Internal Controls

Discussion 1

 Internal Controls [WLOs: 1, 3, 4] [CLOs: 1, 2, 4]

Prior to beginning work on this discussion, read Chapters 8 and 9 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).

Write: Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.

• What is internal control and how can it protect a company’s assets?
• What are the various internal control procedures with respect to cash receipts and payments?
• When preparing a bank reconciliation, what are the different adjustments that affect the book and bank side?
• Why do journal entries need to be prepared after completing the bank reconciliation?
• Provide three example journal entries with a description of the adjustment.

Guided Response: Respond to at least two of your classmates by commenting on their posts. Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.

Attendance Notification: To meet attendance requirements in this class, you must post to the discussion board at least once every 7 days. Completing work in MyAccountingLab does not count as attendance.

Discussion 2

 Direct Write-Off Method and the Allowance Method [WLOs: 2, 3, 4] [CLOs: 2, 3, 4, 5]

Prior to beginning work on this discussion, read Chapters 8 and 9 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).

Write: Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.

• What is the difference between the direct write-off method and the allowance method for receivables?
• Give example journal entries for both.

Guided Response: Respond to at least two of your classmates by commenting on their posts. Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.