Establishment of responsibility Essay Example for Free

Establishment of responsibility Essay While at the counter, the customer can see other employees making the pizzas and the large ovens in which the pizzas are baked Instructions: Identify the six principles of internal control and give an example of each principle that you might observe when picking up your pizza. Note: It may not be possible to observe all the principles. ) 1st Principle – Establishment of responsibility * Only one person is responsible for a given task. * For example, the cashier that exchanges the pizza for cash would be the principle of establishment of responsibility. 2nd Principle – Segregation of duties. Accounting employees balances books * Another personnel has custody of cash on hand (making deposits) * In this principle- segregation of duties one cannot observe this principle in this scenario. th Principle – Documentation procedures * Pre-number documents or invoices * For example, the cashier has pre-number receipts for each order that is picked up by the customer. At the end of the clerk’s shift these invoices are forwarded to accounting to timely record each transaction. 5th Principle – Physical mechanical and electronic controls * Consist of having safes, deposit boxes, and time clocks for time worked. * The clerk has a cashier that controls and safeguards the assets to enhance the accuracy and reliability of the accounting records. th Principle – Independent internal verification * Employees review, compare, and reconcile data that was prepared by them. Three measure are recommended: * An example cannot be provided for this principle because a customer cannot identify if: * 1st – Org. should verify records periodically or on a surprise basis. * 2nd – A manager should make the verification of an employee * 3rd – Discrepancies and exceptions should be reported to mgt. to make appropriate corrective action. Chapter 7: Problem Set B: P7-2B The board of trustees of a local church is concerned about the internal accounting controls pertaining to the offering collections made at weekly services. They ask you to serve on a three-person audit team with the internal auditor of the university and a CPA who has just joined the church. At a meeting of the audit team and the board of trustees you learn the following: A) Indicate the weaknesses in internal accounting control in the handling of collections. There are a few weaknesses in internal control in the handling of collections for the church, such as there is no supervision when the ushers take money. There is a chance that the ushers can take money from the collection plate. In addition, the financial secretary manages three tasks like bank reconciliation, has control and has custody of the cash, and maintains the church records. Moreover, the financial secretary holds out cash ($150-$200) per week; different withhold amounts for cash expenditures. There is not a witness when the head usher or the financial secretary count the money. Last, checks are made payable to cash (Kimmel, Weygandt amp; Kieso, 2007). B) List the improvements in internal control procedures that you plan to make at the next meeting of the audit team for: Ushers: How churches handle usher operations varies from congregation to congregation, but a consistent set of controls protects the fiduciary integrity of the church, and creates confidence among donors. One problem in the collection process is that only the head usher counts the collection without any accountability to ensure his count is accurate, or that all of the funds donated are transferred to the safe. This can be resolved by having the other ushers count the donations and sign off on the report, so that more than one set of eyes have verified the donations. Additionally, volunteers will need to take a course familiarizing would-be ushers with standard operating procedures, and reporting standards before being qualified to volunteer for usher position. This will help solidify controls for the ushers. Head Usher: While the church may not be currently experiencing anything wrong with the usher selection and volunteer system at the church, some improvements might be considered. The church might consider making the head usher a year-long term, elected by church members to create continuity, but also impose term limits – possibly every 3-4 years a head usher must take a sabbatical. Additionally, because the head usher role is so pivotal in the collection process, and it is a place where mistakes or malfeasance can easily take place; it would be helpful for the ushers and the financial secretary to be present in the collection counts, the day of, so someone outside the usher department can verify tithe counts. Financial Secretary: The most glaring issue, which opens up easy access for, would be embezzlers in the congregations check policy. All checks being written to cash basically enables anyone to cash out the check, the church, a rouge employee or volunteer, or otherwise. All checks need to be made out to the church, not to cash. It would be even better if the church went the route of many churches by allowing donors to have donations processed monthly (or weekly depending on donor preference) through e-commerce, allowing debit or credit payments to be made automatically to the church account. This will add a layer to the recording process, but it also increases security for donors. The financial secretary also needs to stop pulling cash from weekly donations for cash expenditures as cash transactions are harder to track and thus are more easily abused. Instead a petty cash account needs to be started, and cash allocated as needed based on historical records of cash expenditures. Additionally, a church credit/debit card, or reimbursement policy greatly will diminish the need for high levels of cash in the petty cash account. Finance Committee: The first thing the finance committee needs to do is to follow its own policy, and conduct annual audits. The church’s 501 (C)(3) nonprofit designation demands this. Often the most â€Å"trusted† employees are the ones who are found to have committed improprieties. Regardless of trust, regular audits, and reporting is essential. The second major priority is for the financial committee to purchase a fidelity insurance policy that will protect the church in the case of financial impropriety or massive fraud on part of those who handle finances. In addition to the need for an overhaul in policy (discussed below), the financial committee needs to inculcate a culture of financial vigilance and rigor to keep the church from even the perception of financial impropriety. C) What church policies should be changed to improve internal control? The church board of trustees is responsible of make sure that the church runs smoothly, from assigning the right ministers to the right ministries and making sure that the tithes and offerings are accounted for after each service. The first and most important thing that the church needs to do is getting some fidelity insurance. This type of insurance will protect the church of losses that may result of fraudulent acts by specified individuals. Protecting the church of any dishonest employee or member who may steal money, securities, and other property that once belong to the church. The second thing is to have an audit conducted because there has not been an audit performed in 15 years. Highly recommend using an outside source of performing the audit, this way every rock and stone will be turn over. The church financial management department should be responsible for counting and recordkeeping of the tithes and offering received but in separate offices, one office for counting the money and the other office for recordkeeping purposes The head usher responsibility should be making sure that the tithes and offering plates are accounted for and immediately delivering the plates (with one member from the board of trustee) to the financial management office (the financial office manager, and one individual from the board of trustees are the only ones with keys to both offices). The financial management recordkeeping personnel and the financial secretary should first come to an agreement on how much cash is needed for the week expense. Also the two will count the money with the intention to be deposit along with a deposit slip; the financial secretary will be responsible of making the deposit and afterward returning the deposit receipt to the recordkeeping office for recording purposes.

