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Exercise 8-3 Determine whether each procedure described below is an internal control strength or weakness; then iden- tify the internal control principle violated or followed

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Exercise 8-3 Determine whether each procedure described below is an internal control strength or weakness; then iden- tify the internal control principle violated or followed for each procedure. Internal control strengths 1. The same employee requests, records, and makes payment for purchases of inventory. and weaknesses 2. The company saves money by having employees involved in operations perform the only review of C1 internal controls 3. Time is saved by not updating records for use of supplies. 4. The recordkeeper is not allowed to write checks or initiate EFTs. 5. Each salesclerk is in charge of her own cash drawer

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