Question: The most effective internal control procedure to prevent or detect the creation of fictitious credit memoranda for sales returns is to require management approval for

The most effective internal control procedure to prevent or detect the creation of fictitious credit memoranda for sales returns is to

  1. require management approval for all credit memoranda
  2. supervise the accounts receivable department
  3. limit access to credit memoranda
  4. prenumber and sequence check all credit memoranda

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