Which of the following statements concerning internal control is true? Double entry accounting is an internal control. Fraud will be eliminated by good internal control practices. Physical counts of stock on hand are not part of internal control procedures. It is OK to pay accounts out of unbanked receipts as long as a note is made of what has occurred. None of the above. QUESTION 10 Which of the following statements concerning the current ratio is incorrect? The current ratio can be manipulated at balance date, e.g. by using cash to pay off long-term debt. A high current ratio may indicate excessive investment in working capital. A low current ratio may indicate difficulty in meeting short-term commitments. A current ratio of 1.5 to 1 should always be maintained. None of the above