FINANCIAL ACCT.FUND.(LOOSELEAF)
FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
Question
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Chapter 6, Problem 4DQ
To determine

Separate record keeping from custody of assets: One of the principles of internal control is separate record keeping from the custody of assets. This is an important principle which helps in reducing any kind of fraud in the company.

To explain: The reason for person who keeps the records of an asset is not the person responsible for its custody.

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