Prepare a narrative describing the transaction cycle process, Accounting Basics

Assignment:

This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process, inventory control process, incoming cash receipts process, payroll process, etc. The full cycle (cradle-to-grave) should be covered. Students will need to conduct an interview of personnel involved in the transaction cycle in order to describe the transaction cycle and document the internal controls over the transaction cycle. Students may use a transaction cycle from their current company, or can interview friends, family or other business contacts regarding a transaction cycle in their business.

Part I:

Prepare a narrative describing the transaction cycle process in detail including the dates interviews were conducted and the contact information of the person(s) interviewed for the class assignment. Be sure to include sufficient detail of all aspects of the process and both preventive and detective controls in place to mitigate material misstatements of the financial information.

Students may also include exhibits of documents observed or can use flowcharts to better document the process - use of a narrative is required to earn full credit for the assignment.

Posted Date: 3/1/2013 2:45:46 AM | Location : United States







Related Discussions:- Prepare a narrative describing the transaction cycle process, Assignment Help, Ask Question on Prepare a narrative describing the transaction cycle process, Get Answer, Expert's Help, Prepare a narrative describing the transaction cycle process Discussions

Write discussion on Prepare a narrative describing the transaction cycle process
Your posts are moderated
Related Questions
why would a bank be interested in the investment ratios of its customer firms..

The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code has b


Accounting supposes that the business as an accounting entity will continue to operate for a long time in the future, unless there is superior evidence to the contrary. The enterpr

Q. What is Public accounting? Public accounting firms offer professional accounting and related services for a fee to organizations, other companies, and individuals. An accoun

The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib)                  35,630 Office Equipment (ass)         16730 Delivery Truck

Service revenue earned on account Metro performed courier deliverance services for a customer who agreed to pay USD 900 at a later date. The company approved credit rather tha

Has accounting become too interesting? In recent years, accounting has become front-page news and has been a key talking point among those connected with world of business. Reg

The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011

At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl