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- 1 page
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- Subject
- Accounting, Business Management
This assignment evaluates five internal control procedures at The Beat Company. It helps you understand good and weak internal control principles.
What's inside
- Several individuals operating the cash register
- Monthly bank reconciliation by an independent person
- Ellen May writing checks and recording cash payments
- Separate individuals for ordering inventory and authorizing payments
- Unnumbered sales invoices forwarded every four weeks
Who it is for: Students taking an accounting course. (Undergraduate)
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Summary
Internal control procedures are ways to keep a business safe. Students learn how to spot good and bad internal control in a business.
The Beat Company's Procedures
The Beat Company has five procedures for handling money and goods. Students decide whether each procedure is good or bad.
Internal Control Principles
Students learn about principles of internal control. They decide which principle is followed or violated by each procedure.
Good and Bad Control
Students decide whether each procedure is good or bad. They say which principle is followed or violated.
The Table
Students fill in a table. They say whether each procedure is good or bad. They say which principle is followed or violated.
Key terms
- Internal control
- Rules and steps to keep a business safe.
- Establishment of responsibility
- One person does one job.
- Independent internal verification
- One person checks another's work.
- Segregation of duties
- Different people do different jobs.
- Documentation procedures
- Rules for keeping records.
- Cash register
- A machine for taking payments.
Questions this document helps with
- What is internal control?
- How do you spot good internal control?
- What is a cash register?
Summary written with AI from the document's text.
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