Listed Below Are Three Procedures Followed by Caleb's Disc Emporium

question 222

Essay

Listed below are three procedures followed by Caleb's Disc Emporium, a disc golf shop owned by Caleb James. Indicate whether each procedure is an example of a strong internal control or a weak internal control, and why.
1. Ben Paul collects cash from customers at the cash register. At the end of the day, Ben deposits cash at the bank.
2. Josh Michaels collects cash from customers at the cash register. At the end of the day, Laura Asaph prepares a journal entry to enter the sales into the accounting system.
3. Stan Borkowski prepares a check to pay a vendor, signs the check, and mails it.

Comprehend the broader economic implications of profit maximization and entrepreneurial activity.

Explain the necessity of differentiating consumer groups for price discrimination.

Understand the economic efficiency and diversity benefits in competitive markets.

Assess the role of market demand and competition on long-run economic profits and efficiency.

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Definitions:

Defense of Property

This refers to the legal doctrine that allows individuals to use reasonable force to protect their property from theft or damage.

Statute of Limitations

A law prescribing the maximum period within which legal action can be taken for alleged offenses or rights violations.

Deadly Force

The use of force that is likely to cause death or serious bodily harm, often discussed in the context of self-defense or law enforcement.

Actus Reus

Latin for "guilty act," the physical act of committing a crime, as opposed to the mental intent (mens rea) to commit the act.