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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 27
Identifying Internal Control Principle and Financial Reporting Control Objective
At most movie theaters, one employee sells tickets and another employee collects them. One night, when you're at the movies, your friend comments that this is a waste of the theater's money.
Required:
1. Identify the name of the control principle to which this situation relates.
2. Explain to your friend what could happen if the same person did both jobs.
At most movie theaters, one employee sells tickets and another employee collects them. One night, when you're at the movies, your friend comments that this is a waste of the theater's money.
Required:
1. Identify the name of the control principle to which this situation relates.
2. Explain to your friend what could happen if the same person did both jobs.
Explanation
Verified
Verified
1. Internal control procedures are used ...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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