Accounting Projects

 Essay regarding Accounting Jobs

Accounting Team Project

Naomi Konen and Chute Lee

8-2

a) Joan's initially mistake is definitely not applying control of funds receipts. The girl with having merely one person go through the whole accounting controls procedure. There should be other people involved in this method including Mary herself. Joan must also know the limitations of human regulates. One person under-going the entire method is bound to produce a human error. b) Mary initially failed by aiming to joke regarding her employee stealing. Stealing is a serious matter and should be cured as such. Joan needs to use the elements of internal controls to guard her business against staff theft. Mary should have used policy upon employee fraud. c) We disagree with Joan's method of handling money however feel that she is transferring the right course. There are insufficient checks and balances with Joan's system. I feel that Mary should be mixed up in process of controlling cash receipts.

8-3

a) When an item is returned to the retail outlet, the store attendant can make an exceeding sum of money refund approximately $50 whenever so he can get at least a portion of computer for any particular returning item because there's no receipt to compare, displaying how much the cost is. b) The weakness of it is that it is returnab with funds for any went back item under $50, and a check will certainly mailed to the customer for any item that is above $50. c) By giving a store‘s credit rather than a cash for all products returned with no receipts may reduce the possibility of theft down just a little. However , it is not absolutely secure. It is only preventing the employees to not be able to use the store's credit and steal cash, but the credits are still be around to his friends and family members as well. d) If the store would like to maintain the policy of issuing cash reimbursments without receipts, one better way to guard and to increase its inside control is to have the mailed for the only customer whom got returned the store's...

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