The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit.
Correct Answer:
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Q1: In a voucher system vouchers are prepared
Q3: Management is responsible for establishing a system
Q4: The safeguarding of assets is an objective
Q6: Only large companies need to be concerned
Q7: Requiring employees to take vacations is a
Q8: Internal control is mainly concerned with the
Q9: Firms use physical controls primarily to safeguard
Q10: A highly automated computerized system of accounting
Q11: Control over cash disbursements is improved if
Q21: For efficiency of operations and better control
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