Question: Select from the option list provided the cycle that best matches each control. A choice may be used once, more than once, or not at

Select from the option list provided the cycle that best matches each control. A choice may be used once, more than once, or not at all.
ControlCycle1. Written policies for acquisition and retirement of fixed assets.
2. Specific identification of certificate numbers when possible.
3. Limited physical access to noncurrent assets when feasible.
4. Periodic reconciliation of product records and the general ledger control account.
5. Transfers of raw materials, finished goods, and costs are subject to cost accounting internal control activities.
6. Formal long-term budgeting process with subsequent variance analysis.
7. Physical safeguards over stocks and bonds.

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