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You have recently been hired as a consultant helping young business owners set up their accounting systems. They frequently ask you the following questions pertaining

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You have recently been hired as a consultant helping young business owners set up their accounting systems. They frequently ask you the following questions pertaining to inventory, Answer the questions below in your own weds 1) What are internal controls? (2 marks) 2) Why do I need to implement internal controls for inventory? (2 marks) 3) What are some commonly used internal controls related to inventory? (2 marks)

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