Chapter 2: Demand and Supply

Question 1

Some examples of weaknesses in internal controls include.

Answer 1

1. No Credit Approval in credit sales.
2. No checking on receipt of goods.
3. Bank reconciliation statement is not prepared at month end.
4. Stock is not counted at month end.

[Chapter 4, LO 2]

Question 4

This is next days’ LO

Answer 4

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