Assignment Task:

Task:

Purpose of the assessment (with ULO Mapping)

Students are required to:

  •  Describe the various transaction cycles, financial reporting, management reporting systems and e-commerce. (ULO 2)
  •  Understand the risks inherent in computer-based systems/ERP, including e- commerce, the role of ethics and the various internal control processes that need to be in place. (ULO 4)
  •  Appreciate the opportunities for computer fraud and the security measures in electronic commerce that need to be taken to overcome this. (ULO 5)

Assignment Specifications

Background
Rainbow Illusion is a 30-store retail chain concentrated in New South Wales and Victoria that sells ready-to-wear clothes for young females. Each store has a full-time manager and an assistant man-ager, both of whom are paid a salary. The cashiers and sales personnel are typically young people working part-time who are paid an hourly wage plus a commission based on sales volume. The company uses unsophisticated cash registers with four-part sales invoices to record each transaction. These sales invoices are used regardless of the payment type (cash, cheque, or bankcard). On the sales floor, the salesperson manually records his or her employee number and the transaction (clothes, class, description, quantity, and unit price), totals the sales invoice, calculates the discount when appropriate, calculates the sales tax, and pre- pares the grand total. The salesperson then gives the sales invoice to the cashier, retaining one copy in the sales book.

The cashier reviews the invoice and inputs the sale. The cash register mechanically validates the invoice, automatically assigning a consecutive number to the transaction. The cashier is also responsible for getting credit approval on charge sales and approving sales paid by cheque. The cashier gives one copy of the invoice to the customer and retains the second copy as a store copy and the third for a bankcard, if a deposit is needed. Returns are handled in exactly the reverse manner, with the cashier issuing a return slip.

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  • Uploaded By : Pearl
  • Posted on : July 15th, 2019

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