Please help with assignment; attachment is the assignment.

Instructions A. Indicate whether each of the procedures of internal control represents: (1) a strength or, (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk. B. For each letter, A?H, you should have at least a one paragraph, thoughtful answer that includes good critical thinking. C. Your Assignment must be submitted in a single Word document. D. The document must use APA formatting and include a proper Running head, Title Page, and references (Please review the documents placed in Doc Sharing related to APA formatting and proper formal writing. You may use the file titled ?APA Template? and revise it to meet the Assignment

E. Use properly formatted headings to organize your paper. F. You must include proper references and citations for any content not original to you. Also, you must use independent references/citations to support any ?personal knowledge? or ?personal experience? you include in the analysis. Formal writing does not recognize your own personal knowledge as ?common knowledge.? Therefore, proper independent support must be included for any

Unit 5 [AC499: Bachelor's Capstone in Accounting] Unit 5 Assignment: GAAP Applications - Internal Control Recall that in Units 2 and 3, you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently moved from Dustin's home into rented quarters. Assume that you are the internal auditor for the business and you have to evaluate the internal control procedures that have been implemented in the business. There are three objectives of internal control: sh is ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m (1) Assets are safeguarded and used for business purposes, (2) Business information is accurate, and (3) Employees comply with laws and regulations. The five elements of internal control are: (1) The control environment, (2) Risk assessment, (3) Control procedures, (4) Monitoring, and (5) Information and communication. Th If you owned a business, you would expect your employees to: 1) Work to achieve the business goals and objectives you establish. 2) Use business assets (such as machinery or automobiles) only for legitimate business purposes and avoid wasting business resources. 3) Record accurate data regarding business transactions so you could accurately judge how well your business is doing. 4) Refrain from stealing your cash, supplies, inventory, or property, plant, and equipment. https://www.coursehero.com/file/8794776/Assignment-Week-5/ Unit 5 [AC499: Bachelor's Capstone in Accounting] In theory, you should be able to expect these things. In practice, however, you must establish an internal control framework to make sure your business objectives are achieved, assets are protected from theft and misuse, and financial data are recorded accurately. The following eight procedures (A-H) were recently installed by Quixote Consulting: A. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer. B. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. sh is ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m C. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers. D. At the end of each day, all cash receipts are placed in the bank's night depository. E. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. F. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. G. After necessary approvals have been obtained for the payment of a voucher, treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. H. Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund. Instructions Th A. Indicate whether each of the procedures of internal control represents: (1) a strength or, (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk. B. For each letter, A-H, you should have at least a one paragraph, thoughtful answer that includes good critical thinking. C. Your Assignment must be submitted in a single Word document. D. The document must use APA formatting and include a proper Running head, Title Page, and references (Please review the documents placed in Doc Sharing related to APA formatting and proper formal writing. You may use the file titled \"APA Template\" and revise it to meet the Assignment criteria). https://www.coursehero.com/file/8794776/Assignment-Week-5/ Unit 5 [AC499: Bachelor's Capstone in Accounting] E. Use properly formatted headings to organize your paper. F. You must include proper references and citations for any content not original to you. Also, you must use independent references/citations to support any \"personal knowledge\" or \"personal experience\" you include in the analysis. Formal writing does not recognize your own personal knowledge as \"common knowledge.\" Therefore, proper independent support must be included for any assertions made. When you are ready, you may submit your paper on the Dropbox page. Note: include your name in the filename of the Assignment. sh is ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m Unit 5 Assignment Rubric Category/Description Points Earned Points Possible 0 1 0 2 -Correctly Labeled Weakness? 0 1 -One Paragraph appropriate to topic? 0 2 -Correctly Labeled Weakness? 0 1 -One Paragraph appropriate to topic? 0 2 -Correctly Labeled Strength? 0 1 -One Paragraph appropriate to topic? 0 2 Scenario A -Correctly Labeled Weakness? -One Paragraph appropriate to topic? Scenario B Th Scenario C Scenario D https://www.coursehero.com/file/8794776/Assignment-Week-5/ Instructor Additional Comments (If necessary) Unit 5 [AC499: Bachelor's Capstone in Accounting] Scenario E -Correctly Labeled Strength? 0 1 -One Paragraph appropriate to topic? 0 2 -Correctly Labeled Strength? 0 1 -One Paragraph appropriate to topic? 0 2 Scenario G sh is ar stu ed d vi y re aC s o ou urc rs e eH w er as o. co m Scenario F -Correctly Labeled Strength? 0 1 -One Paragraph appropriate to topic? 0 2 -Correctly Labeled Weakness? 0 1 -One Paragraph appropriate to topic? 0 2 0 24 Analysis & Critical Thinking 0 10 APA Format/Grammar/Spelling 0 6 0 40 Scenario H Content Subtotal Deductions, Late Penalty, other Th Final Score https://www.coursehero.com/file/8794776/Assignment-Week-5/ Powered by TCPDF (www.tcpdf.org) Management Tools Assignment # 1 and #2 Additional Notes: Use this Excel Workbook for Units 02 & 03 Assignments 1) All Journal Entries MU 2) All Debit account entr 3) All Credit account en 4) You will be required t You may create one " otherwise unspecified 4) Be sure that you use all underlining and "$ 5) These templates are Due Dates: Assignment #1-Due Unit 2 Assignment #2-Due Unit 3 The Unit 2 Assignment is worth 40 points The Unit 3 Assignment is worth 40 points BE SURE TO COMPLETE ALL REQUIREMENTS LISTED BELOW. There are 11 Sheets in the Workbook including this one. The Final 2 sheets are the Unit 2 and Unit 3 rubrics. They will help you understand the assessment values. All of the Information you need for successful completion the Project is located in the Unit readings, Assignment Instru Requirements Assignment #1 Due in Unit 02 Requirement 1 - Prepare the Journal Entries in the General Journal Requirement 2 - Post Journal Entries to the General Ledger Requirement 3 - Prepare an Unadjusted Trial Balance Sheet in Workbook Journal Entries General Ledger Unadjusted TB Assignment #2 - Due in Unit 03 Requirement 4 - Prepare the Adjusting Entries Requirement 5 - Post Adjusting Entries to the General Ledger Requirement 6 - Prepare an Adjusted Trial Balance Requirement 7 - Prepare the Financial Statements Requirement 8 - Prepare the Closing Entries Requirement 9 - Post Closing Entries to the General Ledger Requirement 10 - Prepare the Post Closing Trial Balance Adjusting Entries General Ledger Adjusted TB Financial Statements Closing Entries General Ledger Post Closing TB ) Late Penalty (If applicable) (Enter as a negative amount -->) Final Total Instructor Comments AC 499 Unit 3 Rubric: Your score Possible Points Category 1-Prepare the Adjusting entries A-F. 0 5 2-Journalize and Post the adjusting entries. 0 5 a. an income statement, 0 5 b. a statement of owner's equity, 0 5 c. a balance sheet. 0 10 4-Journalize and post the closing entries. 0 5 5-Prepare a post-closing trial balance. 0 5 0 40 0 40 3-Prepare: Preliminary Totals Additional Items: Deductions for uncorrected errors from Unit 2 (Enter a negative amount -->) Late Penalty (If applicable) (Enter as a negative amount -->) Final Total Instructor Comments