...Roy Moore, a judge and politician, once said “the basic premise of the Constitution was a separation of powers and a system of checks and balances because man was perceived as a fallen creature and would always yearn for more power.” Checks and balances is a system that prevents any of the branches in our government from exerting an excessive amount of power. Each of the branches of the government can influence the decisions of the other branches. The branches all have to cooperate in the decision making process so that the system runs smoothly. The structure of the government is created in Article I, Article II, and Article III of the Constitution. The three branches of the government are the legislative branch, the executive branch, and...
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...Case Study 6-10 Facts: The Company has checking accounts in each of its locations: Baltimore, New York, and Philadelphia. There is a savings account in the Philadelphia branch with a balance of $100,000. The checking and saving accounts are all maintained through different banks. The Company’s New York office writes and mails a $30,000 check to Deep Pockets LLP. The Company’s bank reconciliation for the account indicated a negative $20,000 balance and the bank statement indicated a positive balance. The Baltimore branch wrote a check for $5,000 to Pawmenow.com on Dec. 23. The bank’s honoring of this check resulted in a negative balance in the Company’s bank account as of Dec. 31. The bank reconciliation for this Company indicated a negative $5,000 book balance after the check was recorded. Issues: Can the Company use the savings account to offset the negative balances in the checking accounts? Rules: 405-20-40-1 A debtor shall derecognize a liability if and only if it has been extinguished. A liability has been extinguished if either of the following conditions is met: a. The debtor pays the creditor and is relieved of its obligation for the liability. Paying the creditor includes the following: 1. Delivery of cash 2. Delivery of other financial assets 3. Delivery of goods or services 4. Reacquisition by the debtor of its outstanding debt securities whether the securities are cancelled or held as so-called treasury bonds. b. The debtor is legally...
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...“Reneging on a Promise” Case Study 2 Hang Chi Leung CRN:10151 TTh 11:00-12:15PM PID: lhchi Promise, it is easy to say than keeping it. Most people will break a promise for at least one time. If one breaks the promise, it depends on the situation to determine whether it is right or wrong. However, breaking a promise is not a responsible thing to do. If a promise is broken, one should apologize sincerely and offer to make up for it. Although one can make up for breaking a promise, it may lead to a loss of trust and it takes time to regain. In this case, the stakeholders are Tick and Check LLP. and Foot and Balance LLP; they all want want to hire honest, hardworking, trustworthy, diligent and professional candidates. Billy Tushoes wants a job which he really likes and could work for. Billy’s friend wants to continue working at Foot and Balance. The community wants everyone to have a job so it can support the system for the workplace. Once Billy accepted the offer from Tick and Check LLP, he should have notified the other firms ethically. If Billy had done that, he would would not be given another offer form Foot and Balance LLP and this dilemma would not have occurred. If Billy does not like Tick and Check, he would not accept the offer. On the other hand, if Billy just wants to work for Foot and Balance, he should have waited for their offer. In this case, since Billy has already accepted the offer from Tick and Check, he should honestly explain the situation and apologize...
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...INTERNAL AUDIT PROGRAMME ----- I. SALES: 1 To study the system for approval and acceptance of orders and to give suggestions for improvement. 2 To check the order acceptance with price list, if any, and to report the financial impact of sales below the price list. 3 To compute the percentage mix of sales made to new parties developed during the period under review and also compute the opportunity loss due to non-development of prospective parties as customers. To identify the reasons for non – development of these parties into customers. This may, further, be correlated with the expenses incurred during foreign tours conducted by the marketing personnel. 4 To study the system of order acceptance and invoicing and to report deficiencies in internal control, if any, along with suggestions for improvement. 5 To check the complaints and rejections during the period under review. Following aspects are to be checked in details: a) Nature of various complaints and percentage thereof. Reasons for frequent complaints of similar nature to be looked into. b) To study the role and follow up done by the Quality Assurance Department in respect of various complaints received during the period. c) To check whether there has been any major rejection, both, in domestic and overseas market, identify the reasons for the same and follow up action taken in this respect. d) To study the various reports prepared for monitoring and reporting...
