Internal Control: Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives. The principles of internal control.

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Answer 1

Question

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

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Answer 2

Question

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

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Answer 3

Question

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

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Answer 4

Question

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

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Answer 5

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

Answer 6

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

Answer 7

Chapter 8, Problem 1DQ

To determine

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.

Answer 8

Expert Solution & Answer

Answer to Problem 1DQ

Solution:

Following are the seven principles of internal control:

Establishing responsibility.
Maintaining adequate records.
Insuring asset and bond key employees.
Separating record keeping from custody of assets.
Dividing accountability for related transaction.
Applying technological controls.
Performing independent and regular reviews.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

For internal control, there should be established responsibility for specific transaction so that if anything goes wrong then organization can held someone responsible or faulty. The second principle tells us to maintain adequate records of all transactions. As per the third principle, a firm needs to insure its assets against any casualty. As per the fourth principle, there should be different persons one who is controlling the asset and another who is keeping the accounting record of an asset. As per the fifth principle, there should be a division of responsibilities related to one transaction among two three employees so that an automatic check on each persons can be maintained. As per sixth principle, by adapting the technologies, we can improve the level of internal control. In last we need to perform regular reviews to make sure that everything is in aligned with the goals of the organization.

Answer 12

Conclusion

The principle of internal control helps in monitoring and verifying business activities.

Answer 13

Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - Which of the following assets—inventory, building,...Ch. 8 - Prob. 8DQ Ch. 8 - Prob. 9DQ Ch. 8 - Prob. 10DQ

Internal Control: Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives. The principles of internal control.

Internal Control: Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives. The principles of internal control.

Answer to Problem 1DQ

Explanation of Solution

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Chapter 8 Solutions

Internal Control:

Internal control is a process of minimizing any operational error and financial reporting error and achieving organizations objectives.

The principles of internal control.