Explain Why Internal Control Is an Important Aspect of an Accounting

question 36

Essay

Explain why internal control is an important aspect of an accounting system, providing at least two specific examples that would be in the policies and procedures of internal control.

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Definitions:

Ribose

The 5-carbon sugar present in RNA and in important nucleoside triphosphates such as ATP.

Leader Sequences

Short sequences of amino acids at the beginning of the synthesis of a protein that signal where in the cell it should be localized.

Ribosomes

Cellular structures responsible for protein synthesis, found in both eukaryotic and prokaryotic cells.

Translation

The conversion of information provided by mRNA into a specific sequence of amino acids in a polypeptide chain; process also requires transfer RNA and ribosomes.