Animal farm Essay -- Character Analysis, Mr. Jones, Snowball

I. SUBJECT Animal farm is a novel about animals that develop their own society and the abuses of power that result. The story takes place at an imaginary farm in England, Manor Farm. The novel begins as the owner of the farm, Mr. Jones, is falling into a drunken sleep. The animals then gather in the barn where a boar, Old Major, delivers a speech to his fellow animals about a dream he has that one day all animals will be free from the tyranny of man and in perfect comradeship. Two pigs, Napoleon and Snowball plot to drive Mr. Jones off the farm. They along with the other barnyard animals succeed but the bigger conflict is revealed, when Snowball and Napoleon struggle over the power distribution. Over the years, Napoleon and Snowball engage in many disputes regarding the management of a successful farm. Snowball establishes committees to educate the other farm animals while Napoleon takes no interest, he thought training the young should take priority over an adult animal’s education. He secures a group of nine puppies and takes them under his wing. As years went on Napoleon and snowball continued to butt heads. Their most explosive argument occurred over Snowball’s idea to construct a windmill. When the time arose for a vote to approve the windmill’s construction, Napoleon gave a strange whimper and the nine dogs he trained came out of hiding. The ferocious attack dogs chased Snowball off the farm. With Snowball gone, Napoleon attained what he had always desired complete control of Animal Farm. Under Napoleon’s leadership he and the remaining pigs became more and more like humans. At the end of the novel, Napoleon is playing cards with a group of humans in Mr. Jones’ former house. As the common animals gazed through the windo... ... two legs it is referring to a human and in the case of four legs it is referring to an animal. This reification is saying that all animals had rebellion built up within them â€Å"Rebelliousness ran through the country side† (46.) IV GENRE The main genre in Animal Farm is a fable. A fable is â€Å"A brief tale told to point a moral. The characters are frequently animals, but people an inanimate are sometimes central† (Harmon 467 68). In Orwell’s Animal Farm the main characters are animals and the reader learns that when there is one leader with an excessive amount of it will lead to corruption. Animal Farm can also be classified as an Allegory sub genre. An allegory is â€Å"A form of extended METAPHOR in which objects, persons and actions in a NARRATIVE are equated with meanings that lie outside the narrative itself† (14.) In Animal Farm everything symbolizes something.

