Complete three accounting exercises in which you prepare a bank reconciliation and journal entries and compute asset depreciation using a provided worksheet.
All business organizations, whether a large corporation or sole proprietorship, need to maintain internal control over the assets belonging to the business. Managers and owners place a high priority on internal control systems because they can prevent avoidable losses, help managers plan operations, and monitor organization performance
This assessment consists of three accounting exercises. The exercises are provided in theÂ Internal Control and Accounting for Assets Worksheet.Â Use this worksheet to record and submit your solutions for Exercises 3-1, 3-2, and 3-3.
In addition, practice problems for each exercise are provided in theÂ Assessment 3 Practice Problems Worksheet. The worksheet and answer key can be foundÂ in the Capella Resources activity of this assessment and are optional.
TheÂ Assessment 3 ContextÂ document contains important information related to internal controls and accounting for assets addressing the following topics:
- Cash and Cash Equivalents.
- Long-Term Assets.
The following resourceÂ isÂ required to complete the assessment.
Click the linkÂ provided to view the following resource:
Submit yourÂ Internal Control and Accounting for Assets WorksheetÂ for faculty evaluation. Please do not submit completed practice problems with your assessment.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 2: Apply accounting principles as the language of business.
- Prepare a bank reconciliation.
- Prepare bank reconciliation journal entries.
- Prepare accounts receivable journal entries.
- Competency 3: Communicate the effects of business events on an organization’s financial structure.
- Compute plant asset depreciation using
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