List Five Internal Control Procedures That Should Be Followed to Safeguard

question 21

Essay

List five internal control procedures that should be followed to safeguard cash and reduce the likelihood of theft.
Any five of the following:

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Definitions:

Fire Insurance Policies

Contracts that provide coverage for damage or loss to property because of fire.

Hostile Fires

Fires that escape their intended boundaries or start in an unauthorized area, causing damage or destruction.

Indirect Damage

Harm that does not directly result from an action but occurs as a secondary effect, often less tangible and harder to quantify.

Insurable Interest

A legitimate interest by the policyholder in the insured subject matter, where they stand to suffer financial loss if the insured event occurs.