Acc 340 Week 2 Individual Assignment Text

3 Physical Controls Cash should be deposited into drop box in which the accountant has the key. Employees Employ personnel with backgrounds checks and then insure and bond them. Training on the best controls would help as well. Cash holds the most liquidity of all a company’s assets; thus organizations need to have well-designed and functioning systems of internal controls where cash transactions are concerned. Lobs, Love & Lessons Tennis Club should also practice hiring employees that have current background checks performed, should hold insurance on all employees within the company, and provide consistent recurring training on best control practices. Separation of duties is a critical means to safeguarding a company’s assets. Separation of duties should include at least three different people handing the cash process. First the cashier should be inputting all visitor information into the AIS system so that the visitor can have marketing follow up and solicit, and more importantly so it can be documented what forms of payment were used. As the employee receives cash it should then be dropped into a drop box in which only the accountant has access. When the accountant picks up the money each day the

Unformatted text preview: examples from real life. Monopolistic Competition Type of product in this market structure (standard, differentiated, both) Barriers to entry for each market structure NOT for the specific organization you selected (high/many, some, few, none) Numbers of organizations in this type of market structure(many/lots, a few, one) Elastic above the kink in the Demand curve and inelastic below it In this market structure, are firms price setter or price takers? Price elasticity of demand (Perfectly elastic, elastic, unit elastic, inelastic, perfectly inelastic, elastic above the kink in the Demand curve and inelastic below it) Price elasticity of demand is useful to make what kind of business decisions? (Review pp. 166-167) Economic profits: Is there a presence of economic profits in the Short-run ? (Yes or no) Economic profits: Is there a presence of economic profits in the Long-run ? (Yes or no)...
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