Acct 504 Case Study 2

ACCT504 †Accounting and Finance: Managerial Use and Analysis| Case Study 2| Evaluation of LJB Company’s Internal Controls| | [Type the creator name]| Due: Feburary 10, 2013| Table of Contents Paragraph Introduction1 Accounting regulations2 Establishing a Control Environment3 Segregation of duties4 Segregation of record keeping structure physical authority 5 Policies for trivial cash6 Pre-numbered solicitations 7 Distribution of paychecks8 Hiring policies9 Independent inside check 10 Conclusion 11The after is an assessment of LJB Company’s inward controls, in light of the data gave by the President of the organization with an end goal to set up his organization for the prerequisites should have been a publically run organization. In the first place, I will set up the legitimate prerequisite required and the significance of inner controls for an association. At that point I will audit the current strategies and build up better interior controls for every territory of concern. When these strategies have been established by the LJB Company, they ought to be prepared to continue with their arrangement to go public.There are many bookkeeping guidelines required by an open organization. All bookkeeping reports must follow the FASB and SEC rules. In any case, the most up to date bookkeeping rules fall under the Saranes-Oxley demonstration of 2002. The Act commands change to improve monetary exposure from organizations and to decrease misrepresentation. It necessitates that senior administration must check the precision of the announced budget report. Additionally it necessitates that administration and evaluators keep up an arrangement of inward controls and report the strategies for these controls.If the organization doesn’t conform to the prerequisites, they could be dependent upon heavy fines. Before building up inward controls, it is basic that the organization sets up their control condition. The company’s the board should plainly diagram its objectives, guidelines and morals since they â€Å"set the stage† for the air and honesty for the whole association. With the control condition set up, the board would then be able to actualize its inner controls. I will survey what control exercises the organization is doing well and what the organization should change.The following control exercises will be audited; isolation of obligations, foundation of duty, satisfactory reports and records, physical authority over resources and records and free keeps an eye on execution. As of now, the LJB Company has one individual who fills in as the Treasurer and Controller. His obligation incorporates buys and paying for the entirety of the provisions. This approach leaves the organization admired to extortion and expands the odds of blunders. The organization must build up an isolation of duties.Responsibilities ought to be discrete, so no worker ought to be in the situation to both make and disguise blunders or misrepr esentation in the typical course of their obligations. Along these lines, I would suggest one individual ought to be responsible for buying the provisions and that all buys ought to be endorsed by a chief. Someone else ought to be accountable for paying for the provisions and checking that the buy is precise and affirmed. This ought to diminish the danger of undetected blunders and cutoff the open door for false behavior.In expansion to the buying/paying obligations, the bookkeeping individual likewise gets the checks and finishes the month to month bank compromise. At the point when one individual is answerable for the two exercises, the potential for mistakes and abnormalities is expanded. There ought to be an isolation of record keeping structure and physical authority. The bookkeeper ought not have guardianship of the checks and be liable for the month to month band compromise. There ought to be an approach where the work is either isolated or investigated by a boss. Next, I wil l survey the company’s strategy for frivolous cash.The current framework permits each worker access to the money and they are possibly required to leave a note on the off chance that they evacuate any assets. This arrangement abuses numerous legitimate inner control exercises. The organization needs to set up who is at last answerable for taking care of the frivolous money. Just approved staff ought to approach the assets. Costs paid from the negligible money store must be made for the reason the reserve was approved and should be upheld by a receipt. At the point when it isn't being used, the negligible money enclose must be put a bolted safe or cabinet.An free tally of the receipts and money close by must be performed consistently by a bookkeeping official or director. The new approach of utilizing pre-numbered solicitations is a brilliant method to protect that all reports are represented. It will likewise help blunders, for example, entering the record in more than once o r missing passages totally. Any hole in the numerical arrangement may demonstrate an issue and conceivably get mistakes. I would likewise suggest the acquisition of permanent ink machine to print checks. This will safeguard that the ink can't be deleted or washed away for deceitful use.Next we will survey the controls set up with respect to giving checks. The current technique has the bookkeeper getting the checks and leaving them in his office for get. The registers are bolted with a safe in the event that he leaves for the end of the week. At the point when you pay representatives, certain controls are expected to diminish the danger of extortion or blunders. At whatever point conceivable, the bookkeeper should hand the checks legitimately to the worker, and consistently lock up undistributed checks. Another arrangement is have your workers set their checks to be consequently kept legitimately into their own bank account.The following stage is to audit your recruiting strategies. I would suggest checking the arrangement of having both the President and the bookkeeper meeting and settle on choices on recruiting a person. Be that as it may, I would likewise suggest actualizing the accompanying approaches. In the event that a worker handles money, the organization ought to have that representative attached to shield the organization from burglary. A careful record verification ought to be run on every representative. All accreditations ought to be confirmed by telephone or by accepting a duplicate if material. After the worker has been reviewed, make certain to broadly educate employees.This will be helpful when you expect representatives to take travels and turn employee’s obligations. These practices should bring down the danger of representative robbery. To guarantee the dependability of the bookkeeping data, an employee’s obligations ought to be confirmed by other people who do didn't accomplish the work themselves. I would likewise suggest th at the organization sets up a framework for an autonomous inner confirmation. The organization should review information arranged by a worker intermittently. This individual ought to be autonomous of the exercises or branch of the individual being audited.All disparities should be accounted for to the board, so restorative move ought to be made. Taking everything into account, setting up an arrangement of interior controls will make an arrangement of balanced governance that will diminish misrepresentation, blunders, increment viability and protect they are completely consistent will all laws and guideline. Each interior control is the methods by which an organization’s assets are coordinated, checked and estimated. These proposals will enable the organization to build up explicit strategies and systems they should arrive at their objectives of turning into a publically exchanged organization. Assets

