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Can i get help solving this problem? Control, and Cash E7-6 Listed below are five procedures followed by Gilmore Company. 1. Employees are required to
Can i get help solving this problem?
Control, and Cash E7-6 Listed below are five procedures followed by Gilmore Company. 1. Employees are required to take vacations. 2. Any member of the sales department can approve credit sales 3. Paul Jaggard ships goods to customers, bills customers, and receives payment from is ol. customers. 4. Total cash receipts are compared to bank deposits daily by someone who has no other cash responsibilities 5. Time clocks are used for recording time worked by employees. Instructions Indicate whether each procedure is an example of good internal nal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. control or of weak inter- IC Good or Weak? Related Internal Control Principle Procedure 1. 2. 3. 4. 5
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