Rolling Hills Ltd. has the following internal controls over cash payments. Identify the control activity that is applicable to each procedure. 1. Company cheques are prenumbered. Documentation 2. The bank statement is reconciled monthly by the assistant controller. Review and reconciliation 3. Blank cheques are stored in a safe in the controller's office. Physical controls Both the controller and the assistant controller are required to sign cheques or authorize 4. v electronic payments. Assignment of responsibility 5. Cheque signers are not allowed to record cash payments. Segregation of duties 6. All payments are made by cheque or electronic transfer. Physical controls V
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