Separate record keeping from custody of assets: One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company. To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

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Answer 1

Question

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

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Answer 2

Question

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

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Answer 3

Question

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

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Answer 4

Question

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

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Answer 5

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

Answer 6

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

Answer 7

Chapter 6, Problem 4DQ

To determine

Separate record keeping from custody of assets:

One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ

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Chapter 6 Solutions