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Homework answers / question archive / Exercise 8-3 Internal control strengths and weaknesses LO Cl  Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure

Exercise 8-3 Internal control strengths and weaknesses LO Cl  Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure

Accounting

Exercise 8-3 Internal control strengths and weaknesses LO Cl 
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 
1. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees. 2. An employee cannot approve their own request for purchases of inventory. 3. Several salesclerks share the same cash drawer. 4. Employees that handle easily transferable assets such as cash are bonded. 5. The company devotes resources towards keeping accurate accounting records for machinery. 
 

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