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Average Cost Method is an inventory costing method based on the weighted average cost per unit of inventory that is calculated after each purchase.
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Specific Identification Method is an inventory costing method based on the specific cost of particular units of inventory.
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The First-In, First-Out (FIFO) method assumes that the earliest goods purchased are the first to be sold. Under the first-in, first-out (FIFO) method, the cost of goods sold is based on the oldest purchases – that is, the first units to come in are assumed to be the first units to go out of the warehouse (sold).
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Method is an inventory costing method in which the last costs into inventory are the first costs out to cost of goods sold. The method leaves the oldest costs –those of beginning inventory and the earliest purchases of the period- in ending inventory.
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Lower of Cost or Market Value Method (LCM) is a valuation method which requires inventory to be reported in financial statements at whichever is lower – its historical cost or its market value.
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Net Realizable Value is the estimated sales value minus estimated cost of completion and minus estimated cost of sale.
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Estimated cost of completion is used for the calculation of the market value of work-in- process inventory in manufacturing companies.
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Internal control is a managerial task and responsibility to ensure that all of the activities of a company are under the management control. Internal control can be defined as a plan and a system of control procedures designed and implemented by the management and the board of directors. Management should constitute a control structure to safeguard assets, ensure accurate and reliable accounting records and comply with legal requirements.
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“Committee of Sponsoring Organization of the Treadway Commission (COSO) is a joint initiative of some private sector organizations. COSO published Internal Control-Integrated Framework in 1992.”
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Operation objectives state the efficiency and effectiveness of the business’ activities.
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Reporting objectives are about the reliability of financial, non-financial and all other types of reports.
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Compliance objectives are related to complying with laws and regulations that the business is subject to according to the its characteristics.
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Internal control has five components: control environment, risk assessment, control activities, information and communication, and monitoring activities.
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Documentation, which is related to the accounting process, provides the details about financial transactions in a business. These include sales invoice, purchase orders, shipping records, reports, etc. For each transaction, separate and adequate documents should be prepared as hard copy or in an electronic format. Documents should be pre-numbered to assure the completeness of the transac tion and to prevent control deficiencies. Briefly, documentation is a very effective control procedure in a business.
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Fraud is an intentional misrepresentation of facts which is made made for purpose of persuading another party to act in a way that causes injury or damage to that party.
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The Association of Certified Fraud Examiners (ACFE) is a very important anti fraud organization. It is also the largest around the world. They conduct very important studies about this subject.
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There are two types of frauds: misappropriation of assets and fraudulent financial reporting. 1. Misappropriation of assets: Frauds which are committed by employees to steal money or other assets. In this type of fraud usually employee tries to cover the fraud up with an inaccurate entry or tries to steal the asset before recording process. 2. Fraudulent financial reporting: Frauds which are committed by managers to make false and misleading entries in the books. In this case, the purpose of fraud may be making performance or financial status of the business appear to be better than they actually are; or deceiving investors, creditors, or any other parties into loaning money that they need; or evading tax.
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Understanding the conditions and factors that lead to fraud is important to detect them and to find ways to prevent them. In other words, to determine the best controls, the conditions and factors that may cause fraud risk should be analyzed. The description of the factors that may cause fraud risk are called fraud triangle.
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The components of fraud triangle are pressure, opportunity, and rationaliza-tion. Pressure is one of the components which is based on the effects of the stress factor on the management and other employees. Opportunity is another component arising from control deficiencies. Management has a very critical responsibility to prevent the business from control deficiencies that will create an opportunity to commit fraud. Rationalization is the third component in the fraud triangle. Sometimes, employees or some managers try to make excuses and convince themselves that fraud is not an extraordinary action; and they try to rationalize their action. Some conditions and especially week ethical values of top management may cause this tendency toward rationalization.
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Cash is the most liquid asset, relatively easy to steal; and also many transac tions have an impact on cash. Even if the amounts may be very small in some types of fraud, the importance of the action will not change. So,the management should design special control mechanisms to protect the business from fraud involved in cash directly
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A cash budget is a document that shows the expected amount of cash receipt and payments for a period in the future. So, the management can compare the realized amount and the budget later. This procedure provides an effective way of financial planning.
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Risks about cash are always changing, so it is one of the most important subject for businesses to find effective ways of protecting cash. However, in this part, we will focus on the general controls to protect cash, not on the specific controls to reduce control deficiencies related to the technological characteristics of transactions. A point-of-sale terminal can provide effective control in transactions with cash receipt over the counter. For example, in a store when inventories are sold, a receipt would be issued as evidence of transaction. After an employee records this transaction, the cash drawer opens and the machine transfers this transac- tion to the main computer. At the end of the day, the cash amount and machine record of cash sales are compared by a manager. They must be equal to the each other.
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To achieve effective controls on cash payment, it should be verified, approved and recorded. In this process, companies usually use a “voucher system.” In this system, the accounting department is responsible for approving and journalizing cash payments. For this purpose, they can write a voucher which is a specific form that has information about the payment. A voucher is a formal document which authorizes a cash payment.
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Instead of writing checks for small payments such as stationery, meals, etc., businesses can prefer using a petty cash fund. It is a fund that contains small cash amounts to use for small expenditures, which enables businesses not to keep large amounts of cash on hand. So, a petty cash fund is a good control, but it also needs some control procedures to be effective.
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Online banking, which is a streamlined term in our times, provides some very important advantages. With online banking applications, transactions such as cash payments can be made electronically via an online system. Also the business can check its bank accounts at any time. This advantage can provide real time assurance instead of periodic assurance through controls.
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