Question 1:

Identify and explain three of the limitations that can affect the effectiveness of a company's internal control.

Question 2:

Which internal control principle is especially difficult for small organizations to implement? Why?

Question 3:

Identify and explain two ways that companies can shorten their cash-to-cash cycle related to accounts receivable.

Question 4:

Describe two ratios that measure current liquidity, and compare the information they provide. Which measure is more likely to produce the lowest result for most companies? Why is this the case?