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8 Determine whether each cash payment procedure is an Internal control strength or weakness. Strength or Weakness 8.75 points 8 02:30:00 Cash payments 1. When
8 Determine whether each cash payment procedure is an Internal control strength or weakness. Strength or Weakness 8.75 points 8 02:30:00 Cash payments 1. When the company runs out of checks, it pays liabilities with cash. 2. A voucher system is used for all payments of liabilities. 3. To save time, all departments are allowed to incur liabilities. 4 Payments of less $100 are made through petty cash. In the voucher system, the following departments are involved: one requesting the 5. purchase, the purchasing department the receiving department, and the accounting department 6. When the owner is out of town, the recordkeeper is in charge of signing checks. eBook References
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