(1)

How does preparing a monthly bank reconciliation facilitate the accomplishment of effective cash management?

(2)

An important aspect of internal control over cash is separation of duties. Why do you think employees who handle cash should not have access to accounting records and accounting personnel should not handle cash?

(3)

Why would a large international corporation need a more elaborate system of internal control than a small owner operated business?

(4)

What are the objectives of internal control? Give some real-world examples of their use.