Get Access Inkwell Overview Inkwell The company supplies a complete range of re-manufactured printer cartridges and laser tonne cartridges. Most sales are retail sales cash sales but some of larger trade customers buy from central warehouse on credit terms 30 to 60 days and get bulk discount based on value of their purchases each quarter. The company has been established in November in Birmingham by two of its three controlling shareholders: All members of the board directors come from printing manufacturing and selling background.
Inkwell Ltd was created seven years ago by two of the directors, Mr. Nail Guppy Finance Director joined Inkwell after investing in the company two years ago. The company shares are owned by internal stakeholders only. The company has progressively grown since it was initially set up and currently employs one hundred and eighty full- time employees, and has reported revenue of over sixteen million pounds.
This Director is entrusted to ensure that all the financial strategies, support the aims of the business and to identify opportunities in order to achieve greater efficiency and cost savings, as well as driving sustainable and profitable growth and optimizing profitability and shareholder value 4.
The Accounting Technician, who reports directly to the Company Accountant, has worked for Inkwell Ltd for six months on a full-time basis. This employee possesses relevant experience but does not currently have any accountancy qualifications.
However, the Technician is currently studying for the AT lubrication, with the aim of passing the exams within the following year. This clerk does not possess any accountancy qualifications.
This clerk has worked previously within the accountancy industry, but does not currently possess any relevant qualifications. This employee does not currently possess any relevant qualifications and has expressed their reluctance and unwillingness to participate on any training activities 4.
This employee has worked for Inkwell Ltd for four months on a full- time basis, and has very limited experience of working within a payroll department. The Accounts Receivable Clerk is responsible for carrying out the credit checking procedures, and after liaising with the Sales Director regarding accounts which require a credit limit of more than El ,OHO per month, recommends suitable credit terms.
This is a strength of the accounting system in that by using the credit reference agency it will determine the ability of new customers to pay their debts.
This will prevent fraud in that customers would not be able to purchase goods knowingly that they could not afford to pay for them, so increasing cash flow.
This will also eave an impact on the integrity of the customer. However the weakness should be that a full limit should be set, in that the customer is not allowed to go over a total limit, otherwise the customer could do four or five months trading up to E,OHO and this would escalate further if they were non payers, meaning the debts are more likely to go bad.
This would have an impact on the cash flow Of the business. This is a strength in the company as any increase in limits have to be authorized by a senior member of the finance team. This will reduce the risk of fraud, in that no individual has control over the customer accounts, and can extend limits for customers for their own personal gain.
Inkwell, also prefer not to give a quote over the phone, as a record cannot be kept regarding the quote given, and there would be no written evidence to support against any disputes that may arise in the future.
Before proceeding with the order a customer can make comparisons between the prices given by different suppliers. If the customer accepts the price given by Inkwell, and proceeds with the order, the price doted is fixed and cannot be changed, which is contrary to that of an estimate being given.
This has an effect on the ethical principle of objectivity, in other words the customer would be free from biased.
This is important, as the recorded data may contain errors which require correction and checks must be made to see if any data that has been omitted, needs to be added. The order form is then passed onto the Sales Manager for additional checking, approval and authorization.
This is DOD practice and carrying out this procedure, helps to minimize the chances of fraud being committed and over charging being recorded on the order form. However, there is still the opportunity of fraud and misuse of funds and assets taking place as other unauthorized members of staff still have regular and easy access to the system, so is a weakness in the accounting system.
It is important that the customer produce an order number as this will hope track the order, but the most important thing is that the purchase order must be authorized.
Without this signature the order will not be processed. This helps enhance the ethical principle of integrity. Once the goods have reached their destination, both the customer and the delivery driver are required to sign the delivery note. This confirms that the goods are been delivered and received.Aat Revision Notes Essay Activity Based Costing Cost attribution to cost units on the basis of benefits received from activities, i.e.
ordering, setting up, assuring quality. Activity costs and the instances of cost driver occurrence are measured and used to decide on overhead absorption rates. aat Student Notes QCF Level 4 Internal Control and Accoun ng Systems STUDENT NOTES 1 Contents Section page Introduction and Assessment W here do I start SWOT Analysis Internal Controls Fraud in an Accounting Function Making Recommendations Outcomes and Criteria 17 Report Planning Assessment Deadlines *Important terms are highlighted throughout.
Icas Aat Inkwell Research Paper by Aamymurphy: Below is a free essay on Icas Aat Internal Control and Accounting Systems (ICAS) Disclaimer The Association of Accounting Technicians 1. Contents For example, there are many errors in the invoicing system because invoices are all written manually.
Internal Control and Accounting Systems. Apple Advanced Typography (AAT) is Apple Inc.'s computer software for advanced font rendering, supporting internationalization and complex features for typographers, a successor to Apple's little-used QuickDraw GX font technology of the mids.
Inkwell The company supplies a complete range of re-manufactured printer cartridges and laser tonne cartridges. entering supplier’s invoices and credit notes into purchase ledger, arranging payments to suppliers.
One year experience in Sales Ledger. Sharon Ward AAT level 2 and wants to do level 3 no experience in computerised payroll.
Aat Inkwell Notes (INDEX) 3. TERMS OF REFERENCE 4. EXECUTIVE SUMMARY 5.
METHODOLOGY 6. ORGANISATION BACKGROUND Inkwell Limited (IWL) is an Limited Company in the private sector, which provides a complete range of remanufactured inkjet and laser toner cartridges. The company was founded seven years ago by Paul Farnon & Victoria Dawson.