Business is a merchandise business that sells sports jerseys.

Answer the following questions in regard to the fictitious service business you created back in Chapter 1. Make sure your responses are numbered corresponding to the questions. Keep in mind that I am looking for you to relate your answers to your specific business rather than generic answers. Type your business name at the top. 1. Out of the seven principles of Internal Control, pick two that you feel most strongly about due to the nature of your business. Explain their significance to your business. 2. Explain two of the limitations to internal control and how they specifically relate to your business. 3. Specifically explain what variations of "Cash" and "Cash Equivalents" you would expect your business to have as assets. 4. Who would be managing the cash at your business? Explain the top strategies that person would need to use to have effective cash management. 5. When establishing a petty cash fund, what amount do you feel is sufficient for your type of business? What controls would be put in place to effectively manage its use? 6. What is the purpose of creating a bank reconciliation? 7. Specific to your type of business, what types of fraud would be most probable? 8. Explain two reasons why your bank statement and your checking account balances could be different FY|--Failure to proofread for spelling errors/typos will result in a 5 point deduction in your grade