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Unformatted text preview: needed). What records are needed and how important is accuracy (internal controls)? Records needed include scheduling, revenue, payroll, operating cost and fixed asset systems. Issues in the case; How often should Rosemary prepare financial statements? How should prices be set? Issues that could be raised. Should Rosemary pay herself a salary and commission for the classes she runs, or take residual profits from the business? How should you handle the cost of the equipment-expense or capitalize over life? You must consider the cost and benefits of a internal control system when answering what rosemary should do, including how to handle the problem with Kate?...
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- Spring '10