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| A company has considerable cash collections on a regular basis. The cashier receives the cash, records it andthen banks it at the end of each day. Since a single person is responsible for access to cash, the financial directoris concerned that fraud and error may occur in cash handling and recording. He proposes use of appropriateinternal controls to prevent any such errors or misappropriations. The following are specific examples of internal controls used in business: A.Segregation of duties B.Induction and training C.Authorisation limit D.Internal audit The following sentences contain gaps which specify the appropriate internal control which could be used toprevent fraud and errors. Fraud and errors in handling cash can be prevented through( 1 ) since no one individual could record andprocess a complete transaction. (i) Select the correct internal control which appropriately fills gap 1 above; i.e. select A, B, C or D. |
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