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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
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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