Problem 1:
Create an ideal internal control system for current liabilities? (list internal controls)
Problem 2:
Create an ideal internal control system for long-term assets? (list internal controls)
Problem 3:
Create an internal control questionnaire. 7 questions required.
Problem 4:
After completing problems 2 and 3, how would you rate internal control risk for long-term assets; low, moderate or maximum?
Problem 5:
Discuss any weakness in internal control over inventory.