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Which internal control procedure is followed

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Reference no: EM132789968

Problem 1: Effective cash management and control includes all of the following except

a. the use of a petty cash fund.

b. short-term investments of excess cash.

c. bank reconciliations.

d. purchase of stocks and bonds.

Problem 2: Which internal control procedure is followed when a physical count of inventory is performed in a perpetual inventory system?

a. Proper authorizations

b. Segregation of duties

c. Safeguarding assets and records

d. Independent verification

Reference no: EM132789968

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