Can you please check my work Determine whether each procedure described below is an internal control strength or weakness; then identify the internal controlviolated or followed for each procedure.1. The same employee requests, records, and makes payment for purchases of inventory.2. Each salesclerk is in charge of their own cash drawer.3. The company insures important assets during good and bad economic times.4. Time is saved by not updating records for use of supplies.5. The company saves money by having employees involved in operations perform the only review of internal controls.

Answered: Determine whether each procedure…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you please check my work

Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control
violated or followed for each procedure.
1. The same employee requests, records, and makes payment for purchases of inventory.
2. Each salesclerk is in charge of their own cash drawer.
3. The company insures important assets during good and bad economic times.
4. Time is saved by not updating records for use of supplies.
5. The company saves money by having employees involved in operations perform the only review of internal controls.

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Step 1

Internal Control:- It is a system in which management ensures that each process and department work properly as per the protocol decided and also ensures controlled working.

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