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AFA100 Introductory Financial Accounting

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Question:

Learning objective: Apply knowledge learned in the course to a case scenario without a timecrunch (like an exam) and clearly communicate your solution in writing.

This assignment is to be completed on an individual basis; group work is NOT permitted.:

a) Memo to the client plus financial statements (with your journal entries included as an appendix) in Word or PDF format uploaded to D2L (more information provided before the due date) AND

b) Write the Case Quiz on D2L (more details will be posted on D2L).

Your assignment Part (b) will be automatically graded on D2L and your grade will automatically be released to you via D2L Gradebook after the assignment deadline. You can rely on this being your grade on Part (b) of your case assignment unless you are contacted regarding academic dishonesty (which will be evidenced based on the Word/ PDF file you submit).

 

Answer

Introduction

The main purpose of this memo is to point out the internal control weaknesses which are present in the business of Helmut’s Wurst Inc. One of the weakness in the policies of the company is that the debtor policy of the company. The company allows credit sales of its food products items which are purchased in bulk and no fixed time period is set for the collection of such debts. The company is in tremendous needs of a proper debt collection policy which can ensure that no part of the revenue of the company becomes a bad debt. The debt policy will be including a period in which the debtors of the company has to pay back to the company. Another weakness in the internal control system of the company is the cash receiving and recording system of the business. The cash which is received by the stores are not properly recorded and just a traditional journal for all receipts and payments are kept with the manager of the company (Skaife, Veenman & Wangerin, 2013). All the cash which is generated from the operations of the store are kept in the sealed drawer whose keys are with the manager of the store and such cash generated are monthly deposited in banks. This is a weakness in the internal control system of cash recording and maintenance.

 


If the management of the business does not look into the matter of debt management and cash management then the company can face serious losses in the long run. If proper debt policy is not implemented than the business will be having trouble to maintain the funds which are with the debts and also the overall liquidity of the business. There is also a chance of incurring losses in the form of bad debts which can affect the business. In the case of cash management system of the company, the journal which is maintained in the store can easily be tampered and manipulated by employees or even by the manager. All it requires to engage in unethical behavior is the opportunity to get away with the same (Klamm, Kobelsky & Watson, 2012). In addition to this the company also needs to improve the deposit scheme which is followed for the store. The cash which is kept in drawer can easily be misplaced or embezzled depending on the access to the keys of the drawer. There is a risk of loss of money for the entire month which will leave the shop in a devastated state.

The measures which can be suggested for improving the overall internal control of the company are given below:

  1. The management needs to incorporate debt collection strategies into the processes. The credit period allowable will be depending on the level of purchases and dependence on the buyer which can be of 60 days, 30 days or even more. Moreover, the business can incorporate discounting techniques for early payments.
  2. The management needs to implement computer-based recording of transaction techniques with proper receipt available to the customers and the cash deposits of the company should be made on a weekly basis for proper security of cash of the business.
 

Reference

Klamm, B. K., Kobelsky, K. W., & Watson, M. W. (2012). Determinants of the persistence of internal control weaknesses. Accounting Horizons26(2), 307-333.

Skaife, H. A., Veenman, D., & Wangerin, D. (2013). Internal control over financial reporting and managerial rent extraction: Evidence from the profitability of insider trading. Journal of Accounting and Economics55(1), 91-110.

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