Apples Eat Themselves, Law421

Article Review LAW 421 March 25, 2013 University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: March 25, 2013 TO: Timothy Morris FROM: Debra Aguilar, Brady Benton, Karena Busch, Stephanie Hudson, and Rachel Wichert RE: Apples Eat Themselves ARTICLE SYNOPSIS An audit of the fights in court between Apple, a PC organization and Apple, a record organization, are examined in this article. Both offer a comparative logo (a Macintosh) and since 1991, the organizations have gone to court to guarantee the Apple logo should just be exceptional to one company.In 1991 the Court concurred for each organization to keep on utilizing the Apple logo yet now, the record organization has blamed the PC organization for not complying with the conditions of the understanding. In 1980, George Harrison saw a Macintosh in an advertisement for PCs. He thought this encroached upon Apple, the Beatles Record organization trademark and documented suit. In 1981, Apple Comput er consented to avoid the music business. In 1991, Apple Corp. documented suit against Apple Computer for trademark encroachment again and privately addressed any remaining issues for 26. 5 million dollars. The two organizations split the Mac universe, demonstrating where each could utilize the Macintosh symbol.In 2001, Apple Computer presented online iTunes Music Store which hugy affected the music retail industry. In 2003, Apple Corp. again sued Apple Computer expressing music was being taken from them. Macintosh Computer was ensured in light of the fact that downloads of music are involved computerized information, and the conveyance of advanced amusement content is allowed in the 1991 understanding. Macintosh PC, presently looking from the opposite side of the question, may have issues ensuring its own trademark as a result of current lawful activity that would drive them to share copyright assurance programming with other companies.The Computer Giant would be compelled to make downloads sold on their website playable on any gadget, not simply its own iPod items. This would bring about fully open rivalry, something Apple Computer has not looked previously. The explanation Apple Corp sued Apple Computer more than thirty years back was to ensure its trademark, and now Apple Computer may end up in a similar circumstance. Lawful ISSUE Apple Corp and Apple Computer have had a lot of trademark issues. It’s been around thirty years that Apple Corp and Apple Computers prosecuted a question including the utilization of the â€Å"Apple† name as a trademark and its relationship with music.In 1978 Apple Corp recorded a claim against Apple Computers (Apple Inc) for trademark encroachment and inevitably consented to a settlement around two years after the fact with Apple Computer paying out a mass add up to Apple Corps. The legitimate issue Apple Corps raised is that Apple Computer is engaged with the music business and that in the 1991 understanding Apple Computer consented to avoid the sound account industry, submitting trademark encroachment. In 2001 Apple PC discharged the iPod as an equipment gadget that can be utilized to download and play programming like music from iTunes.ITunes was discharged in 2003. Macintosh Corps asserts that Apple Computer is associated with the sound chronicle industry by the utilization of the iPod and the music downloads from iTunes that is infringing upon the 1991 understanding wherein Apple Computer would not have any professional interactions that had to do with the sound account industry. The High Court decided that, â€Å"The Apple Computer hadn't penetrated the conditions of the understanding and could keep on working their PC the same old thing. †(BBC News, 2006). For quite a long time Apple Inc has combat with Apple Corp over trademark issues.In 2007, they at long last arrived at a settlement that decided Apple Inc. would possess all trademarks and logos identified with the name  "Apple† and would permit them in like manner to the Apple Corps music organization (Tibken, 2012). During the hour of the understanding, Apple’s CEO Steve Jobs remarking on the settlement expressed â€Å"We love The Beatles, and it has been agonizing being at chances with them over these trademarks. † Jobs added that â€Å"it feels extraordinary to determine this in a positive way, and in a way that should evacuate the capability of further contradictions later on. Administrative PERSPECTIVE The lawful issues in this article can influence the business profoundly. The primary factor is the misfortune they can happen in deals because of the music organization saying they are not following the agreement they have advanced. This shows clients and individuals of the world that their organization isn't trust commendable in all parts of their business. As a rule this can prevent individuals from purchasing their items until the circumstance is finished and they discove r reality. The issue is that it could take weeks or months to complete the lawsuit.The issues that have occurred with Apple the PC organization could have been maintained a strategic distance from on the off chance that they made the right strides assigned in their concurrence with Apple the music organization. The initial step they ought to have brought was to plunk down and have a conference with the agents from the music organization and disclose to them what they needed to do so the agreement could be modified. Rather they did it without going to an understanding first, which slighted the music organization. Legitimately this is the thing that ought to have occurred with the goal that the agreement was followed and nobody broke the agreement illegally.References Macklem, K. (2006, Apr 10). Apples eat themselves. Maclean's, 119, 30-30. Recovered from http://search. proquest. com/docview/218528830? accountid=35812 Tibken, S. (2012). Apple currently formally possesses Beatles' Appl e Corps logo. Recovered from http://news. cnet. com/8301-13579_3-57540017-37/apple-now-authoritatively possesses beatles-apple-corps-logo/BBC News. (2006, May 08). News: Front Page. Recovered March 20, 2013, from Beatles lose News: Apple Court Battle. Recovered from http://www. bbc. co. uk/2/hello there/diversion/4750533. stm

A River Runs Through IT Movie Review Example | Topics and Well Written Essays - 750 words

