Accounting Handout 7.1

Accounting Handout 7.1 Essay Assignment 8. 1 Handout 1. Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements R1. Which objective is most important? R2. Which must the internal controls accomplish for the business to survive? Give your reason. 2. The Sarbanes-Oxley Act affects public companies. Requirement R1. How does the Sarbanes-Oxley Act relate to internal controls? Be specific. 3. Separation of duties is a key internal control. Requirement R1. Explain in your own words why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an asset and also accounts for the asset. 4. There are 5 characteristics identified in the chapter as pitfalls of e-commerce. Requirement R1. List the 5 characteristics identified in the chapter as pitfalls of e-commerce. 5. Answer the following questions about the controls in bank accounts: Requirements R1. Which bank control protects against forgery? R2. Which bank control reports what the bank did with the customer’s cash each period? R3. Which bank control confirms the amount of money put into the bank? 6. The Cash account of Safe and Secure Security Systems reported a balance of $2,490 at May 31, 2011. There were outstanding checks totaling $500 and a May 31 deposit in transit of $300. The bank statement, which came from Tri Cities Bank, listed the May 31 balance of $3,360. Included in the bank balance was a collection of $680 on account from Ryan Saar, a Safe and Secure customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Safe and Secure earned on its bank balance. Requirement R1. Prepare Safe and Secure’s bank reconciliation at May 31. 7. Review your results from preparing Safe and Secure Security Systems’ bank reconciliation in problem #6. Requirement R1. Journalize the company’s transactions that arise from the bank reconciliation. Include an explanation with each entry. 1 8. Diedre Chevis sells furniture for DuBois Furniture Company. Chevis is having financial problems and takes $500 that she received from a customer. She rang up the sale through the cash register. Requirement R1. What will alert Betsy DuBois, the controller, that something is wrong? . Review the internal controls over cash receipts by mail presented in the chapter. Requirement R1. Exactly what is accomplished by the final step in the process, performed by the controller? 10. A purchasing agent for Westgate Wireless receives the goods that he purchases and also approves payment for the goods. Requirements R1. How could this purchasing agent cheat his co mpany? R2. How could Westgate avoid this internal control weakness? 11. The following petty cash transactions of Lexite Laminated Surfaces occurred in August: Requirement R1. Prepare journal entries without explanations. 12. Gwen O’Malley, an accountant for Ireland Limited, discovers that her supervisor, Blarney Stone, made several errors last year. Overall, the errors overstated the company’s net income by 20%. It is not clear whether the errors were deliberate or accidental. Requirement R1. What should O’Malley do? 13. The following items could appear on a bank reconciliation: Requirement R1. Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance. 2 14. Louise’s Dance Studio created a $200 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Requirement R1. Make the general journal entries to a. create the petty cash fund and b. record its replenishment. Cash in the fund totals $15, so $10 is missing. Include explanations. 15. Each of the following situations has an internal control weakness. Requirements R1. Identify the missing internal control characteristics in each situation. R2. Identify the possible problem caused by each control weakness. R3. Propose a solution to each internal control problem. 16. The April cash records of Donald Insurance follow: READ: Calculus EssayDonald Insurance’s Cash account shows a balance of $17,040 at April 30. On April 30, Donald Insurance received the following bank statement: 3 Additional data for the bank reconciliation: Requirements R1. Prepare the bank reconciliation of Donald Insurance at April 30, 2011. R2. Journalize any required entries from the bank reconciliation. 17. On November 1, Fab Salad Dressings creates a petty cash fund with an imprest balance of $400. During November, Sunny Lewis, the fund custodian, signs the following petty cash tickets: On November 30, prior to replenishment, the fund contains these tickets plus cash of $245. The accounts affected by petty cash payments are Office supplies expense, Travel expense, Delivery expense, Entertainment expense, and Inventory. Requirements R1. Explain the characteristics and the internal control features of an imprest fund. R2. On November 30, how much cash should the petty cash fund hold before it is replenished? R3. Journalize all required entries to create the fund and replenish it. Include explanations. R4. Make the December 1 entry to increase the fund balance to $450. Include an explanation, and briefly describe what the custodian does. 4

Designing the questions of the survey and interview Dissertation

Designing the questions of the survey and interview - Dissertation Example There are several advantages of Likert scale (Kothari, 2008). First of all it is easy to construct. Secondly it makes the respondent answer each of the questions in the instrument. This means that more data can be collected. Survey questionnaire: How did you get to know about our cafe? 1. From advertising 2. Word of mouth 3. From a travel agency or catalog 4. From magazine How was the service at the table reservation? 1. Excellent. 2. Good 3. Satisfactory 4. Poor Purpose of your visit to our cafe. 1. Business 2. Meetings& events 3. Relaxation /wellness 4. Health & fitness How was the check in procedure ? 1. Excellent 2. Good 3. Satisfactory 4. Poor How was the reception? 1. Excellent 2. Good 3. Satisfactory 4. Poor How was the food quality? 1. Excellent 2. Good 3. Satisfactory 4. Poor How was the service of the coffee shop? 1. Excellent 2. Good 3. Satisfactory 4. Poor How do you rank the menu of the coffee shop? 1. Excellent 2. Good 3. Satisfactory 4. Poor Would you recommend our Caf e to friends or family? Yes No How was the standard of cafe services? 1. Excellent 2. Good 3. Satisfactory 4. Poor Do you prefer any other cafe better than us? ------------------------------------------------------------------------- ------------------------------------------------------------------------- Please comment on our services which may help us to improve in future. --------------------

