Reporting Accuracy
• Imagine you are a consultant hired to convert a manual accounting system to an automated system. Suggest the key advantages and disadvantages of automating a manual accounting system. Identify the most important step in the conversion process. Provide a rationale for your response.
• Identify key risk factors inherent in the automated process. Take a position on whether or not you believe that automation of accounting control systems reduce human error. Support your position.
Week 8 Discussion
“Inventory Costing Methods” Please respond to the following:
• Identify at least three (3) risks and three (3) benefits of using the perpetual inventory management system. Discuss the main types of inventory errors that could occur using the perpetual inventory system, and the major impact to the balance sheet and income statement. Provide specific examples.
• *From the e-Activity, identify the primary benefits in using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Explain at least three (3) reasons that would lead each of your chosen companies to switch to a different costing method.
e-Activity Use the Internet to research the annual report of at least three (3) merchandising companies. Determine the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Be prepared to discuss.
“Embezzlement in the Workplace” Please respond to the following:
e-Activity Use the Internet to research at least three (3) recent cases of fraud in the workplace.
• *From the e-Activity, describe the ways in which the fraud occurred, and identify which accounts were impacted in the case you researched. Describe the accounting method used to commit the fraud, where in the accounting process the fraud occurred, and the impact to users of financial statements. Provide specific examples in your response.
• Employee theft is a major problem in the U.S. retail industry. Information obtained from SecurityInfoWatch reported that 23 major retailers alone apprehended over 1.1 million shoplifters and dishonest employees, and recovered more than $189 million from these thieves in 2012. Identify at least four (4) internal controls effective in mitigating employee theft and / or fraud. Provide at least two (2) examples of internal controls that could be implemented to reduce theft in the U.S. retail industry.
ScholarMatic: Explanation & Answer
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