Indicate which statements are true and which are false. 1. Internal control procedures should be designed to protect assets from waste and theft. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. The primary objective of internal control procedures is to safeguard the business against theft fr agencies. 4. One objective of internal control procedures is to safeguard the assets of the business.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Indicate which statements are true and which are false.
1. Internal control procedures should be designed to protect assets from waste and theft.
2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud.
3. The primary objective of internal control procedures is to safeguard the business against theft fr
agencies.
4. One objective of internal control procedures is to safeguard the assets of the business.
Transcribed Image Text:Indicate which statements are true and which are false. 1. Internal control procedures should be designed to protect assets from waste and theft. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. The primary objective of internal control procedures is to safeguard the business against theft fr agencies. 4. One objective of internal control procedures is to safeguard the assets of the business.
nts are true and which are false.
be designed to protect assets from waste and theft.
sets from the custody over assets helps reduce fraud.
ontrol procedures is to safeguard the business against theft from government
ocedures is to safeguard the assets of the business.
Transcribed Image Text:nts are true and which are false. be designed to protect assets from waste and theft. sets from the custody over assets helps reduce fraud. ontrol procedures is to safeguard the business against theft from government ocedures is to safeguard the assets of the business.
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