could solve: * Revising the internal control procedure Internal Control According our observation, five salespeople have been assigned their own cash drawers, which are convenient for them to handle the cash transaction; they also prepare hand-written receipt in cash transaction. Furthermore, one of the salespeople, Robert Chancery counts and reconciles each cash drawer at the end of the day, and he enter the sales records into the receivable account in the Excel. Both system and computer
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receipts and payments account, balance sheet and expenditure account. Forming and managing such accounts require a high level of knowledge and expertise, and that includes the analysis of financial states. Let’s take a quick look at financial statements of companies. An Overview of Financial Statements Financial statements, as mentioned below, are mainly of three types. Each of these types of statements- balance sheet, income and expenditure account, and receipts and payments account, are formulated
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Case Study – FOR THIS MAGAZINE, INTERNAL AUDIT PROVED HARD TO DIGEST Janet Leonard AC 562 – Auditing: An Operational and Internal Perspective Including Fraud Examination This case revolves around the globally renowned company, Reader’s Digest. Best known for its popular magazine of the same name, the company is one of the world’s largest direct-mail publishing houses. As with other global companies, Reader’s Digest made a decision in the mid-1980’s to outsource a large portion of its
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of his account at the Bank of America. This occurred for a while because W2s aren’t used for the expense accounts. 3. I would change the computer system around if I was the manager. I would make it so that the entries would have the name of the employee and the ID number. It would make it so that Mays couldn’t just put his own number in because the names of the employees are also there. It would stop multiple types of embezzlement. 4. The Report of Management on Internal Controls over Financial
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a)The purpose and use of the different accounting records which can be used in MonteHodge: Accounting is a crucial discipline for keeping track of quantifiable factors for a business or individual. Accountants are primarily employed to track the flow of money through an organization. In some cases, they are charged with ensuring legal compliance. In others, they are more specialized in optimizing that cash flow. Accountants also organize and aggregate financial information and produce reports
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Flat Cargo Berhad Presented by: ABDUL RAHMAN BIN YAACOB AFIFAH BINTI HALIM MAZIAH BINTI MOKHTAR MOHAMMAD AZWAN BIN BASHIRUN MOHD ZUBAIR BIN NOR AZMAN AC088467 AC088398 AC088445 AC088323 AC086470 Presented to: SIR AZWAN ABD RASHID NABILAH BINTI SAAD AC088349 INTEGRATED CASE STUDY ACSB 413 INTRODUCTION Company Background 1997 Started operations with 2 aircraft - Boeing 737-200F - Cessna Grand Caravan Operating Primarily -Air cargo carrier Principal activities of FCB Subsidiaries
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Section 404 of Sarbanes-Oxley Act Introduction Before 2002, many U.S. companies, such as Enron, WorldCom and Xerox went bankrupt and caused the serious global issues and financial responsibilities of managers in the world. The primary issue was about an ethical leadership and maintained the clean audit system. Well known examples perhaps were Enron and WorldCom scandals. Dyck and Neubert (2010) mentioned that “Ironically, the lucrative rewards for performance and innovation were keys to Enron’s
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Case Study 2—Internal Control ACCT 504 WK 5 Professor: Melinda Howerton Date: April 5, 2014 Table of Contents Introduction 3 New Internal Control Requirements 4 Internal Control Strengths 4 Internal Control Weakness 5-6 Recommendations and Conclusion 6-7 Works Cited
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changes in the way it accounted for its costs from its numerous construction projects. Much of Halliburton's business comes from big construction projects, like natural gas processing plants, which sometimes run over budget. The company failed to account for any of the over budget costs. Instead of counting the excess costs as losses, Halliburton began accounting for them as revenues based on the belief that the funds would eventually be paid by the subcontracted firms. Over six reporting periods
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Prepare profit and loss statements and monthly or yearly closing and cost accounting reports. 2. Compile and analyze financial information to prepare entries to accounts, such as general ledger accounts, and document business transactions. 3. Establish, maintain, and coordinate the implementation of accounting and accounting control procedures. 4. Analyze and review budgets and expenditures for local, state, federal, and private funding, contracts, and grants. 5. Monitor and review accounting
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