A River Runs Through IT - Movie Review Example The film closes with Norman turning into an English instructor and dating Jessie. Paul turns into an effective writer, however his foul dealings of drinking and betting lead to his demise. This paper is a reaction to the film A stream goes through it. Tom’s is the job of a harsh dad and a Presbyterian serve who will persevere relentlessly however have his youngsters experience childhood in a legitimate way. He makes sure that his children have something useful to do consistently. Toward the beginning of the day, they go to class, midmorning to strict classes and in the nights to do fly-angling. To him, all the three exercises are very similar things. During angling, Norman and Paul include onto their heavenly properties. They comprehend the significance of beauty, agreement and tolerance as they hold on to make a catch. Also, Tom needs his youngsters to learn profound connection among confidence and nature. I think my relationship with my dad identifies with Tom’s relat ionship with his family. While Tom is a harsh dad who needs his youngsters to experience childhood in the correct manner, my dad is similarly harsh and will effectively ensure that I experience childhood in the correct manner. He needs me to go to chapel each time there is a chance, as he accepts, similar to Tom, that religion molds individuals to be acceptable individuals later on. In spite of the fact that we don't go fly-angling in my place, we are typically urged to go skating and playing ball. I accept my father when he instructs us to utilize our time helpfully since it keeps us off doing awful things. Also, staying dynamic causes us to find our gifts. Much the same as Norman, I am the oldest in our family and my dad ensures that I deal with my more youthful siblings and sisters when we are out. Despite the fact that my more youthful kin are presently grown up and answerable for their own activities, I am constantly considered responsible, similar to Norman, to their activitie s. Nonetheless, I like it since it causes me to become mindful with time. Tragically Paul decided to drop all the strict characteristics that he had learned and decided to drink and bet. It appears that there were no qualities at all educated by Paul or rather he dissolves them through his lifestyle. The film delineates that bottomless life involves the little decisions we make each day that give us genuine satisfaction. In spite of the fact that Paul delighted in his drinking binges with his companions, this was false joy and he was set out toward fate. Paul speaks to the individuals in the family who will not follow family esteems and end up less profitable and helpful throughout everyday life. My cousin, much the same as Paul, got snared on online video gaming when he attended a university. He couldn't focus on his examinations in the initial two years and in the process got less than stellar scores. We were unable to comprehend why he changed to such a dangerous conduct in spite of being raised on acceptable family esteems. In spite of the fact that he appeared to appreciate gaming similarly as Paul delighted in drinking with his companions, I don't believe that he was having genuine satisfaction. Paul was simply having a deception that he was having the best of life when he was drinking. In like manner, my cousin thought he was playing around with gaming. Fortunately, my cousin understood his awful and dangerous conduct when he went to third year and began focusing on his examinations. Else, he would have wound up crushed simply like Paul. Taking everything into account, the film A stream goes through it leaves a dependable impression in the brain of the watchers. The film is in fact probably the best film that show the significance of good qualities throughout everyday life. The film is a decent

The Benefits of Studying a Foreign Language

