solved Part 1You must label each answer with the number of

Part 1You must label each answer with the number of question. Each question must have at least three sentence answers. There is no maximum sentence, use as many as you wish to thoroughly answer the question. All answers must be complete sentences using proper grammar and spelling. Points will not be awarded if you copy and paste. Explain internal controls.List and define the elements of internal control listed in your book.List and define the control procedures listed in your book.List and define the limitations of internal controls.Part 2Boo, Inc. is in the rental property business. He employs property managers who collects rent, arranges for repairs, and runs advertisements in the local newspaper.The property managers transfer cash to Angelina, the CFO, monthly. The property managers prepare their own bank reconciliations. Bob, the manager in Lansing has been stealing from the company. To cover the theft, he overstates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance. However, the balance sheet reports more cash than is actually in the bank.Boo, Inc. is currently putting his entire business up for sale. In negotiating the sale of the business they are showing the balance sheet to prospective buyers.5 . List all who could be harmed by this theft and identify in what ways could they be harmed?6. List the specific control procedures that were not followed in this situation and explain how they should have been followed.7. If you start a company, what do you think are the most important internal controls to implement.