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...CASE STUDY Materials Management (MM) Case Study This case study explains an integrated materials management process in detail and thus fosters a thorough understanding of each process step and underlying SAP functionality. Product SAP ERP G.B.I. Release 6.04 MOTIVATION The data entry requirements in the materials management exercises (MM 1 through MM 5) were minimized because much of the data was stored in the SAP system. This stored data, known as master data, simplifies the processing of business transactions. In the procurement process, we used master data for vendors, materials (products we purchased) to simplify the procurement process. In this case study, we will create the master data for a new vendor and a new trading good. PREREQUISITES Before you use this case study, you should be familiar with navigation in the SAP system. In order to successfully work through this case study, it is not necessary to have finished the MM exercises (MM 1 through MM 5). However, it is recommended. Level Undergraduate Graduate Beginner Focus Materials Management NOTES This case study uses the Global Bike Inc. (G.B.I.) data set, which has exclusively been created for SAP UA global curricula. Authors Bret Wagner Stefan Weidner Version 2.01 © SAP AG CASE STUDY Process Overview Learning Objective Understand and perform a purchasing process cycle Time 140 min Scenario In order to process a complete purchasing process you will take on...
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...CASE STUDY Materials Management (MM) Case Study This case study explains an integrated materials management process in detail and thus fosters a thorough understanding of each process step and underlying SAP functionality. Product SAP ERP G.B.I. Release 6.04 MOTIVATION The data entry requirements in the materials management exercises (MM 1 through MM 5) were minimized because much of the data was stored in the SAP system. This stored data, known as master data, simplifies the processing of business transactions. In the procurement process, we used master data for vendors, materials (products we purchased) to simplify the procurement process. In this case study, we will create the master data for a new vendor and a new trading good. PREREQUISITES Before you use this case study, you should be familiar with navigation in the SAP system. In order to successfully work through this case study, it is not necessary to have finished the MM exercises (MM 1 through MM 5). However, it is recommended. Level Undergraduate Graduate Beginner Focus Materials Management NOTES This case study uses the Global Bike Inc. (G.B.I.) data set, which has exclusively been created for SAP UA global curricula. Authors Bret Wagner Stefan Weidner Version 2.01 © SAP AG CASE STUDY Process Overview Learning Objective Understand and perform a purchasing process cycle Time 140 min Scenario In order to process a complete purchasing process you will take on...
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...SEPARATION OF POWER: A COMPARATIVE STUDY INTRODUCTION The research topic deals with the concept of „the separation of powers. The researcher would like to highlight the concept of separation of powers and then gradually comes to the point separation of powers in England and US. After that the researcher would like to articulate the separation of powers in India. The doctrine of “the separation of powers” as usually understood is derived from Montesquieu whose elaboration of it was based on a study of Locke’s writings and an imperfect understanding of the eighteen century English constitution. Montesquieu, a research scholar, conceived the principle of separation of power. He found that concentration of power in one person or group of persons resulted in tyranny. He therefore, felt that the governmental power should be vested in three organs, the legislature, the executive and the judiciary. The principle can be stated as follows: (1) Each organ should be independent of the other; (2) no one organ should perform functions that belong to the other. Lock and Montesquieu derived the contents of this doctrine from the developments in the British constitutional history of the early 18th century. In England after a long war between parliament and the King, they saw the triumph of Parliament in 1688 which gave Parliament legislative supremacy culminating in the passage of the Bill of Rights. This led ultimately to recognition by the King of legislative and tax powers of...
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...Technology (Integrated) In Computer Science and Engineering SUBMITTED BY:- GUIDED BY:- Name AKSHI SHARMA Miss SUKHDILPREET KAUR Regd. No 10805416 Rollno R246A05 SUBMITTED TO Department of Computer Science and Engineering Lovely Professional University Phagwara ACKNOWLEDGEMENT I take this opportunity to present my votes of thanks to all those guidepost who really acted as lightening pillars to enlighten our way throughout this project that has led to successful and satisfactory completion of this study. We are really grateful to our HOD Mr. Rohit Dhand for providing us with an opportunity to undertake this project in this university and providing us with all the facilities. We are highly thankful to Miss Sukhdilpreet Kaur for her active support, valuable time and advice, whole-hearted guidance, sincere cooperation and pains-taking involvement during the study and in completing the assignment of preparing the said project within the time stipulated. Lastly, We are thankful to all those, particularly the various friends , who have been instrumental in creating proper, healthy and conductive environment and including new and fresh innovative ideas for us during the project, their help, it would have been extremely difficult for us to prepare the project in a time bound framework. Name AKSHI SHARMA Regd.No 10805416 ...
