acc_project[1] - Yum Brands 1BANK Balance 197,000,000...

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11/13/09 Yum! Brands 1- BANK BOOK Balance $ 197,000,000 Balance $ 194,000 + Deposit in transit $ 3,000,000 -Errors in recording $ 5,000,000 -Outstanding checks $ 8,000,000 + Collections $ 2,000,000 + Interest Earned $ 1,000,000 Total $ 192,000,000 Total $192,000,000 2- An effective system of internal control consists of; competent, reliable, ethical personnel; assignment of responsibilities; proper authorization; supervision of employees; and separation of duties. The Yum Brands’ Management Responsibility for Financial Statements links to specific items of internal control such as by supporting the system by formal policies and procedures, including an active Code of Conduct program intended to ensure employees adhere to the highest standards of personal and professional integrity. An Internal control can be perfectly described as any action taken by an organization to help enhance the likelihood that the objectives of the organization will be achieved, and for that, appropriate actions are taken to address significant control deficiencies and other opportunities for improving the system as they are identified.
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This note was uploaded on 02/25/2011 for the course ACCOUNTING 212 taught by Professor Jeane during the Spring '11 term at Mt. Olive.

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acc_project[1] - Yum Brands 1BANK Balance 197,000,000...

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