control procedures over cash disbursements.

Identify the internal control principle that is applicable to each procedure.

(a) Company checks are prenumbered.

(b) The bank statement is reconciled monthly by an internal auditor.

(d) Only the treasurer or assistant treasurer may sign checks.

(e) Check signers are not allowed to record cash disbursement transactions.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-0470239803

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 21, 2012 03:00 AM

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Newell Company has the following internal control procedures over cash disbursements. Identify the internal control principle that

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Financial Accounting Tools for Business Decision Making

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