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...ABCD COSO case study Case study – Parmalat The situation - - - - - - - - Parmalat is a multinational Italian dairy and food corporation The company was founded by Calisto Tanzi, a university dropout who transformed a family business, Calisto Tanzi & Sons - Salamis and Preserves into an organisation hailed as one of Europe's biggest corporate success stories. In 1997 Parmalat jumped into the world financial markets in a big way, financing several international acquisitions with debt. By 2001, many of the new divisions were producing losses , and the company financing shifted largely to the use of derivatives. Parmalat had determined that their company wide objectives was to become the leading global company in production of UHT, however, a risk assessment of financing several international acquisitions with debt and derivatives was not performed. There was also a concern that the managers who were making the accounting decisions, were also posting the journals to the general ledger. Furthermore, they were reviewing and signing off on the reconciliations and reporting In February 2003, CFO Fausto Tonna unexpectedly announced a new €500 million bond issue. This came as a surprise both to the markets and to the CEO, Calisto Tanzi. Tanzi fired Tonna and replaced him as CFO with Alberto Ferraris. Ferraris was surprised to discover that, though now CFO, he still didn't have access to some of the corporate books, which were being handled...
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...Literature Review: 1. Chapter Introduction: Literature review demonstrates the researcher’s knowledge and interest about a particular field of study, including key variables and phenomena, vocabulary, and its methods history. Before any research it is very important to do Literature review. Because the topic we are researching about, someone may done this research before. There are some reasons to do Literature review: To conduct a ‘preliminary’ search of existing material, to organize valuable ideas and findings, to identify other research that may be in progress, to generate research ideas, to develop a critical perspective. The literature review has been developed to discuss the fundamental concepts and key authors associated with the subject matter. It includes “mobile banking” and “opportunities and challenges of mobile baking” as these are directly representative of the academic discussion on the subject of investigation. As a literature review needs to be sufficiently critical in a balanced way, the literature review for this study aims to do in the discussion of the opportunities and challenges of the subject matter through impartial assessment of the relevant concepts. 1.1. Opportunity & Challenges of Mobile Banking: 1.1.1. Mobile Banking: Today is the era of fast forward life style. Everything we need or want, we want it in a minimum time. Like all other things we also need a fast forward banking. The result of it is mobile banking. Mobile banking means the...
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...BANKING IN INDIA Banking in India originated in the first decade of 18th century. The first banks were, The General Bank of India, which started in 1786, and Bank of Hindustan, both of which are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the "The Bank of Bengal" in Calcutta in June 1806. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras. The presidency banks were established under charters from the British East India Company. They merged in 1925 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India. For many years the Presidency banks acted as quasi-central banks, as did their successors. The Reserve Bank of India formally took on the responsibility of regulating the Indian banking sector from 1935. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. Early history The first fully Indian owned bank was the Allahabad Bank, established in 1865. However, at the end of late-18th century, there were hardly any banks in India in the modern sense of the term. The American Civil War stopped the supply of cotton to Lancashire from the Confederate States. Promoters opened banks to finance trading in Indian cotton. With large exposure to speculative ventures, most of the banks opened in India during that period failed. The depositors lost money and lost interest in keeping deposits...
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... this chapter covers In the last chapter we balanced the cash book of a business to find out the balance of the bank account. In this chapter we look at the way in which a business deals with any differences between the balance of the bank account in the cash book and the closing balance of the bank account shown by the bank statement for the same period. These differences are explained by a document known as a bank reconciliation statement: which lists • • items which are in the cash book but not on the bank statement items which are on the bank statement but not in the cash book This process is an important one: it enables the business to update its cash book and also helps to prove the accuracy of the bookkeeping of the business and the bank. OCR LEARNING OUTCOMES unit 3: MAINTAINING THE CASH BOOK Assessment objectives 4 Prepare a Bank Reconciliation Statement (a) Compare transactions that appear on both Cash Book and Bank Statement (b) Update Cash Book from details of transactions appearing on Bank Statement (c) Balance the bank columns of the Cash Book to calculate the revised balance 5 Complete a Bank Reconciliation Statement (a) Enter correct date of the statement (b) Enter the balance at bank as per the Cash Book (c) Enter details of unpresented cheques (d) Enter sub-total on reconciliation statement (e) Enter details of bank lodgements (f) Calculate balance as per Bank Statement bank reconciliation statements 247 T H E N E E D F O R A N A C C U R...
