Analysis of LJB Internal Control Procedures and Recommendations Table of Contents Introduction 3 Internal Controls Before Going Public 3 Correct Internal Control Procedures 4 Internal Control Discrepancies 4 Indelible Ink Recommendation 6 Summary 6 Works Cited 8 Analysis of LJB Internal Controls and Recommendations Introduction Assigned to review the internal control procedures for LJB‚ I will
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an Internal Along my life I have met many people who viewed the world or the environment around them completely different than I do. Some believed that luck‚ chance and the environment had the majority of control over the happenings in their life and others believed that the whole world is in their hands and their futures are what they make of it. These 2 types of people are said to be either internal or external. Externals being the ones who believe they have very little control over
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Case Study 2 – Internal Control TO: LJB Company President FROM: Accounting Firm DATE: August 12‚ 2012 SUBJECT: Internal Control It is with great pleasure that we can provide you information and advisement on internal controls that will assist LJB Company with going public. We understand that you have communicated your concerns and expect that this report will assist you with deriving conclusions. This report will: 1. Inform you of any new internal control requirements in reference to going
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EXECUTIVE SUMMARY Our group was assigned to carry out the duties as internal auditor to audit the operations of the Library. We have been undergoing the task based on our objectives. We have selected TAN SRI DATO ’Sanusi Junid‚ International Islamic College (IIC) Gombak library. On Monday‚ 13 August 2012‚ we went to the IIC and the library management was welcomed our presence. We have interviewed Mr. Muhammad Arif Bin Osman‚ which is the Executive Assistants. He was very helpful in terms of delivering
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bank‚ potential vendors‚ or other interested parties. An account system is also important to process sales‚ purchase orders‚ invoices‚ payroll‚ and other business functions manually. The accounting system must be scalable‚ secure and gather data feed from other business systems to collect up-to-date business finances. The installed REMS came with the following Finance and Accounting Financial Modules: General Ledger Module‚ Accounts Payable Module‚ POS module‚ Bank Reconciliation Module‚
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com/od/bookkeepingessentials/qt/Source_Document.htm) The 7 book of prime entry is record the daily business transactions in chronological order based on the source documents. (copy the lecture note) For example cash book‚ petty cash book‚ sales journal‚ purchases journal‚ sales returns‚ purchase returns and general journal. ( HYPERLINK "http://www.investorguide.com/definition/book-of-prime-entry.html" http://www.investorguide.com/definition/book-of-prime-entry.html) The purpose of the book of prime entry
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Under internal control‚ there are three issues arises in the chicken run case study. 1st issue is the credit control system is weak. The lack in credit control system can be seen when the marketing department continued to supply product to Cold Gold Sdn. Bhd even though Cold Gold Sdn. Bhd credit is gone beyond its limit. Besides‚ Ms Choy as a credit controller did not take proper action about this issue. The recommendations are Ms Choy as a credit controller should know her duties and responsibility
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industry‚ West established an ADA at 5% of credit sales. Outstanding A/R for the end of 2007 totalled 115‚000‚ while the ADA had a credit balance of 12‚500 after recording bad debt expense for December and writing off 2‚500 worth of uncollectible accounts. Further analysis of the company’s accounts showed that merchandise purchased in 2007 amounted to 450‚000 and ending inventory was 75‚000. Goods were sold at 40% above cost. 80% of total sales were on account. Total collections from customers‚ on the other
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assets and current assets? (3 marks) Similarities: Acquired by a business to gain profit or chances of investment Both current and non-current assets are recorded on the balance sheet Differences Current assets are intended for consumption of sale realised during a year Current assets is used for trading or transactions Current assest have direct results of the profit gained in the business such as bank balance Non-current assets are used for a longer duration (12 months) Non-current assets
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Running head: INTERAL CONTROL AND RISK EVALUATION Internal Control and Risk Evaluation Patricia Coleman ACC/542 April 7‚ 2014 Maryln Fisher In today’s society‚ internal controls are applied to support an organization ’s managers to become more successfully to release the responsibilities by applying and understanding internal control concepts. Internal controls are most frequently saw as "a lot of red tape"; however‚ internal controls have different circumstances
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