independent outside auditors must eliminate redundant internal control.
independent outside auditors must attest to the level of internal control.
Which of the following is
an internal control activity for cash?
Surprise audits of cash on hand should be made occasionally.
The number of persons who have access to cash should be limited.
The functions of record keeping and maintaining custody of cash should be combined.
All cash receipts should be recorded promptly.
Before a check authorization is issued, the following documents must be in agreement, except for
Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost $180,000 and had an
expected salvage value of $30,000. The life of the equipment was estimated to be 6 years. The book
value of the equipment at the beginning of the third year would be