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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Exercise 4-40 Internal Control Terminology

Required:

A list of terms and a list of definitions and examples are presented below. Make a list numbered 1 through 7 and match the letter of the most directly related definition or example With the number of each term.

Chapter 4, Problem 40E, Exercise 4-40 Internal Control Terminology Required: A list of terms and a list of definitions and

To determine

Concept Introduction:

Internal Control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

To Indicate:

The Correct match for each of the given term with the definition or example.

Explanation

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

The Correct match for each of the given term with the definition or example is explained as follows:

    Term Definition or Example
    1c.Reconciling cash deposits with cash register is an example of Accounting Controls
    2b.Asking for receiving reports from the suppliers is an example of Adequate Documents and records
    3f...

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