Identify the internal control principle that was violated in each of the following separate situations. a. The

Question:

Identify the internal control principle that was violated in each of the following separate situations.
a. The recordkeeper left town after the owner discovered a large sum of money had disappeared. An audit found that the record keeper had written and signed several checks made payable to his fiancée and recorded the checks as salaries expense.
b. An employee was put in charge of handling cash. That employee later stole cash from the business. The company incurred an uninsured loss of $184,000.
c. There is $500 in cash missing from a cash register drawer. Three salesclerks shared the cash register drawer, so the owner cannot determine who is at fault.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question
Question Posted: