Listed below are five procedures followed by Eikenberry Company.Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure IC Good or Weak? Related Internal Control Principle 1. Several individuals operate the cash register using the same register drawer. Select a weakness in internal control WeakGood Select a control principle that is violated Independent Internal VerificationSegregation of DutiesEstablishment of ResponsibilityHuman Resource ControlsDocumentation ProceduresPhysical Controls 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. Select a weakness in internal control GoodWeak Select a control principle that is violated Independent Internal VerificationHuman Resource ControlsDocumentation ProceduresEstablishment of ResponsibilityPhysical ControlsSegregation of Duties 3. Joe Cockrell writes checks and also records cash payment entries. Select a weakness in internal control WeakGood Select a control principle that is violated Documentation ProceduresPhysical ControlsIndependent Internal VerificationHuman Resource ControlsSegregation of DutiesEstablishment of Responsibility 4. One individual orders inventory, while a different individual authorizes payments. Select a weakness in internal control GoodWeak Select a control principle that is violated Human Resource ControlsPhysical ControlsDocumentation ProceduresIndependent Internal VerificationEstablishment of ResponsibilitySegregation of Duties 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Select a weakness in internal control GoodWeak

Listed below are five procedures followed by Eikenberry Company.Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure IC Good or Weak? Related Internal Control Principle 1. Several individuals operate the cash register using the same register drawer. Select a weakness in internal control WeakGood Select a control principle that is violated Independent Internal VerificationSegregation of DutiesEstablishment of ResponsibilityHuman Resource ControlsDocumentation ProceduresPhysical Controls 2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. Select a weakness in internal control GoodWeak Select a control principle that is violated Independent Internal VerificationHuman Resource ControlsDocumentation ProceduresEstablishment of ResponsibilityPhysical ControlsSegregation of Duties 3. Joe Cockrell writes checks and also records cash payment entries. Select a weakness in internal control WeakGood Select a control principle that is violated Documentation ProceduresPhysical ControlsIndependent Internal VerificationHuman Resource ControlsSegregation of DutiesEstablishment of Responsibility 4. One individual orders inventory, while a different individual authorizes payments. Select a weakness in internal control GoodWeak Select a control principle that is violated Human Resource ControlsPhysical ControlsDocumentation ProceduresIndependent Internal VerificationEstablishment of ResponsibilitySegregation of Duties 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Select a weakness in internal control GoodWeak

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1AFE

See similar textbooks

Related questions

Question

Procedure	IC Good or Weak?	Related Internal Control Principle
1.	Several individuals operate the cash register using the same register drawer.	Select a weakness in internal control WeakGood	Select a control principle that is violated Independent Internal VerificationSegregation of DutiesEstablishment of ResponsibilityHuman Resource ControlsDocumentation ProceduresPhysical Controls
2.	A monthly bank reconciliation is prepared by someone who has no other cash responsibilities.	Select a weakness in internal control GoodWeak	Select a control principle that is violated Independent Internal VerificationHuman Resource ControlsDocumentation ProceduresEstablishment of ResponsibilityPhysical ControlsSegregation of Duties
3.	Joe Cockrell writes checks and also records cash payment entries.	Select a weakness in internal control WeakGood	Select a control principle that is violated Documentation ProceduresPhysical ControlsIndependent Internal VerificationHuman Resource ControlsSegregation of DutiesEstablishment of Responsibility
4.	One individual orders inventory, while a different individual authorizes payments.	Select a weakness in internal control GoodWeak	Select a control principle that is violated Human Resource ControlsPhysical ControlsDocumentation ProceduresIndependent Internal VerificationEstablishment of ResponsibilitySegregation of Duties
5.	Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording.	Select a weakness in internal control GoodWeak

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.