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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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Allowing only certain employees to order goods and services for the company is an example of what internal control procedure?

  1. Adequate documents and records
  2. Clearly defined authority and responsibility
  3. Safeguarding of assets and records
  4. Checks on recorded amount

To determine

Introduction: Internal control as defined in accounting and auditing is a process for process of an organization objective in operational effectiveness and efficiency, reliable financial reporting and compliance laws, regulation and business policy.

Explanation

Explanation for correct answers:

Option b) Clearly defined authority and responsibilities: In the large organization understand the need for structure. Each and every person responsible for given particular duties.

Explanation for incorrect answers:

Option a). The most important control activities involve segregation of duties, adequate document and...

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