Define fraud and internal control Explain common principles and limitations of internal control Apply internal control principles to cash receipts and payments Perform the

Discussion Topic #4

For this week's class discussion, please address 2 of the learning objectives below from this past week's reading. In addition, please write about a concept from this week that you found particularly confusing or challenging.

Learning Objectives: CHAPTER 5

1. LO 5-1 Define fraud and internal control.

2. LO 5-2 Explain common principles and limitations of internal control.

3. LO 5-3 Apply internal control principles to cash receipts and payments.

4. LO 5-4 Perform the key control of reconciling cash to bank statements.

5. LO 5-5 Explain the reporting of cash.

Learning Objectives: CHAPTER 6

1. LO 6-1 Distinguish between service and merchandising operations.

2. LO 6-2 Explain the differences between periodic and perpetual inventory systems.

3. LO 6-3 Analyze purchase transactions under a perpetual inventory system.

4. LO 6-4 Analyze sales transactions under a perpetual inventory system.

5. LO 6-5 Analyze sales of bundled items under a perpetual inventory system.

6. LO 6-6 Prepare and analyze a merchandiser’s multistep income statement.

Learning Objectives: CHAPTER 7

1. LO 7-1 Describe the issues in managing different types of inventory.

2. LO 7-2 Explain how to report inventory and cost of goods sold.

3. LO 7-3 Compute costs using four inventory costing methods.

4. LO 7-4 Report inventory at the lower of cost or market/net realizable value.

5. LO 7-5 Evaluate inventory management by computing and interpreting the inventory turnover ratio.

HOW THIS WILL BE GRADED

This post is worth 25 points towards your grade. Your post needs to be broken down into 3 initial paragraphs of at least 5 sentences each. Here is how I will grade your post:

· Proper grammar and spelling (please treat this as you would in a professional environment): 3 points

· Completing 3 paragraphs of at least 5 sentences each in your initial post: 15 points

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