Solved: Internal control procedures are important in every business, Accounting Basics

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Internal control procedures are important in every business

Question: 1. List the seven broad principles of internal control.

2. Internal control procedures are important in every business, but at what stage in the development of a business do they become especially critical?

3. Why should responsibility for related transactions be divided among different departments or individuals?

4. Why should the person who keeps the records of an asset not be the person responsible for its custody?

5. What are the limitations of internal controls?

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