Summary: Acct6disforum

Decent Essays
acctUnit6DisForum
Merchants explain and clarify cash as immediate and available funds that can be used to take care of the daily needs of the business. Cash can be identified in different forms. Dollar bills and loose change can be readily used to meet company demands. Checking and savings accounts contain ready money that can be used right away. A number of other forms of cash exist as well (Walther, 2012).
Merchant businessmen must stay alert and watchful over the ebb and flow of cash within their company. Sometimes there are high levels of funds and sometime there is lack. A wise merchant pays attention at all times. Strict supervision can be implemented with particular cash structures in place. A budget for cash is imperative. All fluid

Related Documents

  • Improved Essays

    The auditors could have detected this embezzlement and fraud by performing additional audit procedures for cash and inventory. With respect to cash-skimming scheme, the auditor could investigate further on the “Office” line item of certain cash report sheets by inquiring the company’s personnel and the management. Similarly, the auditor could also use analytical procedures to gain an overall assessment of sales and profitability across individual stores. Because the cash receipt was taken into consideration in determining sales and profitability of stores affected by the embezzlement, stores that consistently exhibit relatively lower sales and profitability may raise auditor’s eyebrows. Additionally, since the cash-skimming operation was not…

    • 774 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    2. Where do you foresee needing to make some spending changes and why? Changes need to be made in eating out. I noticed that to much is being spent going out to eat.…

    • 147 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Budgeting Dbq

    • 471 Words
    • 2 Pages

    But along with these plans this makes budgeting a difficult process because as…

    • 471 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Final Project Part 1 Tina McGee Due 9/25/2017 I. Analyze Roles and Responsibility for Compliance A. A finance manager is tasked to manage the funds of a company to the best benefit of the company while following compliance guidelines. To do this some of the decisions a finance manager would make would pertain to the capital structure of a company, input on investment and dividends, cash management and very importantly evaluating the financial performance of the company. B. As a financial manger each of the above decisions will need to be made in the most ethical and legal manner possible.…

    • 860 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    The merchant that operates where I live is E H Smith Builders Merchants, which specializes in heavy building materials such as bricks, blocks, landscaping products, timber, cement et al. To begin with, what is cash and cash flow? Cash is money in a form of coin, currency, and funds on deposit with a bank, checks and money order, although, it does not include post-dated checks, IOU, postage stamp, travel advances and certificates of deposit. It can be referred to as money in the current account or accessible. It is the oxygen that helps a company to survive, prosper and the primary indicator of business health, while cash flow is the inflow such as sales income, interest, loan and outflow of cash such as rent, purchases of stock, wages.…

    • 358 Words
    • 2 Pages
    Decent Essays
  • Decent Essays

    Financial Shenanigan Case

    • 454 Words
    • 2 Pages

    Financial shenanigans are acts composed to falsify the actual financial performance of an enterprise or entity. Many public and non-public companies use financial shenanigans to misstate earnings, cover up losses and boost profits. One type of shenanigan that can be utilized by companies is the act of bartering. Bartering is a transaction in which two companies agree to trade goods or services with one another without the involvement of money. The act of bartering, does not affect the company’s cash account, they may not report expenses and they can overstate their revenue on their financial statements.…

    • 454 Words
    • 2 Pages
    Decent Essays
  • Decent Essays

    Payroll Fraud Case

    • 64 Words
    • 1 Pages

    In this case the businesses will be victimized when any individual in a position of trust or financial authority that makes an unauthorized withdrawal or any disbursements from bank accounts, or misdirects cash deposits. In response to the risk above, the controls are often implemented to prevent and detect fraud relating to cash, sometimes they are often overlooked is the potential for payroll…

    • 64 Words
    • 1 Pages
    Decent Essays
  • Superior Essays

    Scott Fitzgerald is a standout amongst the most noticeable American essayists of the end of nineteenth and the start of twentieth cc. His work may be seen as the impression of his time and the novel "The Great Gatsby" is, presumably, the best sample that can demonstrate this announcement. It was composed at that time of American history when individuals stressed the most over their thriving and extravagance however one may say that such values were commonplace for Americans, it was, and by the way still is, purported 'American dream '. Likewise it was time when individuals earned a considerable measure of cash unlawfully utilizing diverse intends to violate the laws that existed in the USA and a standout amongst the most "famous" business…

