I - Approach for Internal Control Assessment (this is an accounting-oriented question) A logical approach to the assessment of internal control is to imagine what types of errors could occur with regards to each significant class of transactions. Assume a company has the significant classes of transactions listed below. 1. Credit sales transactions 2. Raw materials purchase transactions 3. Payroll transactions 4. Equipment acquisition transactions 5. Cash receipt transactions 6. Leasing transactions 7. Dividend transactions 8. Short-term investment transactions Requirement: For each one, identify one or more errors that could occur and name the accounts that would be affected if proper controls were not specified or followed satisfactorily. Instructions to follow: Possible errors can be expressed in general in terms of the six control objective categories. Students might need to think more specifically about which accounts could be affected