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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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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450‚000 400‚000 300‚000 Inventory in Units 32‚000 28‚000 21‚000 Financial Data ($000) Total Revenues 35‚200 27‚500 21‚200 Total Assets 23‚000 19‚500 15‚700 Accounts Receivable‚ Net 5‚900 4‚300 3‚900 Bad Debt Expense 175 135 105 Accounts Receivable Written Off 165 125 100 Required 1. Calculate the following ratios for 20x9‚ 20x8 and 20x7: a. Sales to total assets b. Sales to production c. Revenue per unit sold d. Accounts receivable growth to sales growth e. Uncollectable accounts expense to
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overdrafts. Results indicate that only minimal efforts have been made for internal control measures in this office and companywide‚ and that weaknesses have allowed the Finance Coordinator to embezzle funds. There are many issues to be addressed‚ and several remedial actions to be taken to prevent these types of losses going forward. Strengths in the internal control system Dentistar’s internal control system has some strengths‚ including its detection policies‚ limits on access to data‚ and the review
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Analyse the strengths and weakness of the Electoral College (15 marks) The Electoral College is an old and complicated system set up by the Founding Fathers to elect the Executive branch. It was created in order to put a layer in the system of electing president as they did not fully trust democracy. As a result‚ the outcome of the president election is not determined by simply adding the national vote of each of the candidates. Each state is allocated a number of ECVs‚ one for each senator and
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My greatest strengths in Domain 1 includes demonstrating knowledge of resources (1d)‚ designing coherent instruction (1 e) and designing student assessments (1f). One way I have shown excellence in domain 1 is through gathering materials through a variety of organizations and resources (1d). I have found that when I connect our class learning targets to currents events‚ news and topics targeting teens‚ my students show an increased level of interest. The resources I refer to include; the HBO
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There are several theories of criminal behavior and each of these theories have its own strengths and weakness. For instance‚ the strengths of psychological theory are they focused on the effects that childhood experience have on the developing personality‚ it takes both nature and nurture into account‚ this area has worked with other areas of psychology to produce the following: social learning theory‚ social cognition and artificial intelligence. But‚ the weakness of psychological theory is that
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document is either destroyed or concealed from government investigation. 2. Name and briefly describe the five components of COSO’s internal control framework.(10 points) The Control Environment: This relates to the control consciousness of people within the work environment/organization. This is the basis for all the other components of internal control. Risk Assessment: This refers to the organization’s
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the World Trade Center‚ one into the Pentagon‚ and one crashed into a field in Pennsylvania. These actions have cost a countless number of lives‚ 2‚996 lives to be exact. The profoundly weak terrorists only had one intention. To break the unity and strength of the people in the United States. The terror attacks of September 11th had me cold to my bones. I can’t even begin to fathom the level of hatred people must have for one another to commit an act so catastrophic. I tried to put myself in one of
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Dory Demolition has three leadership strengths from the trait theory that is clear to see in her abilities to be the vice president of Company A. The first strength is her self-confidence which is evident in the decisions she makes without blinking an eye. Per the article that Kirkpatrick and Locke have published‚ one of the most important traits a leader should have is self-confidence. (Kirkpatrick‚ Locke‚ & Maryland‚ 1991) When North Carolina Medicaid changed administrative companies that would
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