(1st page)Imagine that you are a newly hired Accounting Manager at a medium-sized consulting company. The President of the company, Tim, gets the bank statements and historically has not shared them with his accounting department. You imagine that the reason for this is that you are the first Accounting Manager he has had; prior, there have been only the two accounting clerks working there. One focuses on accounts payable and the other on accounts receivable, each with all the related transactions.
You realize that the accounts have not been reconciled since Tim started the company 14 months ago. You are appalled at this lack of internal control and are preparing to go to Tim and make a case for reconciling the accounts. There are 3 accounts: the checking account, the payroll account and the savings account.
In about 250 words, make your initial argument to Tim why it is important to reconcile the accounts. You may do outside research if you’d like to find some facts and figures. If you do, be sure to cite your sources. Also, most of the words should be yours, not something you found online!
In your response to a fellow student, argue the other side. Read the student’s initial post, then argue as though you were Tim, not wanting to a) spend the time and/or b) share the bank statements.
(2nd page) identify at least two transactions we might see in a merchandising company that we wouldn’t have in a service business. Describe these transactions with specificity. For example, if you were talking about sales returns, you might say that this occurs when a customer is not satisfied with the product and wishes to return it for a replacement or a refund. In a service business, we aren’t selling a product so there is nothing to return. However, if a customer were dissatisfied with the service, we may need to provide a refund of some sort. Here, then, the transactions are different yet similar.
You may also discuss transactions or processes for transactions that we learn about this week regarding the merchandising company that would be equally useful in a service business. I’ll let you tell me what that might be!
For each of your two transactions or transaction processes, I am looking for detail. Each should be described or explained with at least 3 sentences.
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