Assignment Internal Cash Control Essay Example for Free

Assignment Internal Cash Control Essay The weaknesses in the internal control over cash disbursements are, there should be only one person in charge of writing the checks for each task, and there should be numbered checks for both people so that the funds spend can be tracked easier, the cabinets were the checks are stored should be two locked cabinets, one for each person who writes the checks. Memo: I would recommend that to have a better control over money paid and items purchased, that you start having numbered checks in two separate accounts, one account for the treasurer and one account for the purchasing agent. This method will make it easier for moth parties to avoid mistakes, and it will also be easier to verify money spent and received. P4-1A The internal control principles implemented by the Guard Dog Company are, numbered checks so that the company has a number trail to monitor cash dispersment. Each check must have approval from Jane Bell, and Dennis Kurt before a check can be issued, this is an establishment of responsibility to ensure that not just anyone ion the company can write checks. Checks must be signed by either Tom Kimball, the treasurer, or Karen Thews, the assistant treasurer. Before signing a check, the signer is expected to compare the amounts of the check with the amounts on the invoice, this is also a form of establishment of responsibility and both of these procedures are a use of documentation procedures. After signing a check, the signer stamps the invoice â€Å"paid† and inserts within the stamp, the date, check number, and amount of the check. The â€Å"paid† invoice is then sent to the accounting department for recording. By doing this it is a way of verifying company cash dispersment and documentation control. Blank checks are stored in a safe in the treasurer’s office. The combination to the safe is known by only the treasurer and assistant treasurer. By locking the checks in a safe it establishes responsibility for the checks, and uses a Physical, mechanical, and electronic controls to narrow down any check problems to one source. Each month the bank statement is reconciled with the bank balance per books by the assistant chief accountant. By doing this it establishes document control, this way any discrepancies in the amount paid can be verified. Indicate the weaknesses in internal accounting control in the handling of collections. The weaknesses in the handling of collections are the way the money is deposited, the way the checks are made out and the way the money is verified and deposited. P4-2A List the improvements in internal control procedures that you plan to make at the next meeting of the audit team for (1) the ushers, (2) the head usher, (3) the financial secretary, and (4) the finance committee. The improvements the ushers need to make is that after each offering they should individually count their own collected baskets and log there amount in an offering log book, so that there is less room for error in the next step. By handing all the baskets to the head usher without counting the money themselves, the head usher can offer any amount on his final deposit. The improvements the head usher needs to make is to make sure that each usher counts their baskets, and that the head usher counts all the baskets and checks for discrepancies to make sure that no one is pocketing any money. The head usher should also check the amount given to him/her against what is written in the offering log. Have a book to log the amount of money that is put into the safe so that it is logged in a way that can be verified by the committee, a note is not a safe method because it can be thrown out, by logging in a book it is easier to find were the discrepancies came from. The improvements the financial secretary should make is that he/she should have a list of what needs to be paid and make a log of the amounts that need paid and to make sure the receipts are logged along with whatever bills or services that needed to be paid that week. The financial secretary should also verify the amount of money in the safe against the log that is kept by the ushers. The financial committee should show a more detailed list of what expenditures are needed each month so that the financial secretary knows what is needed for payment that month. They should also be involved in verifying the churches income. To improve internal control the church should have a log for money received during offerings, they should tell the congregation to make the checks payable to the church or to the account holder that the checks are deposited into, because anyone can cash a check made out to â€Å"cash†. The church should also verify that any money not deposited from the offering was spent properly and not used for personal things. Include how a company could use the five basic principles of cash management to increase accuracy for a business. A company can increase the collection of receivables by offering incentives for quick payment from their customers. A company can delay the payment of liabilities and bills to close to the due date of the liability or bill, so that if any expenditure is needed before the due date they will not have spent the money too early. A company can keep inventory low on the merchandise that does not sell quickly, so that the company has money for the merchandise that is popular and selling fast. A company that wish to expand should wait until they have excess money in a slow season so that they can expand their business and have new locations open in time for their busy season. A company should invest money that is sitting idle into low risk companies’, the most common form of liquid investments is interest-paying U. S. government securities.

Fear of Losing Control :: essays research papers

It is common understanding in business that to stay ahead of the competition, change is necessary. Employees are consistently told they must continue to find new ways to achieve better results. The direction is clear – improve productivity, become more effective, get more done with less, get it right the first time. When groups in the middle or the bottom of an organization begin to change how they do their work, does the rest of the organization give them unqualified support? â€Å"Top-Down† vs. â€Å"Bottom-Up† Change   Ã‚  Ã‚  Ã‚  Ã‚  While much of senior management at large corporations today might claim to want â€Å"self-empowered† employees, the opposite would seem to be the rule. Rarely is change initiated from somewhere other than at or from the â€Å"top† allowed to significantly alter an organization, unless the higher levels of authority within the organization have envisioned the change or, at a minimum, fully sanctioned the proposal for change. One finding in a recent study surveying 4,300 U.S. companies with 100 or more employees seems to support this perspective as forty percent of hourly employees, versus only sixteen percent of managers, cited a lack of management visibility and support as a major impediment to change. (Zoglio, 1998) Organizational politics, which inevitably makes managers fear losing control more than reaching for success, inevitably lead to the demise of changes originating in other ways within the organization. This move to control people often o ccurs when these changes are near or at the point of creating significant benefits for the organization. Organizational Creative Thinking   Ã‚  Ã‚  Ã‚  Ã‚  In order to have sustainable, ongoing change, the work must be done with full ownership and accountability of those producing the results. The typical scenario, however, is that employees are given direction and complete work as they are told to do so by those in authority. A dependence on authority to create new ideas gets perpetuated. Perhaps those in corporate leadership positions are self-serving and realize that recognition is given most to those who create and implement profitable new ideas.   Ã‚  Ã‚  Ã‚  Ã‚  Unquestionably, leadership is most capable when it is able to keep work aligned with the strategy and direction of the organization. The best executives today have the ability to ensure the company progresses while challenging thinking. The resulting unspoken message to employees is to be creative, but only within the framework of sanctioned thinking. In other words, employees must follow someone else’s thinking while continuously improving performance.   Ã‚  Ã‚  Ã‚  Ã‚  The direction and resulting message are in conflict.

