Exercise 8-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control.
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If a business is in need of working capital, one option is to use a(n) that will buy the company's account receivables and then handle their collection for a fee.
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Exercise 8-02 The following control procedures are used at Torres Company for over-the-counter cash...
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