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
Governmental agencies at the state, federal, and local levels employ governmental accountants. Habitually the duties of these accountants relate to tax revenues and expenditures. F

Q. Balance Sheets of a limited company are shown in figure as on 31 st December, 2008 and 2009: Taking into account the following additional information, give a statement


1. Fill in the table below.  Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Aver

help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp

Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when

The net cash provided by operating activities is affected by

Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?

Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti