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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Answer 1

Question

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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Answer 2

Question

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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Answer 3

Question

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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Answer 4

Question

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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Answer 5

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.

Answer 6

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.

Answer 7

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.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 6 - Prob. 1QS Ch. 6 - Prob. 2QS Ch. 6 - Prob. 3QS Ch. 6 - Prob. 4QS Ch. 6 - Prob. 5QS Ch. 6 - Prob. 6QS Ch. 6 - Prob. 7QS Ch. 6 - Prob. 8QS Ch. 6 - Prob. 9QS Ch. 6 - Prob. 10QS

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Chapter 6 Solutions