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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Why does a company give particular attention to internal controls for cash?

To determine

Introduction:

Internal Control System:

It basically help employees in controlling the business activities, management puts in place policies and procedures that collectively helps in achieving the goals and objectives of the organization.

The reason for concentration on Internal controls for cash.

Explanation

It helps businesses to effectively control cash by the following ways −

  1. The authority must be clearly assigned to specific individuals for collecting, holding & paying cash. Cash handling activities and cash record keeping activities should be assigned to different individuals...

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