Explain at least three internal controls you have seen used in practice to safeguard assets
I need help with 2 discussion posts. The instructions are as follows:
Discussion post #1-
Make sure your response addressing the following question is more than 200 words, and you include an in-text citation or a brief quote from the reading material where appropriate.
In your weekly reading, you learned that internal controls help to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure reliable accounting records.
Based on your own professional experience with either a current or past employer, address the following points:
Explain at least three internal controls you have seen used in practice to safeguard assets (such as cash or inventory) or ensure adherence to company policies.
Discuss whether the controls were effective.
Provide an example of one additional internal control you would like to see implemented at your current employer based on your studies this week.
Reference
Miller-Nobles/Mattison. Horngren’s accounting: The financial chapters (7th ed.). Pearson.
Discussion post #2-
Make sure your response addressing the following question is more than 200 words, and you include an in-text citation or a brief quote from the reading material where appropriate.
Prior to beginning work on this discussion, review Chapters 8 and 9 of Horngren’s Accounting: The Financial Chapters (7th ed.) textbook.
The chapter describes two methods to write off uncollectible accounts, the direct method, and the allowance method.
Assume your company needs to establish a method to write off uncollectible accounts.
Explain why you would or would not use either method to comply with generally accepted accounting principles.
What internal control procedures would you implement to control the write-off of an account?
The chapter also describes three methods to estimate uncollectible accounts— percentage of sales, percentage of receivables, and aging. Describe how these different methods develop and estimate the number of uncollectible accounts.
Reference
Miller-Nobles/Mattison. Horngren’s accounting: The financial chapters (7th ed.). Pearson.
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