ACCT205: Week 3 Assignment

Question # 00001010 Posted By: mac123 Updated on: 09/12/2013 03:08 PM Due on: 09/24/2013
Subject Accounting Topic Accounting Tutorials:
Dot Image

ACCT205: Week 3 Assignment Delivery Length: 3-4 pages

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.


Identify the limitations of the internal control system. Provide at least 3 limitations.


Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.


Identify symptoms of a lack of internal control.


Explain the impact of the missing journal entry on the financial statements of the company.

Dot Image
Tutorials for this Question
  1. Tutorial # 00000872 Posted By: mac123 Posted on: 09/12/2013 03:09 PM
    Puchased By: 2
    Tutorial Preview
    The solution of ACCT205: Week 3 Assignment...
    acct205_unit_3_ip.docx (29.01 KB)

Great! We have found the solution of this question!

Whatsapp Lisa