7. If the same employee is responsible for authorizing a sales transaction and recording the transaction in the accounting records, this indicates a weakness in which element of a company's application control? a) A good audit trail b) Separation of duties c) Internal review of controls d) Competent employees e) None of the above answers are correct 8. In revenue cycle which of the following control procedures provides physical protection for a company's cash asset? a) Majority of authorized cash disbursements made by check b) Daily cash receipts deposited intact at bank c) Voucher system for cash disbursements d) All of the above answers are correct e) None of the above answers are correct 10. Freij Refrigeration Company has an inventory of raw materials and parts consisting of thousands of different items which are of small dollar value individually but significant in total. A fundamental control requirement of Freij's inventory system is that: a) Perpetual inventory records be maintained for all inventory items b) The taking of physical inventories be conducted on a cycle basis rather than at year end c) The storekeeping function not be combined with the production and inventory record keeping functions d) Material requisitions be approved by an officer of the company e) All of the above answers are correct