Chapter 14, Problem 14.16P

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General Accounting

Financial Accounting

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Internal controls are the rules and procedures that a company develops and implements. These controls help to maintain the accountability and integrity of the accounting information as well as help to prevent fraud. There are many objectives of a well-designed internal control structure in an organization. These include having a controlled environment, assessing risks, and monitoring. An example of a control that I personally use would be in our register system. Every night, the evening cook/helper counts down the cash register drawer and lets me know how much cash was in the drawer over the amount that we leave in it every night of $125. The next morning, I compare the information from the cash register balance sheet to the computer system to ensure all numbers match up. These numbers are then recorded daily into a monthly spreadsheet that we ensure balances at the end of the month. Respond to ally's post