Network Planning Essay Example | Topics and Well Written Essays - 1000 words

Network Planning - Essay Example The network planning model refers to a smooth structured approach that eliminates some of the redundant elements from the system so as to obtain an optimal network. The logistic network for a single warehouse needs to encompass all the essential elements of the logistic activities so that there is smooth flow of products and information along the logistic chain consisting of a single warehouse. The single warehouse would serve as a centralized warehouse for the overall business operations and would comprise of all the necessary facilities that would be required for the effective coordination amongst all the other elements encompassing marketing department to the customers (Radhakrishnan, 2001). The first step that would be essential for the network design would be proper analysis of all the required information of the company’s operations. This information analysis would enable in incorporating the best strategy for the logistic network. Since there would be a single warehouse that needs to be centralized and handle all of the operations starting from inventory keeping to that of semi-finished or finished products it is very much important to decide on the size and location of the warehouse that would be the next step of the logistic network planning. The next step in designing this optimal network would be calculation of the facility and transportation costs. There needs to be a proper estimation on what are the major costs that is associated with the logistic framework that would be required in the network set up comprising of single warehouse (Waters, 2010).The next step for the design of optimal network would be consideration of various facilities such as vendors, manufacturing center, customer service and the distribution center. These facilities need to be given importance as there is continuous flow of finished products and raw materials amongst these facilities

HR practices Business Article Example | Topics and Well Written Essays - 1000 words

HR practices Business - Article Example According to the author evaluating the human resources practices of a firm can help you find way to better employ the talent a firm has (Durkin, 2011). A technique or tool that was mentioned in the article that can help managers evaluate their human resources practice is HR audits. The use of an HR audit can give a manager assurance that the human resources practices of the company meet the current legal standards and uphold the internal policies of the company. It can be beneficial for professionals in the HR industry to belong to professional organizations. An organization that has a lot credibility and power in the industry is the Society for Human Resource Management. The organization’s website has a HR audit tool kit that can be used to perform a preliminary audit of the HR function of a firm. The HR function of a company does not replace the necessity for a legal department. Companies can save money on legal expenses by having a lawyer firm on retainer rather than pay a fixed monthly payment to the lawyers of a department. The implementation of an HR audit can help the firm identify potential legal risks associated with its handling of human resources. The strategy is a proactive approach towards risk management. A problem that is occurring often in corporate America is a lack of knowledge about HR regulations and laws. A lot of companies in the United States are breaking labor laws unknowingly. The fact that many companies do not know the laws does not exempt them from compliance. â€Å"One fundamental human resource function you should inspect is the gathering and filing of employee information, from the application to the termination of employment, and all documentation in between† (Durkin, 2011). A common problem in regards to this type of documentation is proper safeguarding of the information. It all starts with the simple things such as having an employee filing cabinet with a key. The human resource department should separate the per sonal information of employees in various categories. There is sensitive information such as social security number, age, medical record or disability data that should not be in the normal employee file that the managers have access too. Access to such data can lead potential discrimination from the managers towards a specific employee. Companies also have to comply with the Family Leave Act. Employee record retention requirements vary by state law with some common federal laws. Confidential information must be protected to protect both the employer and the employees. The Equal Pay Act of 1963 stipulates companies must keep payroll records up to three years. A topic in human resource that was often discussed in class that I believe should have been talk about more in the article is training and development. The author mentioned that it was important for companies to invest in its human resources, but he did not provide solutions to solve the problem. The performance of employees in a corporation can be improved through training and development. The proper use of training and development can improve the employee retention rate of the company. Investing in training and development should be a company wide initiative, but the firm must also identify talent that deserves advance training because the company determined that the employee has potential. The managers of corporations should receive more training than any other employee since they are responsible for the performance of

Database security Questions Essay Example | Topics and Well Written Essays - 750 words

