Explain the five components of internal control

Assignment Help Accounting Basics
Reference no: EM132788458

Internal control is a process that is designed to help firms reach their goals and objectives as measured with respect to maintaining reliability, operational efficiency and effectiveness, and consistent financial reporting. In addition, adequate internal control ensures mitigating risks and compliance with regulations and policies.

Problem 1: Explain the five components of internal control.

Reference no: EM132788458

Questions Cloud

Find out aligning goals : How can she get her staff to be flexible and responsive to the special requests and needs of physicians and their patients?
Identify the different motivation theories : Identify the different motivation theories that can be applied in the three particular situations. Justify your answer.
Describe the classification of firms engaged in investment : Enumerate / describe the classification of firms engaged in investment banking according to size. Make a synthesis about the expanding the boundaries of banking
Issues in the new workplace facing managers : Discuss one of the major challenges, highlighting its importance in the 21st century workplace and how it affects the behavior of people within organizations.
Explain the five components of internal control : Explain the five components of internal control. Internal control is a process that is designed to help firms reach their goals and objectives as measured
Compute the share in profit or loss and investment income : On January 1, 20x1, Abet Co purchased 25% interest I the ordinary share of XYZ for P2,000,000. Compute the share in profit or loss and investment income
How much is the total annual cost of cash : How much is the annual holding cost as a result of keeping cash in ban? How many transactions should be there in a year? How much is the total annual cost
How demand will change : 222 kitchen cabinets per month at $150 per cabinet. The price elasticity for the cabinets is 4.3. If there is 0.3 decrease in price, how demand will change?
What haber should record a lease liability of : The possession of the machine reverts to Gregg when the lease terminates. At the inception of the lease, Haber should record a lease liability of?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a horizontal analysis of the income statement data

Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2016 as a base. (Show the amounts of increase or decrease.)

  Cookie creations is gearing up for the winter holiday season

Cookie Creations is gearing up for the winter holiday season. During the month of December 2011, the following transactions occur.

  What is the optimum production plan for the company

The unit contribution margin is, respectively, $110 for the Model A and $175 for the Model B. What is the optimum production plan for the company

  Lee and levi law firm uses job-order costing to accumulate

lee and levi law firm uses job-order costing to accumulate costs chargeable to each client. it has two departments the

  Write a brief tactful email

You are the controller of Small Toys Inc. You conclude that Mutahir is wrong. Write a brief, tactful email to him that clarifies the situation.

  Identify the top five reasons private companies go public

Identify and explain the top five reasons private companies go public. Explain information the firm is required to provide to the investor with complete transparency.

  Internal services funds are classified as proprietary funds

this is for government and not for profit governemtal accounting.financial statements must be adjusted to ensure proper

  What other benefits do accounting firms accrue by auditing

Other than audit fees, what other benefits do accounting firms accrue by auditing a charity? Discuss the issue of the level of risk an auditor may associate

  What is the required december adjusting entry

If $30,000 of these fees are still unearned on December 31, 2015, what is the required December 31 adjusting entry

  At what amount should the company record the cost of? land

Millburn Company has acquired a property that included both land and a building for $510,000. The company hired an appraiser who has determined that the market.

  Prepare balance sheet and cash flow statement

During the year the company paid 15 months' rent of $15,000. Prepare a P&L, Statement of Owners Equity, Balance Sheet and Cash Flow Statement for the year 2016

  What is the sticker price of the new car you can buy

What is the sticker price of the new car you can buy after graduation, if you have budgeted $350 per month for payments, and you are offered 3% APR.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd