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Identify the principle of internal control to each of the following cases. 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. Shipping documents are pre-numbered. 4. The bookkeeper does not have physical custody of assets. 5. Only the treasurer of the company can sign checks.

Identify the principle of internal control to each of the following cases. 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. Shipping documents are pre-numbered. 4. The bookkeeper does not have physical custody of assets. 5. Only the treasurer of the company can sign checks.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 9MC: What is the advantage of using technology in the internal control system? A. Passwords can be used...
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Identify the principle of internal control to each of the following cases. 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. Shipping documents are pre-numbered. 4. The bookkeeper does not have physical custody of assets. 5. Only the treasurer of the company can sign checks.
Transcribed Image Text:Identify the principle of internal control to each of the following cases. 1. Cash is locked in a safe overnight. 2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. 3. Shipping documents are pre-numbered. 4. The bookkeeper does not have physical custody of assets. 5. Only the treasurer of the company can sign checks.
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