HI5019 - The Accounting Information System of HARDA Fashion - Accounting and Finance Assignment Help

Assignment Task:

ASSESSMENT DETAILS:

Analysing the Accounting Information System of HARDA Fashion.

HARDA Fashion sells ready-to-wear fashion clothes to teenagers. The company has a 20-store chain concentrated in the north-eastern part of the United States of America. Each store has the experienced full-time staff consist of a manager and an assistant manager. The full-time staff is paid a fixed salary. The full-time staff is assisted with a cashier and a sales assistant who have comparatively less experience. The cashier and sales assistant are paid hourly wages plus the commission based on the volume of sales. HARDA Fashion uses unsophisticated cash registered with four-parts sales invoice to record each financial transaction. These sales invoices for the sales transaction irrespective of the payment type. The record-keeping starts with the sales assistant on the sales floor. The sales assistant fills thesales invoices manually by providing the following information:

1. Records his or her employee number.
2. Enters the transaction details including clothes item number, description, quantity,
and the unit price.
3. Totals the sales invoice.
4. Calculates the discounts manually when appropriate.
5. Calculates the sales tax.
6. Finalise the sales invoice after calculating the grand total.

TASK:

Prepare a report to Chief Executive Officer of HARDA Fashion to evaluate its processes, risks, and internal controls for its revenue cycle. In your report, you need to include the following items:
1. Identify six strengths in HARDA’s system for controlling sales transactions.
2. For each strength identified, explain what problem(s) HARDA Fashion has avoided by incorporating the strengths in the system for controlling sales transactions.
3. Identify two situational pressures in a company like HARDA Fashion that would increase the likelihood of fraud.
4. Explain why some companies would choose to install a distributed computer system rather than a centralised one.

Assignment Structure:

The report should include the following components:
• Assignment Cover Page clearly stating your name and student number.
• A table of contents.
• Executive summary.
• The introduction.
• Body of the report with sections to answer the above issues and with appropriate
section headings.
• Conclusion and recommendations.
• List of references.

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