Determine whether each procedure described below is an internal control strength or weakness. Internal Control Principle 1. Large amounts of cash are kept in a desk drawer to pay liabilities over $1,000. 2. The recordkeeper is in charge of signing checks and handling cash. 3. Employees handling cash do not have access to accounting records. Weakness or Strength

Determine whether each procedure described below is an internal control strength or weakness. Internal Control Principle 1. Large amounts of cash are kept in a desk drawer to pay liabilities over $1,000. 2. The recordkeeper is in charge of signing checks and handling cash. 3. Employees handling cash do not have access to accounting records. Weakness or Strength

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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