For many students, studying a foreign language in high school may seem like a waste of time. English is the second language of more and more people in our increasingly globalized world and technology has made translation easier than ever. Still, while interest and investment in foreign language education may be declining in the United States, many view multilingualism as both advantageous and necessary. Ultimately, the reasons to study a foreign language in high school outweigh any reasons to opt out. The Requirements According to a recent Pew study, only 20 percent of K-12 students study a foreign language. That number is so low because few states require students complete foreign language courses in order to graduate. Currently, only 10 states and the District of Columbia require foreign language credits for graduation. Foreign language requirements are determined by standards set by each state. States that require students learn a foreign language often do so in order to prepare students to match local public university requirements. Since most colleges and universities prefer depth over diversity when it comes to their foreign language requirements, it is highly recommended that students take at least two years of the same language. It is better to be proficient in one foreign language than it is to take several introductory courses in multiple languages. In fact, the most competitive colleges and universities prefer four years of a foreign language. Some colleges will also consider other measures besides foreign language credits as evidence of proficiency, such as the SAT II or AP exam. The Benefits The benefits of studying a foreign language go beyond meeting college admission requirements. According to the American Council on the Teaching of Foreign Languages, research indicates learning a foreign language supports academic achievement, provides cognitive benefits to students, and positively affects students' attitudes and beliefs about language learning and about other cultures. Proficiency in at least one foreign language is also seen as a vital skill in our increasingly multilingual world. A second language not only facilitates communication and cultural understanding, but it also enhances career mobility and improves chances for promotion. Bà ©nà ©dicte de Montlaur, the cultural counselor of the French Embassy in the United States, argues, â€Å"The necessity of foreign-language education could not be clearer right now. The future in America, and everywhere, is multilingual. And so is the present.† In addition to practical and professional benefits, learning a foreign language is a great way for students to discover new passions. For example, students who study a foreign language have access to enriching study abroad experiences that can be life-changing. Students who struggle in other subjects may find they have a talent for languages, which can be nurtured to build confidence and expand their future opportunities. The Choice Once you have decided to give learning a foreign language a chance, how do you choose a language to study? Most colleges only care about proficiency, so it doesn’t really matter if you study Spanish or Japanese. However, one factor that could tip the scale toward a specific language is if you already have a future career in mind. If you are interested in business, for example, you may want to choose German or Chinese. Considering becoming an archaeologist who studies ancient civilizations? Give Latin a chance. More and more colleges and universities are accepting American Sign Language as a foreign language, so it’s a great option if you want to work with people with disabilities. The only thing that can limit you are the courses available to you. If the perfect foreign language course for you isn’t offered at your high school, there are other options to consider: taking language classes at a local community college, taking online language classes, and self-studying to take an AP language exam using study guides and other programs (e.g. Rosetta Stone, Rocket Languages, and AP study guides). The bottom line: choose the language that interests you! A New Perspective Approaching studying a foreign language as an irrelevant obligation could foreclose the potential students have to take advantage of the myriad benefits of multilingualism. If you have the opportunity to take two or more years of a foreign language in high school, give it a try. Many competitive colleges view foreign language proficiency as proof of students’ motivation and desire to seek out challenges, and the benefits of a second language range from the professional to the personal. At A+ Test Prep and Tutoring, our practices are based on the latest developments in educational theory and research. We have an excellent team of tutors who can help you with standardized testing, executive functioning, or achievement in any other school subject. If you want to find out more about our services, our Client Service Directors Anne Stanley and Susan Ware can be reached at 215-886-9188.

