7) There are five key elements that affect an organization's internal control system. Name the elements. 8) Mike Fences, a controller, has an accounting staff of ten. Jeremy, his accounts payable...

7) There are five key elements that affect an organization's internal control system. Name the elements.

8) Mike Fences, a controller, has an accounting staff of ten. Jeremy, his accounts payable supervisor, never takes more than an occasional day of vacation. The employee is very hard working, and likes to receive the cash payout for vacation. This works well for Mike; it reduces his expenses and the other employees do not have to be trained to help out in his absence.

Do you agree with Mike?

9) For each of the following independent situations, identify the internal control element and make a recommendation to improve internal control.

1.Graphic Games is a very busy small company. The blank cheques are available in the box beside the printer for easy access to printing.

2.At Patel’s Plumbing, the accounting clerk issues and authorizes the payments.