What are the operational risks surrounding the ticket sales

Assignment Help Accounting Basics

Reference no: EM132722612

Question - Advance concert tickets will be sold starting in January 2020 at the concert office where Jill will be working full-time. Payment will only be accepted in cash, as Jill doesn't believe the cost of using debit and credit card machines is worth the benefit.

Cash from ticket sales will be kept in a designated locked box in the office. When the box is full, cash will be taken to the bank and deposited in the concert bank account. Deposits will be made by Jill or another employee, depending on who is available. Once a deposit is made, Jill will use the bank record to record the ticket sales in the accounting system.

Tickets will be professionally designed and printed with security features to make counterfeiting impossible. Tickets will be pre-numbered and feature the names of all concert sponsors. As Brandon has a university, Jill has made sure that the some of the performers will appeal to younger concert-goers. She plans to distribute a limited number of coupons to organized student groups on campus. The coupons will entitle the holder to 50% off the ticket price.

1: What are the operational risks surrounding the ticket sales?

2: For each risk listed, what is the implication and how do you mitigate it?

Reference no: EM132722612

Questions Cloud

Discuss topic pediatric musculoskeletal and integumentary : Topic: Pediatric Musculoskeletal and Integumentary, This unit's discussion will focus on sharing experiences that you have encountered so far in your pediatric.

What is the net present value of the acquisition : If the acquiring firm pays $110 million in cash to the target firms shareholders. What is the net present value of the acquisition?

What grounds is discrimination prohibited in jurisdiction : What grounds is discrimination prohibited in your jurisdiction and Are there are grounds that appear to be missing from your jurisdiction's legislation?

Describe the concepts of epidemiology : Describe the chosen communicable disease, including causes, symptoms, mode of transmission, complications, treatment, and the demographic of interest.

What are the operational risks surrounding the ticket sales : Tickets will professionally designed and printed with security features to make counterfeiting impossible. What are operational risks surrounding ticket sales

Power point on specific traits : Power point slide - Thorough description of multiple, specific traits that contributed to this person's success or failure as a leader

How much leave should be required to be paid : How much leave should be required to be paid, and why, and for what family-related purposes. Some employers must provide unpaid leave for family- and medical

What is the value of investment : Rob wants to start his own restaurant company. He wants to finance the company using debt, preferred stocks, and common stocks. He has decided

Explain practices amazon uses as part of performance : Explain 2-3 different practices amazon uses as part of its performance management approach. There are a number of practices that can support

User Account

All Pages