Assignment on Horlicks

ASSIGNMENT-2 SUB: Pick up a Branded product & explain the Segmentation, Targeting, Positioning of the Product HORLICKS – AN INTRODUCTION Horlicks is a name of the company and of a malted milk hot drink. It is manufactured by GlaxoSmithKline in the United Kingdom, South Africa, New Zealand, Bangladesh, Pakisthan, India and Jamaica. Horlicks came to India with British army. British army gave them as a Diet Supplement in the time of World War 1 and then took this as a family drink. It became a sort of status symbol of upper class Indians and middle classes.In recent years, there has been an increase in the scope of the brand in India. Horlicks has become an umbrella brand for a wide variety of products. Now Horlicks is a leading health drink of India for all aged groups. SEGMENTATION & TARGETING Horlicks introduced a wide varieties of product to india. Horlicks meant everything to everybody. It was a health drink that every one consumed. Right from small children to very elderly people Horlicks realized this and came out with its new versions of different horlicks to different customers.Horlicks differentiated the product as follows; Horlicks Junior It is for Pre-school children. Keeping the targeted customers in mind the packaging is cute and package has a picture of a small elephant which is very exciting for small children’s Horlicks Regular It is for General use. Regular Horlicks is a health drink of people of all ages. The packaging is contemporary and has great visuals to attract children and the young adults. Horlicks Mothers It is special nutritional drink with 26 vital nutrients designed keeping the specific needs of the pregnant and breast feeding women.The packaging is very interesting. It is shaped like an hour’s glass Horlicks Lite and Lite bite A nutritional drink and snack specially designed for all health conscious adults and is also suitable for use by people with diabetes. The packaging again is interesting. The horlicks lite is thin and tall. The Horlicks proves that segmentation could very efficient way of holding on and even increasing one’s market share. What is needed is clear focus and clever innovations in adapting product and changing the needs of customers. POSITIONING & RE-POSITIONINGIt was initially introduced both a substitute & an additive to milk and it was initially positioned itself as â€Å"as food for convalescing†& a nutrient supplement for kids only. Re-Positioning From a boring nutritional drink, GSK positioned Horlicks as â€Å"Pleasurable Nourishment† by launching it in vanilla, chocolate and honey variants. It introduced other variants like-Jr. Horlicks, Women’s Horlicks, Mother Horlicks& Horlicks Lite to reposition itself from the children segment to other segment for consumption. Marketing Mix (4 p’s) for Horlicks Product:Horlicks is a widely regarded and highly respected 130-year-old brand. GSK has four brands in the health food drinks segmen t. Apart from Horlicks, which contributes Rs 600 crores in revenue to the consumer healthcare division, it has Boost, Maltova and Viva – the last three are much smaller brands than Horlicks. Faced with stagnating sales in the health food drinks segment, the company has chalked out an aggressive brand push strategy and a revamp for its flagship brand, Horlicks. The relaunch aims to focus on children as Horlicks was previously considered as a nourishment drink for old people.The company expects Horlicks contribution to the total turnover to be around Rs 800 crore which amounts to a major chunk of the company’s turnover. Horlicks is a nourishing malted food drink which combines the wholesome goodness of malted barley, wheat and dairy ingredients. A For more nourishment, GlaxoSmithKline Consumer Healthcare India Ltd (GSKCH) has relaunched its flagship brand Horlicks. A to enable consumers choose different flavours, Horlicks is now available in Regular, Chocolate, Creamy Va nilla and Honey Buzz varieties in a new package.A Horlicks drinks provide the following essential nutrients: A Proteins, Carbohydrate, Fat, Vitamin A, Niacin, Vitamin B1, VitaminB12, Vitamin E, Vitamin B6, and Iron & Calcium Price: HORLICKS Flavors (Rs) ElaichiChocolateHoney BuzzVanilla Weight (gm)JarRefill PackJarRefill PackJarJar 20057-57— 500108103108103108108 1000199189—- HORLICKS JUNIOR Weight (gm)JarRefill Pack 20058- 500114105 Target market: Earlier Horlicks believed, white drinks are for the entire family in contrast to the browns, whose prime target audience is children.This is probably because whites–whose growth rate is faster than the browns–have the added advantage of being perceived as food which enhances the healthy image of those who are recovering. But gradually they realized that they have to focus on one segment of market that is children. Horlicks is now positioned as a pleasurable nourishment drink aimed at children between the age gr oup of 8 -14. Nowadays children have tremendous influence on the things purchased for the family and therefore we want children to prefer Horlicks as a pleasurable nourishment drink.While all the action will be in the general Horlicks segment, the focus of Junior Horlicks (target segment: kids between one and three) will continue to remain the same. Promotion: The company has earmarked around Rs 10 crores for brand promotion throughout 2003, and 70% of this will be spent in next six months. Sixty-five per cent of the ad-spend (around Rs 10 crores) will be for the visual medium and the balance for the print and others. Apart from the high-decibel media campaign, the company also plans to conduct an inter-school competition called Activity 2003 in which around 1. million students are expected to take part. Unlike its other drink (the Rs 170-crore Boost, promoted by Sachin Tendulkar); the new Horlicks does not have a brand ambassador. While all the action will be in the general Horlick s segment, the focus of Junior Horlicks (target segment: kids between one and three) will continue to remain the same. The brand will continue to talk to the mother since the purchase decision rests with her. Place: It has a strong marketing network in India comprising over 1800 wholesalers and direct coverage of over 4,00,000 retail outlets.Horlicks sales have been strong in the south and eastern markets which contributes about 46 per cent and 47 per cent of the total sales. Milk-deficient South and East preferred white liquid powders (Horlicks, Viva, and Complan) as the drink could be prepared with hot water. SWOT ANALYSIS STRENGTH †¢It is current No: 1 position in the market †¢Variety of product targeting different segments †¢Trusted brand †¢Ã¢â‚¬ËœHealth’ is the central idea for all the products of horlicks †¢All the products of Horlicks belong to different categories which will not kill the market of its own product. WEAKNESS Customer perceived v alue of Women’s Horlicks †¢Price of Women’s Horlicks †¢Packaging of Women Horlicks Opportunities †¢Making Nutribar individual brand without the endorsement of Horlicks †¢Creating functional food category with the help of Nutribar (functional foods are those Health foods like energy drinks, cereals and cereal bars which contain health promote ingredients. ) †¢The market for functional foods in India is estimated to be around Rs 1700 crores and is growing very fast. THREAT †¢Cheaper version of Horlicks that is ASHA may damage the brand. CONCLUSION As far as I am concerned

