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ch08 - CHAPTER 8 Internal Control and Cash ASSIGNMENT...

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8-1 CHAPTER 8 Internal Control and Cash ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Define internal control. 1 1 2. Identify the principles of internal control. 2, 3, 4, 5, 6, 7, 8 2 1, 2, 3 1A, 6A 1B, 6B 3. Explain the applications of internal control principles to cash receipts. 3, 10, 11, 12 3 2 1A, 6A 6B 4. Explain the applications of internal control principles to cash disbursements. 13, 14, 15, 16, 17 4 3, 4 6A 1B, 6B 5. Describe the operation of a petty cash fund. 18 5 5 2A 2B 6. Indicate the control fea- tures of a bank account. 17, 19 6 7. Prepare a bank reconciliation. 20, 21, 22 7, 8, 9, 10 6, 7, 8, 9, 10 3A, 4A, 5A, 6A 3B, 4B, 5B 8. Explain the reporting of cash. 9, 23 11
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8-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Identify internal control weaknesses over cash receipts. Simple 20 30 2A Journalize and post petty cash fund transactions. Simple 20 30 3A Prepare a bank reconciliation and adjusting entries. Simple 20 30 4A Prepare a bank reconciliation and adjusting entries from detailed data. Moderate 40 50 5A Prepare a bank reconciliation and adjusting entries. Moderate 30 40 6A Prepare comprehensive bank reconciliation with theft and internal control deficiencies. Complex 40 50 1B Identify internal control principles over cash disbursements. Simple 20 30 2B Journalize and post petty cash fund transactions. Simple 20 30 3B Prepare a bank reconciliation and adjusting entries. Simple 20 30 4B Prepare a bank reconciliation and adjusting entries from detailed data. Moderate 40 50 5B Prepare a bank reconciliation and adjusting entries. Moderate 30 40 6B Identify internal control weaknesses in cash receipts and cash disbursements. Complex 35 45
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8-3 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehension Application Analysis Synthesis Evaluation 1. Define internal control. Q8-1 BE8-1 2. Identify the principles of inter- nal control. Q8-2 Q8-3 Q8-4 Q8-5 Q8-6 Q8-7 Q8-8 BE8-2 E8-1 P8-1B E8-2 E8-3 P8-1A P8-6A P8-6B 3. Explain the applications of internal control principles to cash receipts. Q8-3 Q8-10 Q8-11 Q8-12 BE8-3 E8-2 P8-1A P8-6A P8-6B 4. Explain the applications of internal control principles to cash disbursements. Q8-15 Q8-16 Q8-17 Q8-13 Q8-14 BE8-4 P8-1B E8-3 E8-4 P8-6A P8-6B 5. Describe the operation of a petty cash fund. Q8-18 BE8-5 E8-5 P8-2A P8-2B 6. Indicate the control features of a bank account. Q8-17 Q8-19 BE8-6 7. Prepare a bank reconciliation. Q8-21 Q8-20 Q8-22 BE8-7 BE8-8 BE8-9 BE8-10 E8-7 E8-6 E8-8 E8-9 E8-10 P8-3A P8-4A P8-5A P8-3B P8-4B P8-5B P8-6A 8. Explain the reporting of cash. Q8-23 BE8-11 Q8-9 Broadening Your Perspective Financial Reporting Research Case Global Focus Group Decision Case Comparative Analysis Ethics Cases Communication Exploring the Web Cookie Chronicle Interpreting Financial Statements BLOOM'S TAXONOMY TABLE
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8-4 ANSWERS TO QUESTIONS 1. Disagree. Internal control is also concerned with the safeguarding of company assets from em-
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