The following situations suggest a strength or a weakness in internal control. Identify each as a strength

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The following situations suggest a strength or a weakness in internal control. Identify each as a strength or weakness, and give the reason for your answer.
a. All employees must take at least five consecutive days off each year.
b. The accounting department orders merchandise and approves invoices for payment.
c. Cash received over the counter is controlled by the sales clerk, who rings up the sale and places the cash in the register. The daily sales are recorded in the accounting records by the accounting department.
d. The officer who signs the checks need not examine the payment packet because he is confident the amounts are correct.

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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