Essay Questions Based on the feedback from your instructor, make any corrections to Part 1, which you submitted in Lesson 7, and continue building (writing) your report. Briefly describe internal control and how can it be used to protect assets. How can petty cash funds be used for internal control purposes? Why are bank accounts used? What is bank reconciliation, and why should a business use it? Why is it necessary to record journal entries after the bank reconciliation has been prepared? Calculate and compare your selected corporation's cash to its biggest competitor for the two years preceding the current year. What does the cash ratio help to determine? Explain your reasoning and support your answer. Show your calculations. I. On which financial statement would you find Accounts Receivable (A/R)? Explain common types of receivables. What was the amount of A/R for your selected corporation for the two years preceding the current year? What does this tell you? Give your reasoning and support your assertions with your research