Internal Controls in Accounting Paper

December 9, 2022

Internal Controls in Accounting Paper

Order Number	636738393092
Type of Project	ESSAY
Writer Level	PHD VERIFIED
Format	APA
Academic Sources	10
Page Count	3-12 PAGES

Instructions/Descriptions

Internal Controls in Accounting Paper

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Overview

Internal controls are methods and strategies used to keep information and inventory safe from theft and to easily tell if something is compromised or missing. In this assignment, you will recommend internal controls for safeguarding inventory from an accounting perspective and explain which financial statements are affected by missing inventory.

Scenario

One of your friends has opened a new wholesale electronics business and wants your help figuring out some inventory issues they are facing.

One-night last week, there seemed to be fewer HD televisions in the warehouse than they expected. The last time they were in the warehouse was a week earlier, and they hadn’t noticed anything amiss.

As they looked around, they saw that the evening warehouse worker was filling the last orders of the day. The delivery driver and day warehouse worker were gone for the day, and the delivery van keys were on the desk that the warehouse workers shared. The doors to the loading dock were open, as was the door to the office area where the accountant, two customer service specialists, and the owner worked.

Knowing that you are familiar with accounting principles, they asked for your help in figuring out how to prevent this in the future.

Prompt

Based on what you have learned about internal controls, provide recommendations on what controls the business owner should put in place to prevent loss of inventory and ensure that any losses are reported immediately. Also, specify which parts of the financial statements are affected by these losses.

Specifically, you must address the following rubric criteria:

Role of Internal Controls
Explain the role of internal controls in business settings. Also explain how not having internal controls in place may impact the accurate analysis of any wrongdoing.

Recommendations

Recommend at least two internal controls that should be put in place to prevent inventory from going “missing,” noting any assumptions you are making about the root cause of the missing products and how your recommendations will help address them.

Recommend at least one control that should be put in place to alert the owner if something is actually missing.

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Financial Statements
If you found that two $400 HD televisions were missing, explain which financial statements you would correct and how. Be specific as to accounts and amounts.

Guidelines for Submission

Submit a 1- to 2-page Word document with 12-point Times New Roman font, double spacing, and one-inch margins. Sources should be cited according to APA style.

Internal Controls in Accounting Paper

RUBRIC

Excellent Quality

95-100%

Introduction

45-41 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Literature Support

91-84 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Methodology

58-53 points

With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached.

Average Score

50-85%

40-38 points

More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied.

83-76 points

There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration.

52-49 points

The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached.

Poor Quality

0-45%

37-1 points

The context and/or importance are lacking. There is no search history information supplied.

75-1 points

There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references.

48-1 points

There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached.