Business Plan - International Discount Auto Parts Essay

Above all, it identifies specific strategies that the firm should focus on and define allocation of responsibilities. Ideally, key functional areas should be broken down into different segments such as marketing, administration, human resources, and technology. However, determination of resource allocation depends mostly on the size of the firm. Presumably, larger firms such as the big four can set systems and procedures in all areas while small to medium sized firms handle certain areas they presume most valuable. In addition to well-functioning structure, accounting firms can achieve long term success by maintaining a blend of people and skills. A well-balanced team will usually have a mixture of qualified accountants, bookkeepers, and administrative support. Similarly, management capability to retain and motivate employees is crucial to a firm’s success. In order to attract and lead the appropriate people, creating the right tone is an important element in corporate governance and critical to effective

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

15. Effective internal controls for cash include: A. B. C. D. making cash payments by prenumbered check. depositing cash in the bank on a timely basis. giving written cash receipts to customers as evidence of payment. all of these.

“Accounting is the information system that measures business activity, processes the data into reports, and communicates the results to decision makers.” (Horngren & Harrison, 2007, p. 4) Decision makers within an organization need accurate accounting information to manage organizational activities and turn these efforts into success. Internal accounting accuracy plays just as important of a role outside of internal

Having internal controls is one thing, but how the company evaluates that control is a matter all by itself. Being an independent auditor, it is our job to understand an entity and

Accounting is a business discipline that allows companies to record, analyze, and retrieve critical financial information that can be used to determine a company 's financial status. Its purpose is to help people understand what is going on financially within an organization provide reports and insights needed to make sound financial decisions.

Accountants are relied upon to be trustworthy and maintain high ethical standards. It is because of the nature of the profession that puts them in a position of trust with people who rely on their professional judgment and guidance in making decisions. These decisions are extremely important in accounting and more so that companies that have high ethical standard or main good ethical culture spend enormous time to train the staffs about the conduct that is expected of them.

(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business

There are many rules companies must follow whenever documenting financial information or any other data which is gather during any business transactions. In order for said companies to report financial information internal controls have to be put in place as companies have to adhere to certain laws and regulations. Internal controls can be defined as a process which companies follow in order to ensure all financial reporting is done in a reliable and lawful manner. Some think of it as a system which works within a system as it plays a major role on the success of a company’s accounting system. At the organizational level, internal control objectives relate to the reliability of financial

So what are internal controls? And why are they so important? Internal controls describe the policies, plans, and procedures

of internal controls are (1) to safeguard assets and (2) to ensure reliability of the financial

Internal controls represent an organization’s processes and procedures used to meet its goals and objectives and serve as a defense in safeguarding assets and preventing and detecting errors, fraud, and abuse. Effective internal controls provide reasonable assurance that an organization’s objectives are achieved through (1) reliable financial reporting, (2) compliance with laws and regulations, and (3) effective and efficient operations. The passing of the Sarbanes-Oxley Act of 2002, as well as the numerous corporate frauds and bankruptcies over the past decade—including some

Internal controls prevent errors and irregularities from happening. If errors or irregularities do happen to occur internal controls will help ensure that they are detected in a timely manner. Internal controls also encourage adherence to prescribe policies and procedures. Internal control are also put into place in order to protect employees by outlining tasks and responsibilities, providing checks and balances, and also from being accused of misappropriations, errors and irregularities.

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

Effective internal controls protect a company’s assets, maintain compliance, improve operations, prevent fraud, and promote accuracy in financial reporting. In 1992 the