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Internal Control, Theft, and Abuse in an Organization

Instructions: 2-3 short sentences for each question, no right or wrong answer...

1. Do you believe that the lack of internal controls in a business rather than theft or abuse is the main cause for inventory discreptancies or do you think that it is simply an accounting issue?

2. In addition to the ADEA (Age Discrimination and Employment Act), name another federal law that prohibits job discrimination? What discriminatory practices are prohibited by this law? Who enforces it?

3. Explain two reasons why a corporation might choose to repurchase its own stock.

4. What is comprehensive income? and what does it affect?

Solution Preview

1. Do you believe that the lack of internal controls in a business rather than theft or abuse is the main cause for inventory discrepancies or do you think that it is simply an accounting issue?

I think it's a combination of both. Theft and abuse occur because there is a lack of internal controls. Accounting may be an issue, but I think it's minimal.

2. In addition to the ADEA (Age ...

Solution Summary

How do theft and abuse relate to internal control in an organization.

$2.19