For Each of the Following Procedures, Indicate Whether It Is

question 33

Essay

For each of the following procedures, indicate whether it is an internal control strength or a weakness. Also, for each weakness, explain why it is a weakness and how it can be corrected.
(a)Only the best ac counting graduates are hired to eliminate the need for training.
(b)The person responsible for or dering and receiving supplie s is not pemitted to rec ord or pay for the supplies.
(c)Company policy mandates that all employees take vacation time.
(d)Internal auditors constantly monitor the internal control system.
(e)The accountant deposits cash at least once each day to prevent holding large amounts of cash on hand.

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Definitions:

Low-calorie Bread

A type of bread designed with fewer calories per serving than traditional bread, catering to diet-conscious consumers.

Segmenting

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.

Positioning

Repositioning a product or brand means strategizing its place in the market and consumer's mind, often in relation to competitors, through marketing, design, and messaging.

Psychographic

Relating to the study of personality, values, opinions, attitudes, interests, and lifestyles of consumers to segment markets and understand consumer behaviors.