Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.   

Accounting by Geoffrey

Instructions – PLEASE READ THEM CAREFULLY

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
  • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
  • Submissions without this cover page will NOT be accepted.

Assignment Question(s):                                                         (Marks15)

Q1. Compare the different depreciation methods. Give an example of how companies depreciate their plant assets under each method.                                                                        (Marks5)

Q2. Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.                                                                                   (Marks5)

Q3. A company wants to use the allowance method to account for bad debts. You are assigned to explain to the company the different ways it can use to estimate bad debts.                  (Marks5)