Prepare and submit in Word the following.
Business Decision Case A – Beyond the Numbers Critical Thinking (p. 392). Address all questions in this problem
Business decision case A During a national emergency, a managerial accountant was called back to active duty with the US Army. An acquaintance of the accountant forged papers and assumed the identity of the accountant. He obtained a position in a small company as the only accountant. Eventually he took over from the manager the functions of approving bills for payment, preparing and signing checks, and almost all other financial duties. On one weekend, he traveled to some neighboring cities and mailed invoices made out to the company for which he worked. On Monday morning, he returned to work and began receiving, approving, and paying the invoices he had prepared. The following weekend he returned to the neighboring cities and cashed and deposited the checks in bank accounts under his own name. After continuing this practice for several months, he withdrew all of the funds and never was heard from again.
Prepare a written list of the steps you would have taken to prevent this theft. Remember that this small company had limited financial resources.
This paper should be no more than 2 pages in length.
All papers should include:
– Introduction paragraph
– Body of your paper
– Concluding paragraph
– Cite using APA in text AND a full references section at the end. Missing one of these elements will require that you resubmit the paper.
Prepare and submit in Excel the following:
· Exercise B: Page 386 – Internal Controls over Cash. HINT: Choose only one statement & briefly explain
· Exercise B Concerning internal control, which one of the following statements is correct? Explain. a. Broadly speaking, an internal control structure is only necessary in large organizations. b. The purposes of internal control are to check the accuracy of accounting data, safeguard assets against theft, promote efficiency of operations, and ensure that management’s policies are being followed. c. Once an internal control structure has been established, it should be effective as long as the formal organization remains unchanged. d. An example of internal control is having one employee count the day’s cash receipts and compare the total with the total of the cash register tapes.
· Exercise D: Page 387 – Bank Reconciliation HINT: Use the format in Exhibit 75 (p. 373) posted below.
· Exercise D From the following data, prepare a bank reconciliation and determine the correct available cash balance for Reed Company as of 2010 October 31.
· Balance per bank statement, 2010 October 31 $13,974
· Ledger account balance. 2010 October 31 8,088
· Proceeds of a note collected by bank not yet entered in ledger (includes $500 of interest) 6,000
· Bank service charges not yet entered by Reed Company 18
· Deposit in transit 1,680
· Outstanding checks: