Internal Control and Accounting for Assets
Complete three accounting exercises in which you prepare a bank reconciliation and journal entries and compute asset depreciation using a provided worksheet.
Introduction
All business organizations, whether a large corporation or sole proprietorship, need to maintain internal control over the assets belonging to the business. Managers and owners place a high priority on internal control systems because they can prevent avoidable losses, help managers plan operations, and monitor organization performance
Overview
This assessment consists of three accounting exercises. The exercises are provided in the Internal Control and Accounting for Assets Worksheet. Use this worksheet to record and submit your solutions for Exercises 3-1, 3-2, and 3-3.
Preparation
In addition, practice problems for each exercise are provided in the Assessment 3 Practice Problems Worksheet. The worksheet and answer key can be found in the Capella Resources activity of this assessment and are optional.
The document contains important information related to internal controls and accounting for assets addressing the following topics:
- Cash and Cash Equivalents.
- Receivables.
- Long-Term Assets.
The following resource is required to complete the assessment.
CAPELLA RESOURCES
Click the link provided to view the following resource:
Submission Guidelines
Submit your Internal Control and Accounting for Assets Worksheet for faculty evaluation. Please do not submit completed practice problems with your assessment.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 2: Apply accounting principles as the language of business.
- Prepare a bank reconciliation.
- Prepare bank reconciliation journal entries.
- Prepare accounts receivable journal entries.
- Competency 3: Communicate the effects of business events on an organization’s financial structure.
- Compute plant asset depreciation using two different methods.
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