Why do organizations have policies regarding the use of assets and why do staff need to be aware of them and other organizational policies, procedures and accounting standards? Internal control is enhanced by combining the control of a transaction with the record-keeping function.a.True.b. False. For efficiency of operations and better control over cash, a company should maintain only one bank account. i. True. ii. False.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4MC: Which of the following is not considered to be part of the internal control structure of a company?...
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Why do organizations have policies regarding the use of assets and why do staff need to be aware
of them and other organizational policies, procedures and accounting standards? Internal control is
enhanced by combining the control of a transaction with the record-keeping function.a.True.b. False.
For efficiency of operations and better control over cash, a company should maintain only one bank
account. i. True. ii. False.
Transcribed Image Text:Why do organizations have policies regarding the use of assets and why do staff need to be aware of them and other organizational policies, procedures and accounting standards? Internal control is enhanced by combining the control of a transaction with the record-keeping function.a.True.b. False. For efficiency of operations and better control over cash, a company should maintain only one bank account. i. True. ii. False.
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