Question: Exercise 6-2 Applying Internal control principles LO C1 Whole Fruits Market took the following actions to improve Internal controls. For each of the following actions,
Exercise 6-2 Applying Internal control principles LO C1 Whole Fruits Market took the following actions to improve Internal controls. For each of the following actions, select the Internal control principle the company followed. a. Each cashier is designated a specific cash drawer and is solely responsible for cash in that drawer. b. The most important assets of the business are insured c. Digital time clocks are used to register which employees are at work at what times. d. The company divides responsibility for a transaction between multiple departments e. External auditors are regularly hired to evaluate internal controls t. The recordkeeper is not permitted to pay the company's suppliers Exercise 6-2 Applying Internal control principles LO C1 Whole Fruits Market took the following actions to improve Internal controls. For each of the following actions, select the Internal control principle the company followed. a. Each cashier is designated a specific cash drawer and is solely responsible for cash in that drawer. b. The most important assets of the business are insured c. Digital time clocks are used to register which employees are at work at what times. d. The company divides responsibility for a transaction between multiple departments e. External auditors are regularly hired to evaluate internal controls t. The recordkeeper is not permitted to pay the company's suppliers
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