    • 1143 Words
    • 5 Pages
    Superior Essays
  • Decent Essays

    3.1 Explain the importance of financial viability for an organisation Good financial management is essential when starting your business and for the expansion of your business. Getting your finances in order means your business can work more efficiently and puts you in a better position when seeking funding for growth. Successfully managing your finances can create sustainability and growth for your business, so it's important to get it right. Whether it's balancing the books, budgeting or good cash flow management, you can help improve the financial health of your business.…

    • 566 Words
    • 3 Pages
    Decent Essays
  • Superior Essays

    Week 6: Fraud Case Study Group Project Vanessa Ryan, Juan Caba, Rustin Prentice, Howard Miranda Champlain College Forensic Accounting ACCT-280-45 Nicole Bocra August 14, 2016 On July 31, 2015, Howard Miranda, CFO of Microstuff Inc., contacted the internal auditor Vanessa Ryan in reference to a suspected purchase and receiving scheme within the information technology department. Based on this initial accusation, an examination was conducted—which included reviews of relevant accounting, purchasing, and receiving records and interviews of appropriate personnel. The investigation uncovered a purchase and receiving scheme that was conducted at Microstuff, Inc.…

    • 1707 Words
    • 7 Pages
    Superior Essays
  • Improved Essays

    Risk management is a significant component in the banking operation. It controls the entire management of a bank and if anything goes wrong, it plays a role of preventing from programs. The case “Risk Management at Wellfleet Bank: All That Glitters Is Not Gold” introduces the history, operations, strategy and risk management function of Wellfleet Bank with some detailed proposals. Since there are always some risks within any corporation, this essay will refer to some risks that Wellfleet is faced with, explain why they exist and how to improve these problems.…

    • 892 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    In today’s capitalist society money holds an important place in the web of meaning of society. Money is a homogenizing factor that unites a culture and unifies them as one (Sahlins, 1976). There are many forms of money, it comes in all shapes and forms but as society becomes more global money has undergone an evolution. Money has evolved from special purpose to a more general-purpose form, which can be traded across boarders and for a variety of goods and services at an established value. Special purpose money as a result has began to disappear as the use of general-purpose money becomes more necessary to obtain goods from the developing global market, in specific reference to the increasing popularity of the capitalist market.…

    • 1665 Words
    • 7 Pages
    Improved Essays
  • Improved Essays

    Eljelly, (2004) explained that proficient liquidity administration includes arranging and controlling current resources and current liabilities in such a way, to the point that kills the danger of failure to meet due transient commitments and evades unnecessary interest in these benefits. The relationship in the middle of benefit and liquidity was analyzed, as measured by current proportion and money hole (money transformation cycle) on an example of business entities in Saudi Arabia utilizing connection and relapse investigation. The study found that the money transformation cycle was of more significance as a measure of liquidity than the current proportion that influences benefit. The size variable was found to have noteworthy impact on…

    • 720 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    BUSINESS FINANCE MANAGING FINANCIAL RESOURCES AND DECISIONS GRIGOR GRIGOROV/MRC/20967/NHD MONT ROSE COLLEGE 25.03.2013 Task 1 Programme title HND Business Assessor/Tutor…

    • 5320 Words
    • 22 Pages
    Improved Essays
  • Superior Essays

    My understanding of cash flow statement is important to my business, as I am made aware of the benefits of having cash flow and also understanding that cash flow can be manipulated. I have been introduced to the importance of cash flow and understanding that without it organisations cannot pay debts, acquire the stock or resources needed to function effectively, pay wages to members of staff, or obtain finance from lenders as well as without access to cash, organisations cannot take advantage of business opportunities and, particularly during times of economic turbulence, a lack of cash can be a significant risk (Atrill, 2013). Having this in mind will enable me to take better decision regarding growing my business and sustaining my employees as well as exploring better business opportunities. In regards to my personal finances this course has developed my knowledge on the understanding that financial statement reports the financial activity of a business, which includes the wages (salary/investment on individual),…

    • 1536 Words
    • 7 Pages
    Superior Essays