Nolan Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are entered in cash registers. (b) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals. (c) Daily cash counts are made by cashier department supervisors. (d) All cashiers are bonded. (e) Only cashiers may operate cash registers.

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Q: E7-3

A: a. State the internal control weakness and identify violated control principle as shown below:

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A: the correct answer with proper explanation of above statement are as follows.

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A:

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Q: internal control principle

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Q: E7-3 The following control procedures are used in Keaton Company for over-the-counter cash receipts.…

A:

Q: Listed below are five procedures followed by Eikenberry Company. 1.   Several individuals operate…

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