An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system.

. separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud.
. the primary objective of internal control procedures is to safeguard the business against theft from government
agencies.
. the main objective of internal control procedures is best accomplished by designing an operational system with
managerial policies that protect the assets from waste, fraud, and theft.
. separating the responsibility for a transaction between two or more individuals or departments will not
prevent someone from creating a fictitious invoice and paying the money to herself or himself.

Concrete consulting co. has the following accounts in its ledger: cash; accounts receivable; supplies; office equipment; accounts payable; jason payne, capital; jason payne, drawing; fees earned; rent expense; advertising expense; utilities expense; miscellaneous expense. transactions oct. 1 paid rent for the month, $3,600. 3 paid advertising expense, $1,200. 5 paid cash for supplies, $750. 6 purchased office equipment on account, $8,000. 10 received cash from customers on account, $14,800. 15 paid creditors on account, $7,110. 27 paid cash for miscellaneous expenses, $400. 30 paid telephone bill (utility expense) for the month, $250. 31 fees earned and billed to customers for the month, $33,100. 31 paid electricity bill (utility expense) for the month, $1,050. 31 withdrew cash for personal use, $2,500. journalize the following selected transactions for october 2019 in a two-column journal. refer to the chart of accounts for exact wording of account titles

Richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

Which of the following statements regarding the southern economy at the end of the nineteenth century is accurate? the south was producing as much cotton as it had before the civil war.