For any organization, household, or business it is vital to maintain internal controls on

procedures and records. Maintaining control of these principles once put in place permits
activities to get the larger picture. Internal control principles include independent internal
investigations or surprise inspections that are conducted by an outside source with no hidden
agenda to the company. These inspectors follow procedures to reduce fraud and misuse and
enhance accounting accuracy by examining documents of transactions received and performed.
Internal control is the method intended to verify reliable financial recording. It is the successful
and resourceful employment and compliance with applicable laws and regulations. Preservation
of assets against theft and illegal use, attainment, or disposal is also an element of internal
control.
The use of internal control within my career field is utilized on various levels. There are uses of
control and preservation of assets, but aircraft flight hours and aeronautical inventories
necessitate particular areas of control activities. Aeronautical records management uses
segregation of duties and adequate documents and records.
To balance accounting records bank reconciliation and adjusting entries are a necessary process
to aid in identifying errors. The possibility of miscalculations deliberately or inadvertently can be
distressing without the skill or the expertise to conduct proper control measures for a household
or company. This weeks objectives can be easily understood providing managers apply
applicable control types and keep the business accounting principles flowing correctly.
Accounting is an important aspect of any business. Attention to detail and ethics play important
roles. It is interesting to see how all the statements (balance sheet, income statement, trial
balance sheet) flow together. Learning the different parts of the accounting equation was interest
but also confusing once we got to the owners equity portion. Unfortunately, as a pharmacy
technician, the accounting aspect is not related to my field.