Is it possible that a 4-year-old could develop addictive behavior? 1. Emma’s parents sought professional advice but wanted Emma to continue developing computer skills. What plan of action do you….
What documents would Dreambox use to complete the transactions mentioned above?
You were introduced to Dreambox Creations in the reading
review problem for Chapter 11. Dreambox follows a fairly simple process in its acquisition/
payment activities. Its monthly payments to vendors include rent, telephone,
Internet access, and insurance. Regular, nonmonthly expenditures include office
supplies, advertising, and equipment purchases. Regardless of the type of payment,
Dreambox simply receives a bill or invoice in the mail and uses Quicken to write a
check. Checks are typically mailed to the vendor within 10 days of receiving the bill.
The co-owners, Danielle and Dan, are both authorized to sign checks for Dreambox;
Dan reconciles the bank statement daily.
a. What risks is Dreambox exposed to based on the preceding narrative?
b. What internal controls would you recommend to address those risks?
c. What documents would Dreambox use to complete the transactions mentioned above?