Internal Control?

The university drama club is planning a raffle. The president overheard you talking about internal control to another accounting student, so she has asked you to set up some guidelines to be sure that all money collected for the raffle is accounted for by the club.





1. describe guidelines that the club should follow to achieve an acceptable level of internal control.





2. comment on the president%26#039;s request that she be sure all money is collected and recorded.
Internal Control?
The obvious solution is to count the number of tickets sold and ticket sales receipts. At any time anyone selling tickets takes tickets to sell and when they are returned the number of tickets removed (sold) and the sales receipts are counted. No one will remove tickets (and give them to friends for free) if they know they will be accountable for them. Tickets are kept in a locked, central place and must be %26quot;checked out%26quot; and %26quot;checked in%26quot; by those who sell them.





It is right that all money be recorded, but also all tickets must be accounted for. Those are two related, but different things. Sellers should, of course, hand over all money. They should also not %26quot;lose%26quot; tickets that could later be in the drawing. In any event, if the potential for fraud is high and the likelihood of detection is low, people will cheat both the raffle and the club.
Internal Control?
Hi,





I have a lot of experience marketing small companies online (I have 3 companies). One of the best ways is to sign up at business directories and protals. These are basically listings of businesses (simliar to the phone book). The advantage is that these portals usually get a lot of traffic and they%26#039;re ranked high on Google because of all the quality links they contain.





My favorite portal is called Directory Exclusive. I signed up a few weeks ago because they%26#039;re giving a away a free business card holder when a person enter%26#039;s their company info. I received it in the mail 3 days ago =)





I don%26#039;t know if they still have that promotion, but you can try to get the free card holder here:





http://www.directory-exclusive-listing.i...





Good Luck