ACC 290 Week 5 Discussion Questions: What level of internal controls is considering to be adequate in a company

Financial Accounting, Ch. 7: Fraud, Internal Control, and Cash

Read Ch. 7 of Financial Accounting.

Click here to Find all Assignments for ACC 290 Course Didn’t find your answers? Don’t worry we are here to help you! Ask Questions

Consider the following as you read:

When you have something that is valuable to you, action is taken to protect it, well, companies are no different. Safe guarding company assets are a top priority to prevent theft and losses within the company, and at the top of the list is cash. However, companies are not only responsible for protecting their assets, they must also act to protect the trust investors and other stakeholders have placed in management:

  • What level of internal controls is considering to be adequate in a company?
  • What are effective controls for cash and why are these controls considered to be effective?
  • Define fraud and the principles of internal control.
  • Identify the control features of a bank account.
  • How was Madoff able to conceal such a giant fraud?
  • Explain the reporting of cash and the basic principles of each management.

Course: ACC290 Principles of Accounting I
School: University of Phoenix

  • 25/11/2017
  • 30
Available CoursesAsk Questions & Chat Now
×
Welcome to GetMyAnswers.com!

Click on Peter below to initiate a chat with him on WhatsApp to receive help Anonymously.

× WhatsApp Us & Get Help...