Question: get solution Listed below are seven errors or problems, which might occur in the processing of cash transactions. Also shown Is a list of internal
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Listed below are seven errors or problems, which might occur in the processing of cash transactions. Also shown Is a list of internal control principles. Evaluate each possible error and cite a principle that is listed that would reduce the probability of the error occurring. If none of the principles given will correct the problem, write "None." If you think more than one principle is appropriate, list all principles that apply. Possible Errors or Problems Internal Control Principles 1. An employee steals the cash collected from a customer for an account receivable and conceals this theft by issuing a credit memorandum indicating that the customer returned the merchandise. 2. Asmall fire destroys 3 days of cash receipts. 3. The official designated to sign checks is able to steal blank checks and issue them without fear of detectionStep by Step Solution
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