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Exercise 6-3(Algo) Internal control strengths and weaknesses LO C1 Determine whether each procedure...

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Accounting

Exercise 6-3(Algo) Internal control strengths and weaknesses LO C1
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure.
The same employee requests, records, and makes payment for purchases of inventory.
Each salesclerk is in charge of their own cash drawer.
The company insures important assets during good and bad economic times.
Time is saved by not updating records for use of supplies.
The company saves money by having employees involved in operations perform the only review of internal controls.

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