The Physics Of The Periodic Table - 919 Words

Group 14 of the periodic table contains a mixture of non-metals (carbon and silicon), a metalloid (germanium), and two metals ( tin and lead). Tin is able to form dihalides and tetrahalides such as SnI2 and SnI4. However, lead will not form tetrahalides as readily as tin3. The tetrahalides of lead will decompose into dihalides due to their instability 3. The stability of the compounds is based on their respective oxidation states. Periodic trends suggest that group 14 oxidation states are normally - 4 as it is increasingly energetically favorable for them to accept electrons in order to complete their valence shells 3. However, due to the metallic properties of tin and lead, they generally lose electrons and therefore have a positive oxidation state. It is a characteristic trend to see heavier elements of the p block forming compounds in which their oxidation number is 2 (less than the group number 3 ). The heavier the atom, the more stable it is in the lower oxidation state. This is due to the inert pair effect 3. This can be correlated to the amount of energy needed to remove an electron (ionization energy), since in the higher oxidation state the p-block electrons and the s-block electrons are removed, while in the lower oxidation state, it is only the p-electrons that are removed and thus, the overall ionization energy is lower. The general periodic trend is that the ionization energy is generally lower for heavy metals, which results in the lower oxidation state beingShow MoreRelatedPhysics Of The Periodic Table1506 Words   |  7 PagesThe Periodic Table Chemically speaking, the periodic table was a major factor in improving the study of elements, in which then the study of these elements expands into broader studies such as atoms and sub-atoms. This essay will talk about the history of the development of the periodic table and will further discuss the how and why it was created. 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But back to the periodic table, it was first presented in The JournalRead MoreThe Discovery Of The Atom1384 Words   |  6 Pagesthe  absorption  of optical radiation (light) by free  atoms  in the gaseous state. (Wikipedia) Sir William Crookes made a simple cathode ray tube, which later became the basis for Television. Sir William discovered the 81th element of the periodic table Thallium (Tl Periodic Number 81) in 1861. Thallium is extremely soft, malleable and sectile enough to be cut with a knife at room temperature. It has a metallic luster that, when exposed to air, quickly tarnishes to a bluish-gray tinge, resembling lead

Global Pursuit Of International Commerce - 1928 Words

3. Global Pursuit of International Commerce Today, globalization is a generic term, economic globalization demands key developments in trade, and these are finance and foreign direct reserves by multinational corporations. International trade has grown exponentially and has become a much more prominent influence over domestic and global economic businesses. Trade consumes a quarter of the total world income encompassing merchandise trade, banking, and information. (Ferguson, 2014). Export vendors and consumers benefit from the openness of the Internet yet organizations find themselves challenged with international businesses that have improved their productivity where transnational policy differences poses significant barriers. Global†¦show more content†¦More and more businesses have expanded their exchanges into the world markets because of the innovative technology advancements, assimilated financial systems, and openness of the Internet. Despite the technological progression, the majority of trade takes place in primary, advanced industrialized economies – U.S., Japan, and Western Europe. (Ferguson, 2014). In spite of the restricted nature of commercial globalization, transnational organizations play a significant role in the global economy. These entities have become major determinants of trade, industry locality, and other worldwide economic activities. Within the realm of the global economy, organizations must understand the principal forces altering global economic and political matters. A. International Commerce – Antitrust and Competition Enforcement and Free Trade The world of enforced trade competition or otherwise known as antitrust enforcement has now assumed a new dominance within global commerce. Trade and competition policy have always been viewed as influential between them. Essentially, both set forth balanced competition in the marketplace that benefits customers but doesn’t protect manufacturers. (Heather, 2014). Promoting competition through antitrust or trade competition is no easy undertaking. The challenge is prominent through foreign direct

