The internal control procedures are categorized as follows:
- 1. Weakness
- 2. Weakness
- 3. Strength
- 4. Strength
- 5. Strength
- 6. Strength
- 7. Weakness
What are internal controls?
These refer to processes in the accounting process or other aspects of the business that are instituted to prevent or eliminate fraud or errors.
Full question:
Determine whether each cash receipts procedure is an internal control strength or weakness.
- The record keeper of cash transactions is also in charge of depositing cash receipts in the bank.
- One employee with many years of experience is solely in charge of opening cash receipts received by mail.
- All sales transactions, even those for less than $1, are recorded on a cash register.
- Two employees are tasked with opening mail that contains cash receipts.
- Cash registers have a permanent, locked-in electronic record of each transaction.
- The clerk who has access to cash in the register cannot access the accounting records to change transaction deals.
- Receipts are only given to customers for sales that are above $20
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