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
Q. Departures from cost basis of inventory measurement? In general companies must use historical cost to value inventories and cost of goods sold. But some circumstances justif

What is the implication of applying accounting concepts wrongly

define Macrs in detail

One or more phases in the operation cannot supply all the items it makes concurrently.

1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let

Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely

Q. What is Cost-benefit? Cost-benefit The cost-benefit consideration engrosses deciding whether the benefits of including optional information in financial statements exceed th

trying to put the numbers into the correct asset t-account and not adding up

Goodwill is an intangible asset of a organization which contains company reputation, fame etc., By goodwill company share value may enhances

S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and