Database security Questions - Essay Example In addition, the moment we think to offer security to our database framework with the intention that no illegal person or user is able to use it. However, the unplanned harms could be minimized by offering guidance to the employees and enforcing fines on violation of the business policies for instance moving away from workplace even though the system is open for working. In this scenario, a company user must be permitted access only relevant data, and diverse business users should be controlled through diverse methods of access for instance interpretation and modification to business critical data. Thus, business strategies at user administration level are able to help make new rules for prohibiting illegal or legal user access issues (Kumar, 2011; Cawley, 2008). Q. 2 Trigger The below given code is taken from (Pattani, 2010; Oracle , 2010; Czuprynski, 2006) CREATE TABLE CUSTOMER_SECTION ( Cst_SectNo sectno_dom, Cst_Name section_dom, Cst_HeadSSN ssn_dom, Cst_Budget budget_dom, CONSTR AINT customer_section_PK PRIMARY KEY (cst_SectNo), CONSTRAINT c_section_FK FOREIGN KEY (cst_HeadSSN) REFERENCES tab_LIBRARIAN (SSN), CONSTRAINT customer_section_budget_TX2 CHECK ((cst_Budget >= 0) AND (cst_Budget IS NOT NULL)), CONSTRAINT customer_section_budget_TX2 CHECK (NOT EXISTS (SELECT * FROM customer_SECTION s WHERE cst_budget Head.Salary AND Lib.Section = S.cst_SectNo AND S.Lib_HeadSSN = Head.SSN and Lib.SSN Head.SSN)) inform_director (Lib.SSN,Lib_HeadSSN); In the above given code we supposed that inform_director() is a process which has already been stored inside the database in addition it could be used by the DBMS (Pattani, 2010). Q: 3 Following are advantages of VPD: (Pattani, 2010; Oracle , 2010; Czuprynski, 2006) VPD offers dynamic security mechanism means that businesses need not to uphold complicated roles and considering grants aspects. By using VPD one can apply over individual rule on every database object Database users are not able to circumvent safety mechanis m inserted inside applications, since

Final take home exam Term Paper Example | Topics and Well Written Essays - 2000 words

Final take home exam - Term Paper Example Hence, the quality of interaction has improved to a great level. This eventful journey of social media development is marked by several milestones. I will be highlighting 5 of the most key moments in the history of social media. In my opinion, the first one is obviously the development of e-mail. E-mail is probably the first form of digital message. The next one is development of Genie, which was an online forum that led the foundation of social media. I believe the third milestone was a major shift in terms of development (Freeman, 2010). It came in the form of world’s first social platform where users actually got the opportunity to get in touch with their loved ones. The website was known to as classmates.com. The emergence of Friendster, improved and modern social media platform is the next big thing to have happened. The craze was such that within the first month of its launch, around 3 million people joined in. The last major breakthrough came in the form of modern day n etworking platforms such as Facebook, Twitter, and Pinterest. These networks support online transfer of various types of file and has actually taken communication to the next level. The journey of social media has been an eventful one and it is expected that with a similar rate of development, soon human being will experience a new world through the eyes of social networking platforms. Properties of social media Social media is referred to as a virtual network or community where users gather to communicate among themselves and at the same time create and exchange information about the various topics. Therefore from the above findings I can conclude that social media acts as a mediator between the users. Some of the key properties of social media are quality, reach, frequency, accessibility, usability, immediacy, and permanence. I believe these aforementioned properties create disparities among the different social media forms and are the reason that leads to various types of social media (Kietzmann, Hermkens, McCarthy & Silvestre, 2011). For example, due to differences in the features we come across two terms, namely social media and industrial media. The major difference between social and industrial media is that industrial media is more expensive. It includes television, newspapers and films. In my opinion, it is important to distinguish different forms of media because without distinction new forms will never emerge and can even act as a hindrance. In the context of the difference between the new forms of media with rational forms is its ability to go viral. Due to the presence of a million of registered users a small issue can go viral through social media. Types of social media As seen above, social media has various features that allow users to accomplish crucial tasks. However, when a discussion about social media is going on, it is a necessity to underline the different types of social media present in the virtual world. From my personal experience as well as consultation of the textbooks, I have found there are 6 different types of social media namely collaborative projects, blogs and micro-blogs, content communities, social networking sites, virtual game worlds, and virtual social worlds (Gillgian, 2011). According to me, all of the aforementioned types of social media has their own significance and can be described as unique,

Behaviorist lesson plan Essay Example | Topics and Well Written Essays - 250 words

Behaviorist lesson plan - Essay Example The behavior may be attributed to hyper activeness, curiosity and enthusiasm of young students. Young children’s brains are maturing, and they do not have the same capability to control themselves as adults do. As a teacher I should, therefore, understand the importance of teaching children abilities for controlling their behavior while appreciating that they need ongoing guidance and my supervision to stay safe. The child may be overwhelmed, close down and, hence, lash out physically or verbally to the teacher for not placing him in the first position. As the teacher I, thus, need to invest time, effort, compassion and patience to assist the child handle the feelings constructively. Children must be able to identify early interventions to enhance student behavior difficulties in the primitive years at the end of the lesson. The science student’s reactive aggressive behavior depicts its self through unplanned retaliation by the child due to being denied the first position when going into the lab. One element key in assessing change in aggressive behavior is teacher-students relationships. Behaviorist principles, such as developmental cascade theory have been used to explain persistent problems in early behavior. Theorists propose early behavior drawbacks in early schooling have cascading results that negatively influence subsequent psychosocial functioning and school success. Interventions such as Good Behavior Game that target behavioral difficulties at an early age attempts to prevent the negative