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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Problem 4-55A Role of Internal Control

Internal control systems include policies and procedures designed to provide reasonable assurance that the corporation’s objectives are being met in three areas: (a) effectiveness and efficiency of (temperate-ns1 (b) realizability of financial reporting, and (c) compliance with applicable laws and regulation. Like any other business, a grocery store uses internal control activities to meet their objectives in these three areas.

Required:

CONCEPTUAL CONNECTION Attempt to name a control for each area and describe how the control helps accomplish the store’s objectives in these areas.

To determine

Concept Introduction:

Internal Control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has its five integral components those together works an effective internal control.

To Indicate:

Name of controls for a grocery store for each of the three areas of the internal control.

Explanation

Name of controls for a grocery store for each of the three areas of the internal control are explained as follows:

1. Duties and Responsibility allocation will help in maintaining the effective and efficiency of the work

2...

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