You Are an Entrepreneur About to Open a Coffee and Internet

question 150

Essay

You are an entrepreneur about to open a coffee and internet cafe near your college campus. You have decided to accept cash and credit and will use college student employees. While you plan to be at the shop during most hours that the business will be open, you have made one of the student employees your assistant manager to manage in your absence.
Describe at least five procedures that you might use to provide adequate internal control over cash and credit sales and bank deposits.

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Definitions:

Sample Mean

The average value of a set of numbers, calculated by summing them all up and then dividing by the count of these numbers.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution, typically via the mean, median, or mode.

Inferential Statistics

The field of statistics focused on drawing conclusions or making forecasts about a whole population from a subset of collected data.

Probability

An indicator of how probable an event is, represented numerically between 0 and 1.