E7-2 Identify the principles of internal control Ricci's Pizza operates st clerk exchanges the pizza for cash. While at the counter, the customer can see other employees making the pizzas and the large ovens in which the pizzas are baked. Instructions Identify the six principles of internal control and give an example of each principle that you might observe when picking up your E7-3. List internal control weaknesses over cash receipts and suggest improvements. The following control procedures are used in Keaton Company for over-the-counter cash receipts. 1.Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. 2.All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. 3.To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. .4.At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. .5.The company accountant makes the bank deposit and then records the day's receipts. Instructions (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. (b) For each weakness, suggest a change in the procedure that will result in good internal control