Asked by Maria Arias on May 09, 2024
Verified
Discuss how the principles of internal control apply to cash receipts over-the-counter by giving several examples of good control measures that should be implemented.
Internal Control
Procedures and practices implemented by a company to safeguard assets, ensure accurate financial reporting, and promote compliance with laws and regulations.
Cash Receipts
The collection of money, including coins, notes, and electronic transfers, received by a business during its normal operations.
Over-The-Counter
A decentralized market where securities not listed on formal exchanges are traded directly between parties.
- Implement internal control strategies on cash transactions to mitigate and identify inaccuracies and fraudulent activities.
Verified Answer
Learning Objectives
- Implement internal control strategies on cash transactions to mitigate and identify inaccuracies and fraudulent activities.
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