Help with assignment!!!

HGANNON Registered Posts: 23 Dedicated contributor ? ? ?
Hi I am stuck :confused1:on 2 questions regarding my Financial Accounting assignment my mind just seems to of gone blank can anyone shed any light on the below?

1) Why is it necessary that approval to buy or sell fixed assets must be vested in a few people and why this approval must be recorded in the records?

2) What action you would take if it is not possible to reconcile the accounting records with the physical presence of an asset?

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