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Exercises 17.1 (LO 1) C The following situations sugest either a strength or a weakness is internal control 1. At Frederico's, Amanda and Long work alternate lanch hours. Normally Amanda works the cash wand register at the checkout counter, but during her lunch hour Low takes ber place. They both the same cash drawer and count cash together at the end of the day 2. Sandeep is a very hard working employee at Stan's Hardware Sandeep does such a good job that he is responsible for most of the company's office and accounting tasks. The colything the owner has to do is sign cheques 3. At Half Pipe Skate, they are very concerned about running an efficient, low-cost business. Con sequently, the manager has assigned the same individual to do the purchasing and prepare the receiving reports when the merchandise is delivered 4. At Traction Tires, most of the tires are stored in a fenced outdoor storage area. One of the employ ces noticed a place where the fence needed to be repaired and reported this to the manager. The fence was fixed before the close of business that night. 5. The internal auditors at Humber Manufacturing regularly report their findings to senior man agement, who get the accounting department to investigate and resolve any problem. 6. All employees at Vincent Travel take a vacation every year. During that time, with the exception of the controller's position, the employees' duties are assigned to another individual while they are on vacation Instructions a. State whether each situation above is a strength or a weakness in internal control b. For each weakness, suggest an improvement Exercises E7.1 (LOI) The following situations sugest either a strength or a weakness in internal control 1. At Frederico's, Amanda and Long work alternate lunch hours. Normally Amanda works the cash Memang register at the checkout counter, but during her lunch hour long takes her place. They both use the same cash drawer and count cash together at the end of the day 2. Sandeep is a very hard working employee at Stan's Hardware Sandeep does such a good job that he is responsible for most of the company's office and accounting tasks. The only thing the one has to do is sign cheques 3. Ar Half Pipe Skate, they are very concerned about running an efficient, low cost business Con sequently, the manager has assigned the same individual to do the purchasing and prepare the receiving reports when the merchandise is delivered 4. At Traction Tires, most of the tires are stored in a fenced outdoor storage area. On of the employ ces noticed a place where the fonce needed to be repaired and reported this to the manager. The fence was fixed before the close of business that night. 5. The internal auditors at Humber Manufacturing regularly report their findings to senior appement, who get the accounting department to investigate and resolve any problems. 6. All employees at Vincent Travel take a vacation every year. During that time, with the exception of the controller's position, the employees duties are assigned to another individual while they are on vacation Instructions a. State whether each situation above is a strength or a weakness in internal control b. For each weakness, suggest an improvement. Exercises E7.1 (LO 1) The following situations suggest either a strength or a weakness in internal control Menit inimalist 1. At Frederico, Amanda and Long work alternate lunch hour. Normally Amanda works the cath weken pro register at the checkout counter, but during her lunch hour long takes her place. They both use the same cash drawer and count cash together at the end of the day 2. Sandeep is a very hard-working employee at Stan's Hardware, Sandeep does such a good job that he is responsible for most of the company's office and accounting tasks. The only thing the owner has to do is sign cheques 3. At Half Pipe Skate, they are very concerned about running an efficient, low-cost business, Con. sequently, the manager has assigned the same individual to do the purchasing and prepare the receiving reports when the merchandise is delivered 4. At Traction Tires, most of the tires are stored in a fenced outdoor storage area. One of the employ ces noticed a place where the fence needed to be repaired and reported this to the manager. The fence was fixed before the close of business that night. 5. The internal auditors at Humber Manufacturing regularly report their findings to senior man agement, who get the accounting department to investigate and resolve any problem 6. All employees at Vincent Travel take a vacation every year. During that time with the exception of the controller's position, the employees' duties are assigned to another individual while they are on vacation Instructions a. State whether each situation above is a strength or a weakness in internal control b. For each weakness, suggest an improvement