What is the biggest risk for business within scenario

Assignment Help Accounting Basics
Reference no: EM132609475

Athletes Ltd. sells sporting goods to retail consumers. In order to keep their customers satisfied, they allow return of any product for a full refund within 14 days of purchase, no questions asked. When customers make a return, an employee would a "Return of Merchandise" form, pay out cash from the register, and keep a copy of the form for the manager. The returned item is put back on the floor as soon as the refund is paid out.

Question 1: What is the biggest risk for this business within this scenario?

Question 2: Make 3 recommendations to address the internal control weakness(s).

Reference no: EM132609475

Questions Cloud

Introduction to leadership course : 1) Define leadership. Through Introduction to leadership course what you expect to learn?
Prepare a straight-line amortization table for the bonds : Prepare a straight-line amortization table for the bonds. Duval Co. issues four-year bonds with a $100,000 par value on January 1, 2019, at a price of $95,952.
Identify the two health information systems : Vocabulary mapping supports the interoperability of health information systems by using controlled vocabularies to increase communication between these systems.
Making a formal diversity policy : Making a formal diversity policy that could be used by a community services organisation.
What is the biggest risk for business within scenario : Make 3 recommendations to address the internal control weakness(s). What is the biggest risk for this business within this scenario
What is the importance of managing innovation : What is the importance of Managing innovation?
Present the most compelling arguments : What are some of the most important steps you would advocate to keep America safe from terrorism?
What approach can you use in doing literary analysis : What approach can you use in doing literary analysis? Study approaches such as structuralism (look for patterns), Marxism (relation of text to society).
How companies contribute to the triple bottom line : Explain with examples, how companies contribute to the triple bottom line of, economic growth, care of the environment, and social well being.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the dollar amount of dividends declared

No other changes to stockholders' equity occurred during the year. Determine the dollar amount of dividends declared by the company during the year

  Need the necessary year-end adjusting entries

The December 31, 2017 trial balance of Saddle Co. included the following accounts: Need the necessary year-end adjusting entries as of December 31, 2017

  What would be the balance in the common stock account

What would be the balance in the Common Stock account after the issuance of a 10% stock dividend?

  Prepare a schedule translating the december trial balance

The dividends were declared and paid on November 1. Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars

  Take a position on whether push-down accounting provides

Take a position on whether push-down accounting provides the most relevant information for both internal and external financial statement users.

  What is the amount of milly gain or loss on the sale

In 2010, Milly purchased 150 shares of stock in Tommy Corporation for $12,500. What is the amount of Milly's gain or loss on the sale of her stock

  Present some arguments to convince him

Present some arguments to convince him that accounting data should still be based on cost.

  Process-costing report

Production personnel estimate that the 75,000 units still in process on June 30 are 100% complete with respect to materials and 40% complete with respect to conversion costs.

  Compute present value of the bids

A surface that costs $5.25 per square yard to install. This surface will have to be replaced at the end of 5 years. Compute present value of the bids

  Describe the broad purposes of analytical procedures

Identify the sources of information from which an auditor develops expectations. Analytical procedures consist of evaluating financial information

  What amount of the proceeds should be allocated

Mouser Company issues 4,000 shares of its $5 par value common stock, What amount of the proceeds should be allocated to the preferred stock

  Analyze the major pros and cons of preparing company budgets

Analyze the major pros and cons of preparing company budgets. Analyze the most common responsibility reporting systems

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd