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Internal Controls are required to safeguard assets and to ensure ethical business practices.
(1) Identify and explain the reason for any two of the five components of internal control (10 points) and
(2) Provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices.
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Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2011. Barbara contributed $100,000 in exchange for her one-half interest.
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