As a form of internal control, transaction limits are most likely to be associated with which step in the accounting cycle?
A)Second
B)Fourth
C)Ninth
D)Last

Question

Quizplus · Accepted Answer

Transaction limits are a form of internal control associated with the second step in the accounting cycle, which is recording transactions in the journal. By setting transaction limits, a company can prevent unauthorized or excessive transactions from being recorded in the journal.

As a Form of Internal Control, Transaction Limits Are Most