*NEW* ACC 225: Week Eight Solution

ACC 225

Axia College of University of Phoenix (UoP)

Financial Accounting

Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)

ACC 225 Week 8 Solution

1. CheckPoint: Internal Control and Bank Reconciliations (Post in the Individual Forum – Due Day 2)
• Review Demonstration problems 1 and 2 in Chapter 8
• Resource: Fundamental Accounting Principles, pp. 336 & 337
• Complete Exercises 8-5 on p. 336 and 8-8 & 8-9 on p. 337
• Imagine there is a $10 shortage in the petty cash for Exercise 8-5; explain in 50-100 words how the shortage would be recorded.

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2. Assignment: Internal Control and Bank Reconciliations (Post in the Individual Forum – Due Day 6)
• Resources: Fundamental Accounting Principles, pp. 338 & 339, 341 and 342
• Complete Problems 8-1B on p. 341, 8-3B on p. 342, & 8-4A (including the Analysis Component) on pp. 338–339. When responding to the cases in 8-1B, think critically about each case. Identify the principles of internal control that has been violated and provide an explanation of why you think that principle has been violated. Identify the consequences of the actions described in the cases. Make a recommendation for what the business should do to ensure adherence to principles of internal control.
• List at least three detailed questions you had while completing the problems.
• Use the spreadsheet in Appendix B available on the student Web site to complete Problem 8-4A. Use the tabs labeled SP08-04A and Given P08-04A

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