UA ACCT 200 - Internal Controls and Cash (4 pages)

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Internal Controls and Cash

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Internal Controls and Cash


Lecture number:
Lecture Note
University of Arizona
Acct 200 - Introduction to Financial Accounting

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ACCT 200 1st Edition Lecture 8 Outline of Last Lecture I Review of activity 2 answers II Classified balance sheet III Review of adjusting journal entries IV E 3 14 a b V Closing entries Outline of Current Lecture I 1 Step Income Statement II Activity 3 answers III Internal Controls IV E 4 4 V Cash VI Reconciling VII 4 2 A VIII Petty Cash Current Lecture Exam study tips Study guide on Blackboard go to office hours do LearnSmart self study review questions on Blackboard Course Material folder LearnSmart self study 1 Step Income Statement Revenues Expenses Total Expenses Net Income Activity 3 Answers Adjusting Journal Entries 1 2 3 4 Insurance expense dr 3000 prepaid insurance cr 3000 Depreciation expense dr 3000 accumulated depreciation cr 3000 Wages expense dr 3000 wages payable cr 3000 Unearned revenue dr 4900 service revenue cr 4900 Page 2 Net income 11 900 Total assets 123 900 Total current liabilities 28 000 Internal Controls Know basic what when and companies of Sarbanes Oxley Act SOX of 2002 Misuse of company resources includes wasting your time at work being on Facebook sending personal emails through work address etc Monitoring is when managers make sure employees are doing what they re supposed to do and aren t using loopholes Examples of control activities read in book too Preventive controls 1 2 3 4 Separation of duties 1 person per job to pinpoint who is causing problems Physical controls such as locks passwords security cameras Proper authorization limit access to information Employee management supervision and training Detective controls 1 Reconciliations keeping inventory 2 Performance reviews management giving feedback for improvement CEO and CFO are ultimately responsible for the company s internal controls Errors are more likely than fraud Who you hire is all important E 4 4 Which internal control is being violated 1 2 3 4 5 6 Reconciliations Physical controls Separation of duties Reconciliations Nothing violated Proper authorization good example of

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