Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure. 1. Several salesclerks share the same cash drawer. 2. Employees that handle easily transferable assets such as cash are bonded. 3. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees. 4. The company devotes resources towards keeping accurate accounting records for machinery. 5. The recordkeeper is not allowed to write checks or initiate EFTS. 1. 2. 3. 4. 5. Weakness or Strength Internal Control Principle
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure. 1. Several salesclerks share the same cash drawer. 2. Employees that handle easily transferable assets such as cash are bonded. 3. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees. 4. The company devotes resources towards keeping accurate accounting records for machinery. 5. The recordkeeper is not allowed to write checks or initiate EFTS. 1. 2. 3. 4. 5. Weakness or Strength Internal Control Principle
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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