A company's policy is to have all sales to customers on account approved by a separate credit department. This is an example of the control procedure of:

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The policy of having sales on account approved by a separate credit department is an example of proper approvals control procedure, as it ensures that all credit sales are authorized before they are made, reducing the risk of bad debts and potential fraud. The other options, limited access, adequate records, and compliance monitoring, are also important control procedures but do not specifically relate to this policy.

A Company's Policy Is to Have All Sales to Customers