An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting,
Question:
1. What is the main objective of internal control procedures? How is that objective achieved?
2. Why should recordkeeping for assets be separated from custody over those assets?
3. Why should the responsibility for a transaction be divided between two or more individuals or departments?
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The main objective of internal control procedures is to safeguard the assets of the busin...View the full answer
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Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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