Accounting Handout 7.1

Accounting Handout 7.1 Essay Assignment 8. 1 Handout 1. Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements R1. Which objective is most important? R2. Which must the internal controls accomplish for the business to survive? Give your reason. 2. The Sarbanes-Oxley Act affects public companies. Requirement R1. How does the Sarbanes-Oxley Act relate to internal controls? Be specific. 3. Separation of duties is a key internal control. Requirement R1. Explain in your own words why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an asset and also accounts for the asset. 4. There are 5 characteristics identified in the chapter as pitfalls of e-commerce. Requirement R1. List the 5 characteristics identified in the chapter as pitfalls of e-commerce. 5. Answer the following questions about the controls in bank accounts: Requirements R1. Which bank control protects against forgery? R2. Which bank control reports what the bank did with the customer’s cash each period? R3. Which bank control confirms the amount of money put into the bank? 6. The Cash account of Safe and Secure Security Systems reported a balance of $2,490 at May 31, 2011. There were outstanding checks totaling $500 and a May 31 deposit in transit of $300. The bank statement, which came from Tri Cities Bank, listed the May 31 balance of $3,360. Included in the bank balance was a collection of $680 on account from Ryan Saar, a Safe and Secure customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Safe and Secure earned on its bank balance. Requirement R1. Prepare Safe and Secure’s bank reconciliation at May 31. 7. Review your results from preparing Safe and Secure Security Systems’ bank reconciliation in problem #6. Requirement R1. Journalize the company’s transactions that arise from the bank reconciliation. Include an explanation with each entry. 1 8. Diedre Chevis sells furniture for DuBois Furniture Company. Chevis is having financial problems and takes $500 that she received from a customer. She rang up the sale through the cash register. Requirement R1. What will alert Betsy DuBois, the controller, that something is wrong? . Review the internal controls over cash receipts by mail presented in the chapter. Requirement R1. Exactly what is accomplished by the final step in the process, performed by the controller? 10. A purchasing agent for Westgate Wireless receives the goods that he purchases and also approves payment for the goods. Requirements R1. How could this purchasing agent cheat his co mpany? R2. How could Westgate avoid this internal control weakness? 11. The following petty cash transactions of Lexite Laminated Surfaces occurred in August: Requirement R1. Prepare journal entries without explanations. 12. Gwen O’Malley, an accountant for Ireland Limited, discovers that her supervisor, Blarney Stone, made several errors last year. Overall, the errors overstated the company’s net income by 20%. It is not clear whether the errors were deliberate or accidental. Requirement R1. What should O’Malley do? 13. The following items could appear on a bank reconciliation: Requirement R1. Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance. 2 14. Louise’s Dance Studio created a $200 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Requirement R1. Make the general journal entries to a. create the petty cash fund and b. record its replenishment. Cash in the fund totals $15, so $10 is missing. Include explanations. 15. Each of the following situations has an internal control weakness. Requirements R1. Identify the missing internal control characteristics in each situation. R2. Identify the possible problem caused by each control weakness. R3. Propose a solution to each internal control problem. 16. The April cash records of Donald Insurance follow: READ: Calculus EssayDonald Insurance’s Cash account shows a balance of $17,040 at April 30. On April 30, Donald Insurance received the following bank statement: 3 Additional data for the bank reconciliation: Requirements R1. Prepare the bank reconciliation of Donald Insurance at April 30, 2011. R2. Journalize any required entries from the bank reconciliation. 17. On November 1, Fab Salad Dressings creates a petty cash fund with an imprest balance of $400. During November, Sunny Lewis, the fund custodian, signs the following petty cash tickets: On November 30, prior to replenishment, the fund contains these tickets plus cash of $245. The accounts affected by petty cash payments are Office supplies expense, Travel expense, Delivery expense, Entertainment expense, and Inventory. Requirements R1. Explain the characteristics and the internal control features of an imprest fund. R2. On November 30, how much cash should the petty cash fund hold before it is replenished? R3. Journalize all required entries to create the fund and replenish it. Include explanations. R4. Make the December 1 entry to increase the fund balance to $450. Include an explanation, and briefly describe what the custodian does. 4