Tax Implications Relating to Bonus Shares Free-Samples for Students

Questions: 1.Prepare a Letter of Advice to Serena Advise Serena about the tax implication soft sale of her business,includin gall exemptions/concessions available and conditions that she must meet in order to access them. 2.Discuss the tax implications of the issue of the Lithium Australian Lbonus shares to Serena. 3.Discuss the assessbility of Each receipt listed in the Information. Answers: 1.To, Mrs Serena, Serenas Sensational Shoes Subject:Advice on various income tax issues that have arisen during 2016 tax year as well as the issues which will arise in future. Dear Madam, As per our previous conversation in this letter, I am providing you advice relating to income tax issues relating to the sale of business, bonus shares and other receipts during the year. Tax implications of specified issues have been explained below: Sale of business Capital Gain tax is to be paid on arising of capital gain. It is part of income tax, and the same may arise in case we sell or dispose of assets or our business (Barkoczy, 2016). In the present scenario, as you are thinking of selling your business; you have to follow the following provisions relating to capital gain taxation. The amount of taxable capital gain in the present case will be: Consideration receivable for business $ 240000 Agent and legal cost relating to sale of business ($ 8700) Net consideration receivable is taxable $231300 As the present case relating to small business the following CGT exemptions can be availed: 15- Years asset exemption In case one is 55 years old and have owned business for at least 15 years then you are not required to pay CGT when you dispose of the asset by sale, gift or transfer (Lang, 2014). Presently you are not eligible for same; hence it is advised to delay the idea of selling the business until next year so that the specified exemption could be availed. 50% active asset reduction According to provisions of section 152-205 of Income Tax Assessment Act 1997, in case we owe an active business then you are required to provide tax on fifty percent of the capital gain in case we dispose of the asset. This exemption can be availed now if the decision of selling a business cannot be availed. 2.Tax implications relating to bonus shares Section 130-15 of ITAA 1997 specifies provisions relating to bonus shares. As per the specified provisions bonus shares are additional shares received for an existing holding of shares received and its cost depend whether the shares are assessable as divided or not. In case the shares are received in cash than the same are treated as a dividend and included in assessable income. Presently no tax will be paid as the bonus shares have not been availed in cash form but when these shares are sold the same will be liable for capital gain taxation. 3.Assessability of each receipt listed in the information Gross income: This income is assessable as it is covered under provisions of personal service income. Serena had earned this income through her personal skills and efforts. This income is inclusive of sales of goods and services, interest, royalties and she are allowed to subtract allowable deductions (Taylor and Richardson, 2013). Franked dividends from Commonwealth Bank: Dividend received by Serena is totally franked which mean entire amount carries the franking credit. Thus on the same tax liability does not arise. For this aspects, case facts of PERLS V securities can be considered. Income from army reserves: This income is exempted as it is received from government sources. Same has been covered under provisions of Sec 51-1. Cash received from grandfather: In accordance with the provisions of Australian taxation law gifts or cash received from relatives is exempt from tax, so it will not be assessable. Same has been covered under case study of Scott v FCT (1966) 117 CLR 514 (Barkoczy, 2016). Henceforth only gross income is assessable in present financial year. References Barkoczy, S., 2016. Core tax legislation and study guide. OUP Catalogue. Barkoczy, S., 2016. Foundations of Taxation Law 2016. OUP Catalogue. Lang, M., 2014. Introduction to the law of double taxation conventions. Linde Verlag GmbH. Taylor, G. and Richardson, G., 2013. The determinants of thinly capitalised tax avoidance structures: Evidence from Australian firms. Journal of International Accounting, Auditing and Taxation, 22(1), pp.12-25