ACCT110 – Accounting Principles I Module 6 Homework Deadline See tracking calendar. Directions
Question 1: Internal Control: Certain fundamental internal control principles apply to all companies. There are 7 principles of internal control.
Required (a) Review the list below and determine which controls are missing
Required (b) Add the missing internal controls to the list below
Establish responsibilities
Divide responsibility for related transactions
Perform regular and independent reviews
Question 2: Petty Cash
Bacardi Company established a $150 petty cash fund with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminem prepared a petty cash payments report shown below: