SACE Stage 2 Accounting Practice Questions - SACE Stage 2 Accounting External Assessment Exam

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Which of the following internal control procedures best protects an organization against unauthorized cash disbursements?

Requiring dual signatures on cheques and electronic fund transfers over a specified threshold Reconciling accounts receivable balances with customer statements annually Maintaining a single cash register drawer shared by all sales staff Filing supplier invoices prior to receiving the goods

Correct Answer:

Requiring dual signatures on cheques and electronic fund transfers over a specified threshold

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