ect the necessary words from the list of possibilities to complete the following statements. Statements 1. Checks in payment of a company's payables should be prepared by one person and by another. 2. Financial investments should be registered in the name of the is a bank statement covering a few days after year end that is used by the auditors to verify the client's bank 3. reconciliation. 4. Control over cash sales is increased if a centrally located participates in each transaction. 5. The standard form to confirm cash accounts also requests the financial institution to confirm any to the bank.
ect the necessary words from the list of possibilities to complete the following statements. Statements 1. Checks in payment of a company's payables should be prepared by one person and by another. 2. Financial investments should be registered in the name of the is a bank statement covering a few days after year end that is used by the auditors to verify the client's bank 3. reconciliation. 4. Control over cash sales is increased if a centrally located participates in each transaction. 5. The standard form to confirm cash accounts also requests the financial institution to confirm any to the bank.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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Transcribed Image Text:lect the necessary words from the list of possibilities to complete the following statements.
Statements
1. Checks in payment of a company's payables should be prepared by one person and
by another.
2. Financial investments should be registered in the name of the
is a bank statement covering a few days after year end that is used by the auditors to verify the client's bank
3.
reconciliation.
4. Control over cash sales is increased if a centrally located
participates in each transaction.
5. The standard form to confirm cash accounts also requests the financial institution to confirm any
to the bank.
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