Listed are the five procedures followed by the Gilmore Company. Employees are re

Question

Listed are the five procedures followed by the Gilmore Company. Employees are required to take vacation. Any members of the sales department can approve credit sales. Paul Jaggard ships goods to customers, bills customers, and receives payment from customers. Total cash receipts are compared to bank deposits daily by someone who has no other cash responsibilities. Time clocks are used for recording time worked by employees. 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.

Explanation / Answer

Procedure Good or weak Internal Control 1 Good Human control 2 Weak Establishment of Responsibility 3 Weak Segregation of duties 4 Good Independent internal verification 5 Good Document procedures

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.