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Which of the following is a weak internal control over cash collections from receivables? (a) The credit department should have no access to cash. (b)
Which of the following is a weak internal control over cash collections from receivables?
(a) The credit department should have no access to cash.
(b) A credit department should evaluate customers' credit applications to determine whether they meet the company's approval standards.
(c) A company should have written approval standards for processing customers' credit applications.
(d) In order to avoid losing sales, all customers' credit applications should be approved.
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