In an essay, explain the impact of a missing journal entry on the financial statement of a company.  Identify 3 limitations of the internal control system. Provide 2 examples of internal control...

In an essay, explain the impact of a missing journal entry on the financial statement of a company.

 

Identify 3 limitations of the internal control system.

Provide 2 examples of internal control procedures.

Identify 2 symptoms of lack of internal control.

 

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Missing journal entry will always affect the credibility and the truthness of a financial Statement. Mistatement of Financial reports will always lead to a wrong decision-making of its User.

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