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 2. Identify the principles of internal control. 2, 3, 4, 5, 6, 7, 8 3 1, 2, 3, 5, 6 1A, 6A 1B, 6B 3. Explain the applications of internal control principles to cash receipts. 3, 10, 11, 12 4 2, 5, 6 6A 1B, 6B 4. Explain the applications of internal control principles to cash disbursements. 13, 14, 15, 16, 17 5 3, 4, 5, 6 1A, 6A 6B 5. Describe the operation of a petty cash fund. 18 6 7, 8 2A 2B 6. Indicate the control features of a bank account. 19 7 7. Prepare a bank reconciliation. 20, 21, 22 8, 9, 10, 11 9,10, 11, 12, 13 3A, 4A, 5A 3B, 4B, 5B, 6B 8. Explain the reporting of cash. 9, 23 12 14
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8-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Identify internal control principles over cash disbursements. 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 Identify internal control weaknesses in cash receipts and cash disbursements. Complex 35–45 1B Identify internal control weaknesses over cash receipts. 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 Prepare comprehensive bank reconciliation with theft and internal control deficiencies. Complex 40–50
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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 BE8-2 2. Identify the principles of internal control. Q8-2 Q8-3 Q8-4 Q8-5 E8-6 Q8-7 Q8-8 BE8-3 E8-1 E8-5 P8-1A E8-2 E8-3 P8-1B P8-6A P8-6B 3. Explain the applications of internal control principles to cash receipts. Q8-10 Q8-11 Q8-12 BE8-4 4. cash disbursements. Q8-15 Q8-16 Q8-17 Q8-13 Q8-14 BE8-5 E8-4 5. Describe the operation of a petty cash fund. Q8-18 BE8-6 E8-7 E8-8 P8-2A P8-2B 6. Indicate the control features of a bank account. Q8-19 BE8-7 7. Prepare a bank reconciliation. Q8-21 Q8-20 Q8-22 BE8-8 BE8-9 BE8-10 BE8-11 E8-10 E8-9 E8-11 E8-12 E8-13 P8-3A P8-4A P8-5A P8-3B P8-4B P8-5B 8. Explain the reporting of cash. Q8-23 BE8-12 E8-14 Q8-9 Broadening Your Perspective Financial Reporting Decision Making Across the Organization Comparative Analysis All About You Ethics Case Communication Exploring the Web 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 employee theft, robbery, and unauthorized use.
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This note was uploaded on 04/15/2010 for the course ACCOUNTING 1234 taught by Professor Ahmed during the Spring '10 term at Abu Dhabi University.

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

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