Question
A good system of internal control for cash provides adequate procedures for protecting both cash receipts and cash disbursements. Identify each of the following statements as either true or false regarding this protection.
_____c. A basic guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records.
Solution
VerifiedAnswered 1 year ago
Answered 1 year ago
Correct answer: True
This procedure helps the company in preventing deliberate manipulation of accounting records as well as misappropriation of assets.
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