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Accounting, Finance, SPSS
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English (U.S.)
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Topic:

Internal Controls of a Business Owner

Article Instructions:

Your goal is to answer the question while demonstrating your critical thinking skills. This will normally require a minimum of a few paragraphs that are written at a college level. Use the default font and size when you post and avoid bolding or underlining entire sentences or paragraphs. Remember that your goal is for others to be able to EASILY read AND understand your post. Do not include the question topic text in your replies. I only want to see your answer...
The class already knows the question. In a few of the discussion forums I will have multi-part discussion topics. I will instruct you to number those and not repeat the question. No plagiarism.
Discussion - Internal Controls:
Imagine you are a business owner (of any type) that has 10 employees and somehow your cash goes missing little by little every month. So you notice that someone (one of your employees or maybe a group of them) is stealing money from your business. What would you do to prevent this from happening? How can you ensure you have good internal control policies and procedures in place? What needs to be done?
Posting Requirements:
Make sure to answer (1) how you would prevent theft/fraud from happening your business by ensuring you have good internal controls in place. While there is not right or wrong answers, your explanation must be adequate and reasonable, applying concepts the chapter reading. You MUST share your thoughts with YOUR OWN words.
Your responses MUST be in complete sentences and MUST meet 100-150 word limit if typed
Do NOT repeat questions for word count.
Do NOT Google to copy and paste your response. It MUST be your OWN words.
There is no PowerPoint slides for this chapter. Watch the chapter videos below.
https://youtu(dot)be/eYVZMUGyWYo
https://youtu(dot)be/e5qC1YGRMKI

Article Sample Content Preview:
Discussion: Internal Controls
As a business owner tasked with preventing employee theft, I would leverage several internal controls. First, I would introduce purchase order systems that separate payment and purchase functions. As expected, this strategy could allow me to introduce checks and balances that could deter employees from inflating product prices. Secondly, I would introduce cash receipts and do weekly audits. Ideally, this strategy could allow me to monitor sales and easily detect any theft. Thirdly, I would prevent employee theft by installi...
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