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Question(s) / Instruction(s):

(ACCT2020) The internal control procedures in Payton Company make the following provisions. Match the principles of internal control with processes that are being followed in each case.

Independent internal verification

Documentation procedures

Segregation of duties    

1.            Employees who have physical custody of assets do not have access to the accounting records.

2.            A prenumbered shipping document is prepared for each shipment of goods to customers.

3.            Each month the assets on hand are compared to the accounting records by an internal auditor.

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