What is Internal Control and what does it seek to accomplish? Give three examples of different controls.

Fantastic news! We've Found the answer you've been seeking!

Question:

What is Internal Control and what does it seek to accomplish? Give three examples of different controls. If you owned a company (or if you do currently), what controls would you put in place to protect your business against theft (by employees)?

Related Book For answer-question

Entrepreneurship & Small Business Management

ISBN: 978-0133767186

2nd edition

Authors: Steve Mariotti, Caroline Glackin

See More Books

Posted Date: Mar 07, 2024 11:51 PM

See More Questions

QUIZ... Let D be a poset and let f : D D be a monotone function. (i) Give the definition of the least pre-fixed point, fix (f), of f. Show that fix (f) is a fixed point of f. [5 marks] (ii) Show that...
Microkernel operating systems aim to address perceived modularity and reliability issues in traditional "monolithic" operating systems. (i) Describe the typical architecture of a microkernel...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
Data-2-Go manufactures and sells flash drives. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month:...
Samsung, Apple, and Google are competitors in the global marketplace. Following are selected data from each company. Required 1. Compute Samsung's return on total assets, and its components of profit...
Next month, a garage that specialises in servicing commercial vehicles, is considering offering 50% of its customers a two month credit period for payment, as opposed to asking all its customers to...
A snow-cone machine at an icecream shop costs $\$ 15,000$. The machine is expected to generate profits of $\$ 2,500$ each year of its 10-year useful life. At the end of the 10 years, the machine...
Messner Co. reported $145,000 of net income for 2010. The accountant, in preparing the statement of cash flows, noted several items occurring during 2010 that might affect cash flows from operating...
3. Consider a two period problem where a consumer has preferences over consumption in the two periods given by: log c + Blog c'. She has no initial assets and has income y in the first period y' in...
Solve the following Long-Term Assets Office Equip Accum. Depr-Office Equip. Computer Equip. Accum. Depr.-Computer Equip Building Cost Accum. Depr.-Building Land Total Total Assets $ 2,500.00...
2. Calculate the total energy E (MeV), kinetic energy T (MeV), Lorentz factor & and y, and velocity (m/s) for the following particles with momentum: a) 5 MeV/c proton b) 5 MeV/c electron c) 5 MeV/c...
2. You are asked to make a two-way price in the Euros versus the Swiss Franc. You are quoted the following prices by the Euro dealer for USD-EUR: $1.0995 - $1.1005 and the Swiss dealer for CHF-USD:...
Indicate whether each of the following solutions is acidic, basic, or neutral by calculating the [H+] in each of them. a. [OH-] = 3.99 x 10-5 M b. [OH-] = 2.91 x 10- M c. [OH-] = 7.23 x 10- M d....
A 120-V AC supply delivers power to a load modeled as a 4- resistance in series with a 3- inductive reactance. Find the active, reactive, and apparent power consumption of the load along with its...
It is correct to state that tornadoes: Reminder: 1 meter = 1.09 yards are high pressure centers and have average diameters of a few hundred meters are high pressure centers and have average diameters...
Question 4 Consider a new deposit of CAD3,000 to the Canadian banking system. Suppose that all commercial banks have a target reserve ratio of 20 percent and there is no cash drain. The following...
Show that, given a maximum flow in a network with m edges, a minimum cut of N can be computed in O(m) time.
Describe the exit strategy you plan to use to harvest your business. Why do you think this exit strategy will be attractive to potential investors?
1. What types of contracts does Airbnb need? With whom? 2. How is insurance involved in the Airbnb business model? How would you recommend this be changed, if at all? Why? 3. How does Airbnb...
Create a Projected Balance Sheet for your business for 1 year. a. Create a pie chart showing your current assets, long-term assets, current liabilities, and long-term liabilities. b. What is your...
What are two ratios that measure market value for publicly traded investor-owned businesses?
Grandview Clinic has fixed costs of $2 million and an average variable cost rate of $15 per visit. Its sole payer, an HMO, has proposed an annual capitation payment of $150 for each of its 20,000...
Part A For each item, identify whether it best applies to lean businesses $(L)$ or traditional businesses $(T)$. 1. Production begins with a sales forecast. 2. Only finished goods are inspected...

What is Internal Control and what does it seek to accomplish? Give three examples of different controls.

Question:

Expert Answer:

Internal control refers to the processes rules and procedures implemented by an organization to ensure the integrity of financial and accounting information promote accountability and prevent fraud In... View the full answer

Entrepreneurship & Small Business Management

Students also viewed these accounting questions