FINANCIAL AND MANAGERIAL ACCOUNTING
FINANCIAL AND MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9781337816045
Author: WARREN
Publisher: CENGAGE L
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Chapter 7, Problem 7.1BPR
To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

The following are the internal control principles:

  • Authorizing the responsibility
  • Segregation of duties
  • Documenting and recording transactions
  • Physical controls
  • Periodic independent verification
  • Human resource controls

To indicate:

  1. (1) Whether procedures of internal control over cash represents strength.
  2. (2) Whether procedures of internal control over cash represents weakness.

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