a) Peter Blair has worked for some years as a sales representative, but has recently been made redundant. He intends to
Posted: Wed Apr 27, 2022 10:41 am
a) Peter Blair has worked for some
years as a sales representative, but has recently been made
redundant. He intends to start up in business on his own account,
using $13,000 which he currently has invested with a building
society. Peter maintains a bank account showing a small credit
balance, and he plans to approach his bank for the necessary
additional finance. Peter asks you for advice and provides the
following additional information.
Required:
Prepare a cash budget for the six months to 31 March 2021
b) While running a business, one encounters tons of business
operations and chases after multiple vital events and dates to grow
and scale up the business. Being on top of all business operations
and bringing in more opportunities is a must. Such actions
proliferate, resulting in growth. However, some operations may go
out of sight as a firm grows, resulting in significant losses.
Internal Controls is the simple answer to it. Internal controls are
the processes, regulations, and procedures that a firm puts in
place to assure the accuracy of financial and accounting data,
encourage accountability, and prevent fraud. By performing risk
assessment and setting up internal controls can help your business
become more efficient.
Required:
Discuss how to avoid such losses and
save your company from fraudulent activities?
Please use knowledge of financial management to answer the
questions. Do not write by hand nor copy and paste randomly. Thank
you.
years as a sales representative, but has recently been made
redundant. He intends to start up in business on his own account,
using $13,000 which he currently has invested with a building
society. Peter maintains a bank account showing a small credit
balance, and he plans to approach his bank for the necessary
additional finance. Peter asks you for advice and provides the
following additional information.
Required:
Prepare a cash budget for the six months to 31 March 2021
b) While running a business, one encounters tons of business
operations and chases after multiple vital events and dates to grow
and scale up the business. Being on top of all business operations
and bringing in more opportunities is a must. Such actions
proliferate, resulting in growth. However, some operations may go
out of sight as a firm grows, resulting in significant losses.
Internal Controls is the simple answer to it. Internal controls are
the processes, regulations, and procedures that a firm puts in
place to assure the accuracy of financial and accounting data,
encourage accountability, and prevent fraud. By performing risk
assessment and setting up internal controls can help your business
become more efficient.
Required:
Discuss how to avoid such losses and
save your company from fraudulent activities?
Please use knowledge of financial management to answer the
questions. Do not write by hand nor copy and paste randomly. Thank
you.