ARVI MARIE S. CALONZO BSA 4B Applications of Internal Control to Cash Receipts ---Cash receipts may result from cash sales; collections on account from customers; the receipt of interest‚ rents‚ and dividends; investments by owners; bank loans; and proceeds from the sale of noncurrent assets. ---The following internal control principles explained earlier apply to cash receipts transactions as shown: Establishment of responsibility - Only designated personnel (cashiers) are authorized
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V. Internal Control & Banking Relationship Basic Controls Internal control refers to a system of financial checks and balances designed to minimize errors or misappropriation of assets‚ maximize the detection if it occur and protect the association overall. It is the treasurer’s responsibility to safeguard the assets of the association by ensuring these controls are in place. One of the basics of good internal control is that no one person handles all aspects of any financial transaction
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Case Study 2 – Internal Control A review of policies and procedures for LBJ Company has been conducted‚ and there is a distinct lack of internal control that must be addressed in order for the company to go public. Internal control is identified as: “the process designed to ensure reliable reporting‚ effective and efficient operations‚ and compliance with laws and regulations” (Edwards‚ 1994). Additionally‚ to attract prospective investors‚ LBJ Company must follow the guidelines identified by the
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What I Learned From Walter Osborne By CW4 William M. Clarke III I was raised by a Marine Corps drill instructor‚ and therefore had an incredible example of dynamic leadership from the very start. As a result‚ leadership and the ability to lead others seemed to come naturally‚ and it is easy for me to recognize when I emulating my father or mimicking behavior that I learned from watching him interact with others. While reading about Walter Osborne and the Red Tops dance orchestra‚ I recognized that
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Upon finishing the two exercises‚ I have concluded that external locus of control plays a huge part in my life. I found multiple correlations between the two scores‚ I have always taken everything lightly and I have procrastinated until the last minute to do things‚ I have told lies on why I couldn’t do the work multiple times to my instructors‚ I lack motivation to follow through with my plan of action (Trust me I have made a lot of those). I feel like something is missing from my life which makes
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Obtaining an understanding of internal control allows auditor’s to identify the types of material misstatements that could occur in the financial statements‚ consider the factors that affect the risk of material misstatements‚ and design substantive tests. An auditor obtains the understanding from researching the clients business. An auditor will take inquires from management and personnel‚ observe client activities and operations‚ walk-through the business‚ and inspect client documents and records
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Journal of Accounting – Business & Management 13 (2006) 39-68 Evaluation of The Effectiveness of Control Systems in Computerized Accounting Information Systems: An Empirical Research Applied on Jordanian Banking Sector Talal H. Hayale* Husam A. Abu Khadra† Abstract The objective of this study is to evaluate the level of Control Systems effectiveness in Computerized Accounting Information Systems (CAIS) that is implemented in the Jordanian banking sector to preserve confidentiality‚ integrity
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Case Study 2: LJB Company’s Internal Controls Michael Del Toro FI504 - Accounting Abstract This paper shall focus on the criticalities involved in LJB’s transactions and how it may implement internal controls to the business processes while increasing the accountability of individuals involved in its ‘lean business process.’ With the advent of the Sarbanes-Oxley Act and its repercussions to the manner in which businesses must prevent fraud (both external and internal) to not misrepresent any of
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student of BBA‚ Major in Accounting‚ internship is an academic requirement. For doing internship every student is required to work in a selected institution to enhance ones practical knowledge & experiences. For my internship I was sent to the Janata Bank Limited (JBL)‚ under the supervision of Ms. Rehana Fowzia‚ Assistant Professor‚ Department of Business Administration Stamford University Bangladesh. My supervisor asked me to prepare a report on internal control system of nationalized banks of
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NUMBER SYSTEMS TUTORIAL Courtesy of: thevbprogrammer.com Number Systems Number Systems Concepts The study of number systems is useful to the student of computing due to the fact that number systems other than the familiar decimal (base 10) number system are used in the computer field. Digital computers internally use the binary (base 2) number system to represent data and perform arithmetic calculations. The binary number system is very efficient for computers‚ but not for humans. Representing
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