Storing cash in a company safe is an application of which internal control principle?
A) Segregation of duties
B) Documentation procedures
C) Physical controls
D) Establishment of responsibility

Question

Quizplus · Accepted Answer

Storing cash in a company safe is an example of physical controls, which is one of the internal control principles that involves the use of physical safeguards to protect company assets from theft or damage. A company safe is a physical control that limits access to cash and reduces the risk of theft. Segregation of duties involves separating job functions to prevent any one person from having too much control over a transaction, documentation procedures involve maintaining records of transactions, and establishment of responsibility involves assigning duties to specific individuals to ensure accountability.

Storing Cash in a Company Safe Is an Application of Which