The separating of recordkeeping from the custody of assets a limitation of an internal control system because:
- In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
- Employee maintaining accounting records has no incentive to falsify records.
- Employee controlling asset will know if another person is maintaining records or not.
- The employee who controls/has access to an asset should not maintain that asset's accounting records.
<h3>
What is meant by Internal Control?</h3>
- Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
- Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.
To learn more about asset's accounting records: brainly.com/question/24012821
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Answer:
states.
Explanation:
The US Constitution delegated specific powers to the three branches of the Federal government (Executive, Legislative and Judicial). All the powers not specifically delegated to any branch of the Federal government, are expressly reserved to the State governments.
The idea is very simple, all the powers not specifically granted to the federal government belong to the states.
Answer:
The correct answer is option A
a. cure the defect.
Explanation:
A problem that can be corrected based on the agreed terms and conditions by a seller or buyer is a curable defect.
Salespeople have to develop a mutual trusting relationship with the customers has this determines the long term sales relationship that they can mutually benefit from. A part of developing trust with the customer includes a good and long effective communication between the two.
It attracts new customers and gets positive response.
Good marketing attracts more customers, more customers means more profit deeming it to be successful.
