CH07 - CHAPTER 7 Internal Control and Cash ASSIGNMENT...

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CHAPTER 7 Internal Control and Cash ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Alternate 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 1, 2 1, 5, 6 3. Explain the applications of internal control prin- ciples to cash receipts. 2, 9, 10, 11, 12 3 2, 3 1 6 4. Describe the applica- tions of internal control principles to cash dis- bursements. 13, 14, 15 4 3, 4 1, 6 5. Explain the operation of a petty cash fund. 17 5 5 2 2 6. Indicate the control fea- tures of a bank account. 16, 18 6 7. Prepare a bank recon- ciliation. 19, 20, 21 7, 8, 9, 10 6, 7, 8, 9, 10 3, 4, 5 3, 4, 5, 6 8. Explain the reporting of cash. 22 11 7-1
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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1 Identify internal control weaknesses over cash receipts. Simple 20-30 2 Journalize and post petty cash fund transactions. Simple 20-30 3 Prepare a bank reconciliation and adjusting entries. Simple 20-30 4 Prepare a bank reconciliation and adjusting entries from detailed data. Moderate 40-50 5 Prepare a bank reconciliation and adjusting entries. Moderate 30-40 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 Prepare comprehensive bank reconciliation with defalcation and internal control deficiencies. Complex 40-50
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Correlation Chart between Bloom's Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Compreh ension Application Analysi s Synthesis Evaluation 1. Define internal control. Q7-1 BE7-1 2. Identify the principles of internal control. Q7-2 Q7-3 Q7-4 Q7-5 Q7-6 Q7-7 Q7-8 BE7-2 E7-1 P7-1A E7-2 E7-3 E7-6A P7-1 3. Explain the applications of internal control princi- ples to cash receipts. Q7-2 Q7-10 Q7-11 Q7-12 BE7-3 Q7-9 E7-2 P7-1 P7-6A 4. Describe the applica- tions of internal control principles to cash dis- bursements. Q7-15 Q7-13 Q7-14 BE7-4 P7-1A E7-3 E7-4 P7-6A 5. Explain the operation of a petty cash fund. Q7-17 BE7-5 E7-5 P7-2 P7-2A 6. Indicate the control features of a bank account. Q7-16 Q7-18 BE7-6 7. Prepare a bank reconciliation. Q7-20 Q7-19 Q7-21 BE7-7 BE7-8 BE7-9 BE7-10 E7-7 E7-6 E7-8 E7-9 E7-10 P7-3 P7-4 P7-5 P7-3A P7-4A P7-5A P7-6A 8. Explain the reporting of cash. Q7-22 BE7-11 Broadening Your Perspective Financial Reporting Group Activity Critical Thinkin Decision Case Ethics Case Communication
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ANSWERS TO QUESTIONS 0 1. Disagree. Internal control is also concerned with the safeguarding of company assets from em- ployee theft, robbery, and unauthorized use. 0
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