Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following situations suggest either a strength or a weakness in internal control. At Frederico's, Amanda and Long work alternate lunch hours. Normally Amanda

The following situations suggest either a strength or a weakness in internal control.1.At Fredericos, Amanda and Long work

For each weakness, suggest an improvement. 

The following situations suggest either a strength or a weakness in internal control. At Frederico's, Amanda and Long work alternate lunch hours. Normally Amanda works the cash 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. 1. Sandeep is a very hard-working employee at Stan's Hardware. Sandeep does sucha 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. 2. At Half Pipe Skate, they are very concerned about running an efficient, low-cost business. Consequently, the manager has assigned the same individual to do the purchasing and prepare the receiving reports when the merchandise is delivered. 3. 4. At Traction Tires, most of the tires are stored in a fenced outdoor storage area. One of the employees 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 management, who get the accounting department to investigate and resolve any problems. 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. 6. State whether each situation above is a strength or a weakness in internal control. For each weakness, suggest an improvement.

Step by Step Solution

3.40 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Find below the Suggestion for Improvements for Each Weakness for all Situations each SNo Suggestions ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

Create an example of a policy window as defined by kingdon

Answered: 1 week ago

Question

Should standards be used to identify who to blame for problems?

Answered: 1 week ago