Exercise 8-06 Listed below are five procedures followed by Gilmore Company. 1. Employees are required to take vacations. 2. Any member of the sales department can approve credit sales. 3. Paul Jaggard ships goods to customers, bills customers, and receives payment from customers. 4. Total cash receipts are compared to bank deposits daily by someone who has no other cash responsibilities. 5. Time clocks are used for recording time worked by employees. Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated.

Internal control Procedure

Explanation: Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organisation.

1. Employees are required to take vacations.- Good Internal Control . 2. Any member of the sales department can approve credit sales. -Weak Internal Control. 3. Paul Jaggard ships goods to customers, bills customers, and receives payment from customers.- Good Internal Control 4. 4. Total cash receipts are compared to bank deposits daily by someone who has no other cash responsibilities. -Good internal Control. 5.Time clocks are used for recording time worked by employees.- Good internal Control .  The organization runs on Preventative Internal Control

As indicated by problem statement and whole paragraph as employees are required to take vacation the whole procedure is an example of internal control process and its principle is being violated.

elizabeth loftus conducted a study to observe the reliability of eyewitnesses during the 1970s. their baseline was to define how accurate are the recollections of eyewitnesses.

her studies do not support the use of eyewitness. loftus mentions in her work that we are not required to recall some experiences, meaning that rarely an individual eyewitness testimony is trustworthy. a good example is presented in her work, where all individuals watched a video and were than asked "about how fast were the cars going when they hit/smash? ". the testimonies changed based on the word she used to make the question (hit or smash), proving the fragility.

what organizations did you select