Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Understanding Various Concepts Related To Accounting
Abadit Wineh
Professor Lisa M. Volpicelli
ACC2100
Due date: 04/24/2022
Challenge 5 – Task 1
The sisters would like to understand various concepts related to accounting generally and to their business specifically. For example, you realize that they are not familiar with internal control and accounting control systems so you decide to explain to them why it is so important to have these systems in a merchandising business and also to provide them with a brief rationale of their importance. You also provide them with an explanation of the fraud triangle. As far as their particular business is concerned, they want to better understand what, specifically, you have done for their company in terms of merchandising
Write a memo to the sisters in which you provide explanations of internal control and accounting control systems and the fraud triangle. Be sure to explain, as well, the details of accounting for a merchandising business, including the following:
- What subsidiary ledgers and special journals are and how they should be used
- The different ways freight costs can be handled
- What internal control is, the principles of internal control activities, and how these principles can be applied to cash receipts and disbursements
- Utilize a resource outside of the textbook
As new collaborators, most employees lack insight into the new business venture’s success and stability variables. Internal business controls, proper freight management, and accurate accounting systems are the foundation of a thriving business. As the management, workers hold a substantial responsibility in propelling the business’ activities by initiating robust internal business controls as the vital support system (University of Washington, 2021). Internal business controls guide and monitor the business activities to curb risks and minimize fraud as they are the basis for the other business components. The following is a comprehensive outlook into the business incipiency and advancement contrivances.
Typically, a general ledger records business transactions and occurrences (Openstax, 2021). As the business grows, the transactions appreciate posing a documentation challenge. Profiling all the business activities in one volume is hectic and can lead to discrepancies and a failure eventuality. Therefore, special journals and subsidiary ledgers cater to different types of transactions. The special journals comprise sales, purchases, cash disbursements, and cash receipts journals (Openstax, 2021). A sales journal documents all the businesses’ sales, whereas a purchase journal records all the merchandise procured by the company. The cash disbursement journal compiles all the company’s expenditures, while cash injected into the business is encoded into the cash receipts journal. The subsidiary ledgers indicate the business’ creditors and debtors (Openstax, 2021). An accounts subsidiary receivable ledger records the credentials of people who own the business entity. On the other hand, an accounts payable subsidiary ledger incorporates the money owed to other companies.
Business operations are costly, and some expenses can result in losses (Partnership, 2021). However, reducing freight costs is a tactical technique of optimizing logistic costs, attaining influential impacts, and saving the business from incurring losses. Creating rapport with the carriers is essential in obtaining transportation discounts (Partnership, 2021). As a novice in the business niche, a company may not access the deal immediately. However, there are third parties that can leverage their bargaining power. Prudence is paramount when choosing the transportation means. A cheaper way of freight significantly reduces the costs (Partnership, 2021). Overseas goods shipment by the ocean is more frugal than air, while domestic goods shipment by rail is affordable than trucks. Freight consolidation is another strategy to minimize costs. Obtaining the goods in bulk and transporting them once is nominal than several trips of shipment.
Internal controls are blueprints that govern compliance, facilitate efficient operations, and promote integrity and steer the attainment of set Objectives (University of Washington, 2021). The principles of internal controls entail control activities, risk assessment, communication, and information, reviewing and monitoring, and control environment. Control activities are the intramural activities of the business. They are either preventive or detective. Risk assessment is the analysis of threats that can impede the prosperity of a company. On the other hand, communication and information are the business’s information flow strategies that maintain clarity and openness (University of Washington, 2021). Reviewing and monitoring is the oversight and appraisal of the company for progress, relapse, regress, and maturation. Controlling the environment segregates duties and nurtures integrity in the business. Segregation of duties streamlines the debit and credit processes by ensuring that only specific individuals authorize the disbursement and reception of cash (ECLKC, 2021). This promotes accountability in financial operations.
Conclusion Business development is a consolidation of all the above factors. Studies have revealed that their implementation is a standard way of formulating a solid business foundation, nurturing it, and steering it towards prosperity. Therefore, a business should operate within the confines of these factors.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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