Internal Controls

‘’Prior to beginning work on this discussion, read Chapters 8 and 9 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).

Write: Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.

  • What is internal control and how can it protect a company’s assets?
  • What are the various internal control procedures with respect to cash receipts and cash receipts?
  • When preparing a bank reconciliation, what are the different adjustments that affect the book and bank side?
  • Why do journal entries need to be prepared after completing the bank reconciliation?
  • Provide three example journal entries with a description of the adjustment.