Questions -
1. What are two examples of strong and weak internal controls in organizations where you have worked or have firsthand knowledge? How are these different?
2. Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company's assets? Would these internal controls differ with a different type of business?
3. What are the three different inventory cost flow assumptions commonly used in commerce and allowed by generally accepted accounting principles? How does your company, or a company you are familiar with, determine what cost flow assumption it should use?
4. How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?