Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure.The company does not use electronic time clocks because it fears it will hurt employee morale.The same employee requests, records, and makes payment for purchases of inventory.Several salesclerks share the same cash drawer.Employees that handle easily transferable assets such as cash are bonded.The company devotes resources towards keeping accurate accounting records for machinery

internal controls , mechanism rules and procedures that is implemented by the company in order to…

Answered: will hurt employee morale. The same…

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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Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure.

The company does not use electronic time clocks because it fears it will hurt employee morale.
The same employee requests, records, and makes payment for purchases of inventory.
Several salesclerks share the same cash drawer.
Employees that handle easily transferable assets such as cash are bonded.
The company devotes resources towards keeping accurate accounting records for machinery

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