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.

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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
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