Question: Exercise 8 - 2 ( Algo ) Identifying Internal control principles LO C 1 Whole Fruits Market took the following actions to improve internal controls.
Exercise Algo Identifying Internal control principles LO C
Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, identify 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 company divides responsibility for a transaction between multiple departments.
c Personal ID cards are used to limit access to only authorized employees.
d To ensure equipment theft does not go undetected, detailed accounting records are kept.
e External auditors are regularly hired to evaluate internal controls.
f The recordkeeper is not permitted to pay the company's suppliers.
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