Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Case Study - Jones runs a family-owned department store in Ba. The store consists of nine different departments, each with its own department manager. Store hours are Monday through Saturday from 10:00 A.M. to 7:00 P.M., and from noon until 5:00 P.M. on Sunday. Each department has its own cash register, and two salespersons are assigned to each register. To prevent any confusion, each salesperson must enter his or her own secret code with each transaction. At the end of each day, the sales manager in each department tallies the department's register, collects the money (cash and checks) from the register, and prepares a transmittal slip for the general manager to review and sign. The general manager then double-checks the cash count before signing the transmittal slips. After collecting all cash receipts from all departments, the general manager prepares a daily cash sales report and sends it to the store's finance manager. The finance manager again counts the money and signs three copies of the daily cash sales report. She keeps one copy for herself, a second copy goes to the store accountant, and the last copy goes to the store manager. The finance manager then puts all of the cash into the company safe, where it stays until the next morning when it is picked up by an armored car service. The store accountant reconciles copies of cash sales reports with bank deposit slips and with credits on the monthly bank statement. Jones has a close relationship with the bank, so he was always called first when there is any kind of issue or problem. He just received a call from one of the bank's customer service representatives who suggested that he look into some customer checks that had recently bounced. The bank representative said that some of the payer names on the checks had come up in bad checks written to a number of other local businesses. "You have an insider working against you," said the bank employee. "This is happening all over town; I heard a police investigator say that there's always in insider involved.
Required -
1. Discuss two possible fraud schemes in the company.
2. Given the store's procedures for processing cash receipts, identify which people are in position to participate in a check fraud scheme and how they may be involved.
3. Identify one internal control procedure in detail that could have eliminated the fraud.
Establishing Metrics. Your text explains why it is important to select the appropriate criteria for strategic planning. Part of this process is establishing metrics to measure the progressive success of the strategic plan. Choose and discuss two m..
Annual net cash flows include depreciation expenses. Calculate the NVP and IRR for each type of trck, and decide which to recommend.
Interest costs during construction were $251000. Find the cost of the land that should be recorded by Swifty Corporation
Steve is a window cleaner. He has the following costs: He charges clients $59 to clean their windows. What is the unit contribution margin per house
During its first year of operations, Haas produced 60,000 units and sold 60,000 units. Compute the companys break-even point in unit sales
Determine the amount of change (in millions) and percent of change in operating income from Year 1 to Year 2. Round to one decimal place
The root operation found in the documentation of a procedure is indicated in the third character of the code
What is Rotelco's break-even number of accounts, using the data and assumptions above? Round to the nearest whole number
Prepare a classified income statement and statement of changes in equity for the month ended January 31, 2016 and a classified balance sheet at January 31.
The following expected annual cash flows: $450,000, $225,000, $600,000, $600,000, and $150,000. Calculate the payback period for each case
the need for an accounting standards setting body the qualifications that members of that body should possess, and the procedures that body should adopt in establishing accounting standards.
The Cost Analysis for Decision Making project is intended to be a comprehensive evaluation of the key objectives covered throughout this course. It will challenge you to apply your knowledge of cost information when evaluating the decision to make..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd