ACCT 504 help A Guide to career/uophelp.com ACCT 504 help A Guide to career/uophelp.com | Page 24

1. Please describe the purpose of the Balance Sheet and the
interrelationship between the balance sheet and the other major financial
statements that we covered in this class. In your answer, please also
address which financial statements should be created before the Balance
Sheet, if any, and which financial statements need to be completed after
the Balance Sheet, if any
Question 2.2. (TCO E) Your friend, Lisa, plans to open a nail salon. Lisa
states that she does not have time to develop and implement a system of
internal controls.
(a) Explain to Lisa the components of internal control. (10 points)
(b) Explain to Lisa at least 5 internal control procedures she must
establish to protect herself against fraud. You should state specific
internal control procedures from the textbook, and relate your answer to
her nail salon business. (15 points) (Points : 25)
Q-2-Set 2
2. Your friend, John, plans to open a parking garage business. John
states that he does not have time to develop and implement a system of
internal controls.
(a) Explain to John the objectives of a system of internal control.
(b) Explain to John at least 5 internal control procedures that he must
establish to protect himself against fraud. You should state specific
internal control procedures from the textbook and relate your answer to
his parking garage business.
solution
Question 3. (TCO A) The following items are taken from the financial
statements of PQR Company for 2013:
Cash $100,000