Exercise $6-3($Algo$)$ Internal control strengths and weaknesses LO C$1$

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

Each salesclerk is in charge of their own cash drawer.

The company insures important assets during good and bad economic times.

Time is saved by not updating records for use of supplies.

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