D.Q. 3.1. Why doesn't Sarbanes-Oxley apply to privately-owned companies? (The correct answer is Not "Because it applies only to publicly held companies.") D.Q. 3.2. Discuss Sarbanes-Oxley and the Five Elements of Internal Control. Provide a substantive response. Include unique examples and specific illustrations that are unique from your classmates. D.Q. 3.3 Why are competent personnel, rotating duties, and mandatory vacations important control procedures? Regardless of the size of your employer, or whether it is publicly or privately held, have these policies been utilized where you currently work or have worked in the past? D.Q. 3.4. Discuss, illustrate, and provide examples of Warning signs with regard to People, p. 175. How have you seen these warnings heeded or not heeded in your experience? Provide specific, unique examples. D.Q. 3.5. Discuss the limitations of Internal Control. Why are internal controls not a guarantee that all is above board? Put this concept in the context of your current work environment or one in which you have previously worked. What does this look like in your world? Paragraph Styles 1. Discuss some differences between a service business and a merchandising business. Provide unique examples of each in your discussion. Are there some businesses that incorporate both approaches and have products and services? If so, provide examples of these also. 2. Define Cost of Merchandise Sold in the context of an example of a business. In other words, define it by illustrating it as it pertains to a business you have chosen. As always, make your choice unique from your classmates. How can management decisions in this area affect the bottom line profitability of that business? (Your answer should be specific to the business you have chosen) What factors are controllable? Uncontrollable? -Again, make your answer specific to the example you described. 3. Discuss accrual accounting principles and apply these to a business that you: work for, have worked for, have observed, or have researched. Provide specifics and ensure that your responses are unique. 4. Discuss the practice of purchase/payment discounts. What relationship does accounts payable have to this activity? 5. What is shrinkage? Select a business and provide examples of internal and external shrinkage occurring in that business. How can those be mitigated? Ensure that your posting is unique from your classmates' posts D.Q. 3.1. Why doesn't Sarbanes-Oxley apply to privately-owned companies? (The correct answer is Not "Because it applies only to publicly held companies.") D.Q. 3.2. Discuss Sarbanes-Oxley and the Five Elements of Internal Control. Provide a substantive response. Include unique examples and specific illustrations that are unique from your classmates. D.Q. 3.3 Why are competent personnel, rotating duties, and mandatory vacations important control procedures? Regardless of the size of your employer, or whether it is publicly or privately held, have these policies been utilized where you currently work or have worked in the past? D.Q. 3.4. Discuss, illustrate, and provide examples of Warning signs with regard to People, p. 175. How have you seen these warnings heeded or not heeded in your experience? Provide specific, unique examples. D.Q. 3.5. Discuss the limitations of Internal Control. Why are internal controls not a guarantee that all is above board? Put this concept in the context of your current work environment or one in which you have previously worked. What does this look like in your world? Paragraph Styles 1. Discuss some differences between a service business and a merchandising business. Provide unique examples of each in your discussion. Are there some businesses that incorporate both approaches and have products and services? If so, provide examples of these also. 2. Define Cost of Merchandise Sold in the context of an example of a business. In other words, define it by illustrating it as it pertains to a business you have chosen. As always, make your choice unique from your classmates. How can management decisions in this area affect the bottom line profitability of that business? (Your answer should be specific to the business you have chosen) What factors are controllable? Uncontrollable? -Again, make your answer specific to the example you described. 3. Discuss accrual accounting principles and apply these to a business that you: work for, have worked for, have observed, or have researched. Provide specifics and ensure that your responses are unique. 4. Discuss the practice of purchase/payment discounts. What relationship does accounts payable have to this activity? 5. What is shrinkage? Select a business and provide examples of internal and external shrinkage occurring in that business. How can those be mitigated? Ensure that your posting is unique from your classmates' posts
