What would happen if the transaction were not recorded? Try to relate together as many accounting concepts to each example of internal control.
GO TO A STORE (Retail or Grocery) AND SHOP FOR INTERNAL CONTROLS
The students are to go a local store and observe the internal controls in action in a business. The student is to describe the internal control , the objective of the control and how the control relates to the accounting records.
The report should be 2-4 pages with at least 4 internal controls that can be observed.
Five controls have been specifically identified: segregation of duties, proper authorization of transactions, pre numbered documents, physical control/safeguarding of assets and records, and monitoring or periodic assessment of controls and procedures.
The internal control procedures is that a receipt must be given when cash is received. The objective is physical control over assets and records. What would happen if the transaction were not recorded? Try to relate together as many accounting concepts to each example of internal control.