INTERNAL CONTROL- Revenue Cycle Iris Plant owns and operates three floral shops in Magnolia, Texas. The accounting functions are performed manually. Each of the shops has a manager who oversees the cash receipts and purchasing functions for the shop. A clerk at the central shop pays all the bills and also prepares payroll checks and maintains the general journal. Iris is seriously considering switching to a computerized system. With so many information system packages on the market, Iris is overwhelmed. Required Advise Iris as to which business modules you think her organization could find beneficial. Discuss advantages, disadvantages, and internal control issues
INTERNAL CONTROL- Revenue Cycle Iris Plant owns and operates three floral shops in Magnolia, Texas. The accounting functions are performed manually. Each of the shops has a manager who oversees the cash receipts and purchasing functions for the shop. A clerk at the central shop pays all the bills and also prepares payroll checks and maintains the general journal. Iris is seriously considering switching to a computerized system. With so many information system packages on the market, Iris is overwhelmed. Required Advise Iris as to which business modules you think her organization could find beneficial. Discuss advantages, disadvantages, and internal control issues
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- INTERNAL CONTROL- Revenue Cycle
Iris Plant owns and operates three floral shops in Magnolia,
Texas. The accounting functions are performed
manually. Each of the shops has a manager who oversees
the cash receipts and purchasing functions for the
shop. A clerk at the central shop pays all the bills and
also prepares payroll checks and maintains the general
journal. Iris is seriously considering switching to a computerized
system. With so many information system
packages on the market, Iris is overwhelmed.
Required
Advise Iris as to which business modules you think her
organization could find beneficial. Discuss advantages,
disadvantages, and internal control issues.
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