1. In this area, we will talk about the importance of internal control in a business organization and the reporting of cash on the balance sheet as well as managing receivables and estimating uncollectible accounts. What is internal control, and what are the objectives of a well-designed internal control structure in an organization?
2. When a company lists its common stock as having a stated par value, then any amount that the stock sells for above the par value is "additional paid-in capital in excess of par." However, if there is no stated par value, such as "no par" or "stated value of zero par," then do you still need to have the account of "additional paid-in capital in excess of par"? If not, then how do you account for this item, or do you?