Exercise $8-3($Algo$)$ Internal control strengths and weaknesses LO C$1$

Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure.

An employee cannot approve their own request for purchases of inventory.

Employees that handle easily transferable assets such as cash are bonded.

The company devotes resources towards keeping accurate accounting records for machinery.

The company saves money by having employees involved in operations perform the only review of internal controls.

The company does not allow employees with access to cash to modify accounting records.