Internal Controls XACC 280 By University of Phoenix Professor This paper will discuss the internal controls and how they work in business. I will shed some light on the organizations financial and business policies‚ process and procedures. The purpose of these internal controls is to protect the company’s resources against fraud‚ misappropriate funds and most important waste. A company can spend quite a
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Accounting consists of basic assumptions‚ principles‚ and constraints. There are four basic assumptions of accounting that are the fundamental basis of any set of accounts. The four basic assumptions of accounting include: monetary unit assumption‚ economic period assumption‚ time period assumption‚ and going concern assumption. Monetary unit assumption states that only transaction data that is expressed in terms of money can be included in the accounting records. Economic period assumption states
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As a resource‚ Ms. Pancake had proposed to micro manage my efforts to ensure the conceptual understanding of my responsibilities and I agreed. We had arranged to do so on Wednesday‚ December 7 as it would be less strenuous on her time schedule. This was to give her the opportunity to complete her required closing processes‚ while demonstrating to them that I was competent with my allotted tasks by completing them in the time requested. She and Mr. Rackers had accepted my proposal. As the day
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Week 3 DQ Organization is a social unit of people that is structured and managed to meet a need or to pursue collective goals. (Businessdictionary.com) Organization as a structure distributes responsibilities among the members of the company (child 2005‚ p.6). By allocating people and recourses to the necessary tasks and designating responsibilities‚ the organization contributes to the successful implementations of its goals. While organization as a process focus more closely on behaviors
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There are three ways to analyze financial statements there is the vertical analysis‚ which uses the base percentage to express the assets or liabilities and stockholders’ equity. Horizontal analysis or the trend analysis is how someone can evaluate the financial statement over a period. With this method‚ one can determine an increase or decrease in assets liabilities or stockholders equity. This can be done in percentage or totals Horizontal analysis is used primarily with an intercompany comparison
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Situation 1 First I would greet the customer with a standard greeting. Thanking them for calling and asking how I may help them is usually a good way to start off the phone call. Susan is inquiring about some of the functions that PowerPoint has to offer. She has asked about how some of the features of PowerPoint can support her data that she has gathered. I will begin by repeating back her question to verify that we are on the same page. One of the challenges I will probably face is explaining
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Genentech and Zappos use employee benefits as a motivating tool to keep and maintain their employees. Genentech offers benefits such as retirement and health care‚ family friendly perks like unlimited sick leave‚ personal concierge service‚ flexible work scheduling‚ child care‚ nursing mothers rooms to nurse in‚ they have onsite nurses‚ adoption assistance‚ company sponsored family events‚ pet insurance‚ free snacks‚ and paid six week sabbaticals every six years‚ as well as simply treating
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The client’s performance in the initial few days of the program experienced a negative trend‚ which is visible in the graph in appendix G. The possible reasons for the trend were discussed with the client’s primary instructor therapist and the supervising therapist. Revisions were proposed although ultimately deemed unnecessary. A lack of attention was hypothesized as the main obstacle linked to the client’s low performance. Possible changes that were considered included: holding up the pictures
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Financial Statement Differentiation A Financial Statement can be defined as‚ “Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders‚ and what is its current financial position” (Business Dictionary‚ 2011). The Financial information is required for various users to make an informed Decision. “The purpose of financial information is to provide inputs for decision making” (Kimmel‚ Weygandt‚ Kieso‚ 2009‚ Para 1‚ p. 6). There are four
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Accounting Team Project Naomi Konen and Chue Lee 8-2 a) Joan’s first mistake is not using control of cash receipts. She is having only one person go through the whole accounting controls process. There should be other people involved in this process including Joan herself. Joan must also realize the limitations of human controls. One person going through the entire process is bound to make a human error. b) Joan initially failed by trying to joke about her employee stealing. Stealing
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