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Discussion questions week 4 and 5
4a. Analyze the risks to merchandising that a business may experience and how they might be minimized. Determine if automation of accounting has had a positive or negative impact on business, in general, and how you arrived at that conclusion.
4b. Create a corporate policy designed to minimize inventory shrinkage related to theft, stocking errors, shipping errors, etc., indicating how the policy will be enforced and procedures that may need to be implemented.
4c. Imagine you are accountable for a franchise fast-food restaurant. Evaluate the best method of inventory costing and make a recommendation to the company’s leaders about why it is best suited for your franchise fast-food restaurant to reduce the possibility of employee theft of product or other shrinkage concerns.
4d. Inventory control requires constant attention. Propose a set of guidelines that reflect the necessary monitoring controls for three distinct types of business (e.g., a shoe retailer, a physician’s office, and a food vending truck) to minimize loss and waste. Indicate how each control will minimize risk of inventory loss.
• 5a. from the e-Activity, analyze the situation from the company you selected and the internal controls that may have been compromised to allow the problem to occur and the resulting financial impact to the business. Propose a plan to prevent this type of situation in the future.
5b. Match the situation with the primary components of the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it and specifically create strategies to address this component of the triangle to prevent recurrence for the above-mentioned company.
• 5c. Assess the external and internal factors that influence credit policy and decision making within a company that extends credit to its customer when providing a good or service on account. Indicate the factor of most significance in today’s business environment. Provide support for your rationale.
5d. Assuming that a certain percentage of customers will be deemed high risk, recommend a strategy to minimize a company’s bad debt exposure. Indicate how the company would implement the strategy. Provide support for your recommendation.
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