1. Define internal control, identify the five components of internal control, and explain seven examples of control activities.
2. Describe the inherent limitations of internal control.
3. Apply internal control activities to common merchandising transactions.
4. Demonstrate the control of cash by preparing a bank reconciliation.
5. Demonstrate the use of a simple imprest system.
6. Define voucher system and describe the components of a voucher system.
7. Describe and carry out the five steps in operating a voucher system.