Question: Indicate which statements are true and which are false. 1. The internal control of separation of duties requires that employees duplicate each other's work. 2.

Indicate which statements are true and which are false. 1. The internal control of separation of duties requires that employees duplicate each other's

Indicate which statements are true and which are false. 1. The internal control of separation of duties requires that employees duplicate each other's work. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. Establishing responsibilities helps determine who is at fault for errors or fraud. 4. One objective of internal control procedures is to safeguard the assets of the business. Choose from the following list of terms and phrases to best complete the following statements. 1. A is a set of approvals and procedures used to control cash payments and the acceptance of liabilities. 2 is an income statement account used to record the effects of cash overages and cash shortages. summarizes the projected cash payments and cash receipts. 3. The

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