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...CHAPTER 22 Banking Services and Procedures Vocabulary Review Fill in the blanks with the correct vocabulary terms from this chapter. 1. Judy was unaware that checks were processed through at her bank. before they arrived 2. Because Alicia was the person who wrote the check, she was considered to be the . 3. When the Blackburn Clinic purchased the ultrasound machine, they paid $10,000 toward the so that they would be charged less interest. 4. Pamela wrote a check to Samantha, so Pamela is the . and Samantha is the 5. The of a check is the person who is presenting it for payment and may not be the person named as the payee. 6. Grace studied the , which is a series of laws that regulates sales of goods, commercial paper, secured transactions in personal property, and many aspects of banking. 7. First National Bank is considered the accounts. for Dr. Lupez’ business checking . 8. Instruments that are legally transferable to another party are considered 9. Rhonda made several and order supplies. from the clinic checking account to pay monthly bills 10. As soon as the monthly bank statement arrives, Rhonda does a to make certain that the statement and checkbook balance are in agreement. Copyright © 2007, 2003 by Saunders, an imprint of Elsevier Inc. All rights reserved. 283 284 22 BANKING SERVICES AND PROCEDURES Skills and Concepts Part I: Short Answer Questions Provide the answers to the questions in the blanks below. 11. List the four requirements...
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...Chapter 9 – Mintendo Game Girl The results for this case are obtained using the accompanying spreadsheet Mintendo Case Study. Basic Model The decision variables are contained in Cells B4:I10 in worksheet pricing. The constraints are as follows: Workforce balance (Equation 8.2): Cells M5:M10 Capacity (Equation 8.3): Cells N5:N10 Inventory balance (Equation 8.4): Cells O5:O10 Overtime limit (similar to Equation 8.5): Cells P5:P10 The detailed costs are calculated in Cells B15:I20 and the total cost is shown in Cell C22. The net profit is shown in Cell C25. Given that all demand is to be met, minimizing cost is equivalent to maximizing profit. We first consider the case where a $5 discount in any month increases demand within the month by 50% and moves 30 percent of each of the following two months of demand forward. Base Case (No promotion) Set cell C27 = 0. Run Solver (within options you may have to deselect Assume Linear Model). The solution is Sandra’s Plan (Promote in September) Set Cell C27 = 1 (promotion on) and Cell C28 = 3 (September) and Cell E29 = 5 (discount). Run Solver to obtain the following solution: Bill’s Plan (Promote in November) Set Cell C27 = 1 (promotion on) and Cell C28 = 5 (November) and Cell E29 = 5 (discount). Run Solver to obtain the following solution: With a $5 discount, Bill’s plan of promoting in November is the most profitable. $10 discount With a $10 discount, the base case of offering no discount stays the same as shown above...
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...where checks and balances come in to play, where each branch is given a particular amount of power to keep balance between all three branches, and insuring one branch does not have more power than another. The three branches perform their own functions that are more appropriately suited for each branch, and no person can serve on more than one branch at the same time. According to the video “Checks and Balances” when congress passes a bill the president has the right to veto the bill from becoming a law, but when the president veto’s a bill it returns to congress and can be overridden if at least thirds from each house approved the bill (C-Span, 1990). It is important to not allow one person or group to have all the power in approving and disapproving bills becoming laws creating the separation of power. The constitutional framers based the new government on these ideas, because they were afraid of mob rule that would come from all citizens debating and voting rather than voting on a direct representative for the citizens. Today I feel that separation of power and, check and balances are not working the way that they were originally intended, and a prime example was seen last year with the government shut down. When Obamacare was passed the Republican Party was not happy, and wanted to bring the issue back to the table, and to do so they refused to pass the budget bill for this year, causing the government shutdown. According to the article “Divided We Fall: The Case Against...
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