Jason Company, a small electronic distributer, has experienc
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Jason Company, a small electronic distributor, has experienced losses of inventory over the past year. Sara Jason, the owner, on the advice of her accountant, has adopted a set of internal controls in an effort to stop the losses. Jason has taken the following steps:
1. She encourages employees to follow the rules.
2. She regularly considers ways in which inventory losses might occur.
3. She put separation of duties in place.
4. She gathers appropriate information and communicates it to employees.
5. She sees that new and existing employees are well trained and instructed in their duties.
6. She makes sure inventories are physically protected with locked storage and electronic monitors.
7. She observes and reviews how procedures by those who report her are carried out.
8. She had her accountant install a better accounting system over inventory.
9. She trains new employees in how to properly carry out control procedures.
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The solution discusses the set of internal controls in an effort to stop the losses of inventory.
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See attached file.
Jason Company, a small electronic distributor, has experienced losses of inventory over the past year. Sara Jason, the owner, on the advice of her accountant, has adopted a set of internal controls in an effort to stop the losses. Jason has taken the following steps:
1. She encourages employees to follow the rules.
2. She regularly considers ways in which inventory losses might occur.
3. She put separation of duties in place.
4. She gathers appropriate information and communicates it to employees.
5. She sees that new and existing employees are well trained and instructed in their duties.
6. She makes sure inventories are physically protected with locked storage and electronic monitors.
7. She observes and reviews how procedures by those who report her are carried out.
8. She had her accountant install a better accounting system over inventory.
9. She trains new employees in how to properly carry out control procedure.
P 5. Internal Control Components
Jason Company, a small electronic distributer, has experienced losses of inventory over the past year. Sara Jason, the owner, on the advice of her accountant, has adopted a set of internal controls in an effort to stop the losses. Jason has taken the following steps:
1. She encourages employees to follow the rules. A
2. She regularly considers ways in which inventory losses might occur. B
3. She put separation of duties in place. D
4. She gathers appropriate information and communicates it to employees. C
5. She sees that new and existing employees are well trained and instructed in their duties. E
6. She makes sure inventories are physically protected with locked storage and electronic monitors. D
7. She observes and reviews how procedures by those who report her are carried out. E
8. She had her accountant install a better accounting system over inventory. A
9. She trains new employees in how to properly carry out control procedures. D
Required
1. Show that Sara Jason's new system engage all the components of internal control by ...
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