INKWELL LIMITED An evaluation of the internal controls and an investigation of the accounting system at Inkwell Limited. Student Name: Paul Michael Bantusitse AAT Number: 10416343 I testify that the following report is my own unaided work and a true reflection of the organization. Signed: Dated: Table of Contents 1. TERMS OF REFERENCE 3 2. EXECUTIVE SUMMARY 3 3. METHODOLOGY 3 4. INTRODUCTION TO THE ORGANISATION 4 4.5 External regulation affecting the organization 4 4.6 Inkwell Ltd-Key external stakeholders 5 5. THE ACCOUNTS DEPARTMENT 5 5.3 The accounts department-Key internal stakeholders 6 6. REVIEW OF THE ACCOUNTING SYSTEM 7 6.3 Working …show more content…
4.3 The organization has relatively flat structure with two supervisors reporting to the directors and then further clerks reporting to their supervisors. The leadership style used is consultative where combination of democratic and autocratic is involved. Appendix 1 expands the structure in full. 4.4 The accounts system is a centralized system consisting of 28 computers in head office site and 60 in shops/branches where online shops are opened 24/7.The inventory control system is based around on excel spreadsheet, the sage payroll system for payroll calculations and windows vista operating system is used. The password “Go Green” has been used and currently in use to log on all the computers of the company. In head office site every member of staff has his/her own computer whether full/part time whereas in branches each computer and printer is shared by 3-4 member of staff that are for part time.10% discount is given against the cost of a replacement cartridges if old ones are brought by a customers. 4.5 External regulation affecting the organization 4.5.1 The Company’s Act 2006-This sets out the way in which financial statements should be prepared so Inkwell Ltd will have to comply with this Act to mitigate all possible fines that might arise. 4.5.2 UK Accounting Standards-This defines procedures and approaches to the preparation of financial statements that the organization must take. They are either known as Statements of Standard Accounting Practices
As André Gide once said, “Man cannot discover new oceans unless he has the courage to lose sight of the shore.” During the mid-1400s in Europe, German inventor Johannes Gutenberg created the printing press, a machine that revolutionized the way ideas spread. The printing press quickened the production of books, speeding up the spread of information from one place to another; it also educated people in the areas of reading and writing. However, the two main consequences of the printing press were the Exploration and the Protestant Reformation. Although the Reformation was substantially impacted by the printing press, exploration was a greater consequence of the printing press because it sparked interest in exploration in the European citizens,
Henderson Printing is a small-to medium sized firm that manufactures account books, ledgers, and various types of record books that are used in business (Long, 2010, p. 512). This company’s compensation system will be analyzed based on the five contextual variables as discussed in the textbook. The environment in which Henderson Printing operates can be classified as stable, as well as simple. This can be justified, as the company produces stable annual sales, thus it can be concluded that product lifestyles are not short, and product and service demand is constant (Long, 2010, p. 40). Additionally, the product/service provided is fairly simple, and the technology is not complex (Long, 2010, p. 512). The
In the 1450s the first practical printing press was invented by Johannes Gutenberg. This invention was a major mile-stone in the evolution of human communication. In the (Background Essay) it notifies that “The idea wasn’t new. The Chinese introduced woodblock printing in 600 CE.” This exploration inspired Gutenberg, and saw his chance to reform it into something even better. This made him ask himself “Why not metal letters that wouldn’t wear out, set in a frame that could be inked, papered and pressed?” in the (Background Essay). The purpose of this essay is to explain whether the exploration or reformation of the printing press was the more important consequence.
Following the Middle Ages, the Renaissance led to a boom of culture and innovation. Johannes Kepler was a man who took advantage of the blossoming culture by inventing movable type print, an improvement on the Chinese invention of a printing press. With these inventions, the fate of Europe was forever altered. The inventions of the printing press and movable type, had immense impacts on the lives of Europeans because they helped develop language, encouraged the spread of religious ideas, and ultimately led to crucial scientific development. The printing press was the main reason languages developed as they did in Europe.
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Standard 11 requires the organization’s annual financial statements have to be prepared in accordance with Generally Accepted Accounting Principles:
There is one formal leader. This leader was elected by a popular vote of the members of the organization. The tenure of the leader is ongoing and has spanned for seven years. The demographic makeup of the organization is varied in age, gender, social class and economics. The racial makeup is predominantly African American. There is a loose structure of administrative support and interior management. Financial elements are handled by a designated person (female) and one assistant (female). There is an elected board of leaders/servants designated to oversee the needs of the members of the organization. This board is made up of 4 males and two trainees.
As the company grows its flat organisational structure will have to develop to handle the chain of command as well as continue a
The formal structure has the City attorney at the top of the organizational chart. There is a director and assistant director who are responsible for overseeing the entire office. There are four supervisors who report directly to the assistant director.
The application of AASB 108 helps in identifying the accounting policy or policies that will apply to a particular event when a certain Australian
Leadership and Structure. The leadership style at MHSW resembles that of a democratic one because all leaders are given chances to voice their concerns. Every leader assesses the needs of their department by surveying staff members and patient satisfaction surveys. Although not constantly on the floor, those in Chief Executive positons attend important meetings, such as Pre-Joint Commission Survey meetings, to voice their concerns and requests. Information is then passed down to the departments through the directors. An organizational structure chart can be seen in Appendix F.
This is a semi-formal essay. The purpose is to express opinion about the novel “Ink.” For this reason, I have used jargon, quotes, adverbs, rhetorical questions, repetition, hyperbole, and sarcasm. The developed and sustained idea is that your chosen faith and beliefs impact your choices, opinion and personality, thus making you perceive things a certain way that in turn defines who you are.
21. Rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial condition and activities of a business:
The organization has a bureaucratic structure. Roles are hierarchically arranged with a single chain of command from top to bottom of the organization (Senior, & Fleming, 2006, p.74). Duties are carried out impersonally in conformity with defined rules. O&T Co. follows the hierarchy principle and separation of members in the different subgroups. Also, centralization and traditionalism are common structures within the company. The number of procedures understood is less than the number of written ones (Senior, & Fleming, 2006, p.73).
In the formal organisational structure there will be patterns of communication and procedures for decision making. Some organisations will have tall structures with lots of layers of command. Other organisations are relatively flat.