(Learning Objective 2: Applying internal control over cash payments by cheque) Answer the following questions about internal...
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(Learning Objective 2: Applying internal control over cash payments by cheque) Answer the following questions about internal control over cash payments:
1. Payment by cheque carries three controls over cash. What are they?
2. Suppose a purchasing agent receives the goods that he purchases and also approves payment for the goods. How could a dishonest purchasing agent cheat his company?
How do companies avoid this internal control weakness?
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Related Book For
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
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