How does the gender stereotype in the mass media affect the society Essay

How does the gender stereotype in the mass media affect the society - Essay Example According to Casey, Calvert, French &Â  Lewis (2002), gender stereotypes can be defined as the generalizations made in relation to specific genders in the society. For instance, in relation to media, women and men have different perceptions on the same. Additionally, Casey, Calvert, French &Â  Lewis (2002) indicate that gender stereotypes are generalizations that relate to different gender roles between men and women. It is however noted that the gender stereotypes may be misleading in one way or another. In the television for example, the kind of gender stereotypes is lofty, since the women are termed as minorities, and are not covered effectively in the news. This happens especially to women of low cultural groups who receive minimal media coverage. In the case of media coverage, the stories covered are at times too negative and unrealistic. In this case, is justified to say that the media has created a lot of myths, regarding the genders. Positively, men impersonate the mass media by displaying the wisdom to succeed and venture into the media industry. Most specifically, the handsome men have been regarded as the heroes of the media industry. The men have a way of portraying their dominance and masculinity in the media industry, with the aim of dominating the entire industry. In the case of the television and movie stars, men are always quick to show their prowess, confidence and ability to succeed. The male gender, in this case has been depicted as a person who aims at portraying their vitality in the media industry. Since the men are mostly older than the women, they always want to show their dexterity. The media has managed to bring out the prowess of the males especially in the sports industry. In this case, the men have made numerous attempts to dominate the media. In many instances the men have been drawn as doing activities that portray violence, at times they are

Human resource development Essay Example | Topics and Well Written Essays - 2000 words

Human resource development - Essay Example The company employs about 50,000 personnel, in 34 countries and worldwide branded returns in 2011 were approximately ?13bn ($21bn). All the success of Virgin Group can be attributed to Richard Branson effective leadership. Branson dropped out of school at the age of 16 and yet he has managed to build a business empire through his ability to influence his employees towards achievement of his vision and the set goals. Some of the quality leadership traits of Richard Branson are extravert; he is charismatic, loves being around people and fun. Secondly, he respects people and as a result provides great value to the people who work under him. Thirdly, time management; he has managed to build many companies in a short-duration of time- there are always new projects undergoing in the company (Zacharo, 2001). Fourthly, delegation- Branson portrays willingness to step back and allow others to take on key positions in the company. Branson argues, â€Å"For as much as you need a strong persona lity to build a business from scratch, you must also understand the art of delegation. I have to be willing to step back now," he admits. "I have to be good at helping people run the individual businesses – it can’t just be me that sets the culture when we recruit people† (Crush, 2010, par. 4). Branson also encourages people to generate ideas and then he backs them up. He connects with employees across all levels and verticals. He has also build trust among the top management as he gives stakes and does not interfere. Branson is also a leader who always has a vision; he has more than 400 companies yet he is still looking out for more: he sees opportunities for growth everywhere. In spite of his prosperity, he has not let go his profit-making objectives and sometimes he appears to initiate new undertakings on a nearly daily basis (Dearlove, 2007). Lastly, Branson is a friendly and outgoing person, as portrayed in the book â€Å"Business the Richard Branson Wayâ⠂¬  by Des Dearlove (2007). He captivates the employees and public through the unexpected prospect of making the grey world sparkle with fun as well as excitement. He creates an exciting work culture in order to motivate and retain good people (Dearlove, 2007). Richard Branson is a great leader and his unique leadership style has been quite effective; he has shown that any person can get very far in life in spite of the type of background they have and the kind of history they have. He has many leadership abilities and an electric personality, which makes him one of the most influential and effective business leaders in the world. Training and Development for Increasing Branson Attributes Development of the right people- The Virgin Group has developed rapidly because of a clear focus on the development of the right people, using the right systems, the right organizational structure and motivating the groups’ new projects. Leaders should have a clear leadership strategy like Sir Richard Bryson in which the key to build business shrewdness is developing a work environment that enables the employees to use their ideas as well as let go of their pent-up frustration which can build when people have ideas but experience difficulties realizing them