Principles and Articles of the US Constitution Essay

When one speaks of checks and balances in government you must understand what is really being asked. It is simply a system set up of the three branches of government that can either amend or veto an act of another branch as to prevent any one branch from having too much power over the other. Is this system effective? Over time, the Constitution has been interpreted and amended to adapt to changing circumstances, and the powers exercised by the federal government have changed with it. For instance because the federal government can influence the states it has the right to withhold federal funds from the states that do not want to go along with their plans whatever they maybe. Because the government can only exercise those powers specifically granted by Constitution, it is important to protection the rights and powers of the people. This includes the freedom of speech, press, and religion; the right to be free from unlawful searches and to a trail by jury, all of which are the first 10 amendments. Numerous real life conflicts have put this system to test over the past couple of centuries, but have stood fairly strong for over 200 years. From the resignation of Nixon over the Watergate scandal to Clinton’s impeachment over the affair with Ms. Lewinsky (Checks and Balances within the U. S Government) it proofs that this system can guard the U. S from any tyranny from administration corruption, scandals and cover-ups. So yes this system proves to be effective to me and that all the government branches remain important and no reform is deemed necessary at this time. How does a bill become a law? Getting a bill passed as a law takes time and effort on part of the U. S. House of Representatives. I’ll give a brief summary of the steps from bill to law. First and foremost a bill is just an idea either from the representatives or the people at which time if agreed upon it then becomes a bill. Next, other representatives have to support the bill, if so then it is placed in a box next to the clerks’ desk, assigned a number and then read to the house. The speaker of the house then sends it to the committee for review, research and revisions before sending it back to the house floor. Sometimes additional information is required and then the bill is sent to sub-committees before being an approved. Once approved the bill is then ready for debate by the House of Representatives where they will agree or disagree on the bill. Changes are then made and now the bill is ready for voting. It takes majority of the Representatives to say or select yes on the matter at which time it is then delivered to the U.  S. Senate by the clerk of the house. Just like the U. S. House of Representatives the U. S Senate goes through some of the similar steps. The Senate committee discusses the bill and then report to the Senate floor for yet again another vote. If the vote is â€Å"yea† then off to the President it goes. The President has the option to sign and pass the bill, veto the bill or do thing at which time the house makes the decision based on what is happening in the house. If by chance the bill has passed in both the U. S. House of Representatives and the U. S.  Senate and is approved by the President then the bill becomes a law and will then be enforced by the government. I believe that because the three branches were put in place for the people it has worked to some extent. The people get a chance to vote and elect who they want to run the country in which they must live. We get the option of having a trail that is to be fair and without prejudice. Sometimes though you have to ask yourself when making decisions are all the decisions about the people or are they thinking about themselves and personal agendas. I would have to say sometimes it is both. When the vote is about raising taxes who does this hurts the poor man not the wealthy. When they want to vote on cutting jobs in higher offices then they try and fix the budget. How unfair is that. Decisions should always be made to suit the country as a whole and not when it deems necessary. Some things that I did learn was that when it came to voting that it was something called electoral votes and is made by an electoral college who actually cast the votes for which the candidates really become president. a person running for president can lose the overall popular votes, but still become President because of the votes casted by the electoral college† (Kimberling, 1992). Now my take on this is that in actuality as a people we are not really electing a president that we pick because of this rule from the Electoral College, so why have us vote? The U. S. Constitution had been around for over 200 years and has managed to with stand the test of time with minimum problems so I believe that we should just allow this document to run its course and see it through the end of time.

Sociology Studies On Social And Institutions Of The...

Sociology studies all aspects of society including social relationships and institutions of the individual and groups. Sociology studies social interactions, relationships, and culture. Sociologist are interested in learning about how the social process influences human behavior and feelings in addition to their thought process. There is a wide range of topics that sociologists study. There are topics that are on a societal level such as the divisions in social class and race, social movements, deviance, education, ect. Then there are topics that are on more of a personal level such as racial and gender identity, faith, aging, ect. The last level is on the largest scale, the global level, such as population growth, the economy, war and peace, ect. Sociology studies, observes, and researches connections and patterns of social relationships to find a reasoning for the changes that society experiences. Education fits into the study of sociology easily. As sociology studies human behavior as a result of social relationships and institutions. Education is not only a social institution, but a place where most of our social relationships are formed. Education is a place where most of our knowledge come from. There is formal education, including reading, writing, and math skills. However, this setting also teaches and enforces morals, ethics, and values. Sociologists are interested how this setting of socialization affects other structures of society. Such as economics, culture,Show MoreRelatedSociology: The Study of Humanity Essay1480 Words   |  6 PagesHowever new you are to sociology it is probable that you have an idea, however vague and general, regarding what sociology is supposed to be about. It may be that you have an idea that sociology is about people. And you would be right to think so. 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