Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. a person who (identifies/controls/recommends) or has access to an asset must (always/not/) keep that asset's accounting records.

controls,  not

Explanation:

To maintain the internal control, segregation of duties is necessary. It is important to order to counter check the performance in step wise manner. This basically means that in the given instance the person who controls the asset must not even maintain or control the accounting of such asset.

As in the cash book, the one who manages the actual cash transactions shall not record the same in accounting books, as if he wants to perform a fraud or something he can then that individual can do so very easily.

As he can forge the books without any one controlling his actions.

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fractionally backed paper money

fiat money

paper money

metallic money