Question: Identify the internal control principle that was violated in each of the following separate situations. Situations a . An employee was put in charge of

Identify the internal control principle that was violated in each of the following separate situations.
Situations
a. 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.
b. 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.
c. An employee stole thousands of dollars worth of equipment over many years. It took years for the company to discover the
fraud because accounting records for equipment were rarely updated.
 Identify the internal control principle that was violated in each of

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!