For Each of the Following Independent Situations, Identify the Internal

question 103

Essay

For each of the following independent situations, identify the internal control element and make a recommendation to improve internal control.
1. Graphic Games is a very busy small company. The blank cheques are available in the box beside the printer for easy access to printing.
2. At Patel's Plumbing, the accounting clerk issues and authorizes the payments.

Understand the role and rules surrounding promissory estoppel in offers and acceptances.

Identify the legal requirements and effects of options and firm offers.

Understand how courts determine whether a proposal qualifies as an offer.

Recognize the effects of actions such as rejection, revocation, and acceptance on the viability of an offer.

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Definitions:

Adult Population

The segment of the population that is considered to be of working age and is often analyzed in economic studies for labor force and unemployment statistics.

Unemployed Category

A classification for individuals in the labor force who are without a job but are available for and seeking work.

Employed Category

A classification used in labor statistics to denote individuals who are currently working for payment, in any job or business.

Unemployed Category

The classification of individuals who are not currently working but are actively looking for work and available to start.