Memory And Memory Of Computers - 868 Words

Memory Have you ever wanted to know how certain files, documents and so on are being saved and what led this to occur? The memory of computers is quite fascinating and there is so much that goes into saving something on a computer. There are different types of memory that is found on computers that is needed to make things work and that would be acceptable to the user. The main two that is quite known in the computer world would be Primary and Secondary memory. There are 2 types that make up the Primary memory and that would be Random Access Memory (RAM) and Read only memory (ROM). The secondary memory consists of a hard disk drive, flash drive and zip drive. There are also optical discs that are included. One thing that is special in terms of computers would be the Primary memory. Primary memory is divided into 2 types. The first type would be random access memory. RAM is in charge of keeping data in a stored area so that it can be reached by the processor when necessary. RAM does a really good job at laying away data in such a random basis. An article from the PC World have shown that in this generation RAM has increased tremendously; it is said that â€Å" A review of systems that the PC World test center has grown from a little over 90 MB to about 2 GB, spiking whenever Microsoft releases a new version of Windows† (Stafford pg. 84). RAM has 2 forms, they are Static RAM and Dynamic RAM. Static RAMShow MoreRelatedComputer Memory1614 Words   |  7 PagesComputer Memory Basics Although memory is technically any form of electronic storage, it is used most often to identify fast, temporary forms of storage. If your computers CPU had to constantly access the hard drive to retrieve every piece of data it needs, it would operate very slowly. When the information is kept in memory, the CPU can access it much more quickly. Most forms of memory are intended to store data temporarily. 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