Control Principle Type

Jul 7th, 2015
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University of Louisville
Course: general
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Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls.

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Week 4 discussion questions.Discussion Questions: Please answer the following two questions separately. Quoted material is not allowed. Please write the answer in your own words. One paragraph for each question.1.What is internal control, and what are the objectives of a good internal control structure in an organization?2. Receivables constitute an important line item on a company's balance sheet. In this thread, we will discuss the accounting for receivables, the ways to estimate uncollectible accounts, and how companies manage their receivables. How do companies account for the possibility that some of their customers might not pay down the road?Part 1Internal controls are the procedures that are established to assist the organizations to attain their financial objectives. Good internal controls persuaded conformity with regulations, effectiveness and organizations policies and intended to eradicate fraud and ill-treatment. Board of directors, management, and other personnel ensure achievement of these objectives. Good Internal Control system has following objectivesSystematic and well-organized operating of business along with the devotion to internal policie

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