Controlling Financial Resources Term Paper by The Research Group

Controlling Financial Resources
An overview of the planning and controlling of physical and financial resources.
# 71313 | 2,300 words | 8 sources | MLA | 2003 | US
Published on Dec 01, 2003 in Business (General)


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Description:

This paper reviews the planning, control and protection of physical and financial resources in a business environment in the United Kingdom (U.K.). The paper provides three separate essays on the planning, controlling and safeguarding of physical resources, the planning, controlling, and safeguarding of financial resources, and the decision issues concerning the application and management of financial resources.

Outline:
Introduction
Planning, Controlling and Safeguarding Physical Resources
Planning, Controlling and Safeguarding Financial Resources
Decision Issues Concerning the Application and Management of Financial Resources

From the Paper:

"Segregation controls separate such functions as (a) ordering and payment authorization, (b) product specification and vendor selection, and (c) materials management and inventory verification, to name but a few. Such segregation, as is true in the case of authorization controls, limits the ability of individuals, solely on their own initiative, to successfully engage in fraudulent activities involving organisational assets or assets under the control of an organisation.
"Limited access restricts the opportunities that individuals have to commit illegal acts associated with a business organisation's assets or assets controlled by an organisation. As an example, establishing responsibility for theft from a cash register accessible to 10 employees is far more difficult than is the case wherein internal controls limit access to the cash register to two designated cashiers.
"It is important to remember that, while a business organisation establishes internal control procedures for each operation wherein assets are at risk, the several sets of internal control procedures are a part of the larger organisational system of internal controls. Thus, the integrated functioning of internal controls for cash transactions, materials acquisition, vendor payments, inventory management, and the myriad other assets protection functions in an organisation creates a unified whole for the protection of a business organisation's assets or assets controlled by an organisation (Heiman-Hoffman, Morgan, and Patton 75-77)."

Cite this Term Paper:

APA Format

Controlling Financial Resources (2003, December 01) Retrieved September 25, 2022, from https://www.academon.com/term-paper/controlling-financial-resources-71313/

MLA Format

"Controlling Financial Resources" 01 December 2003. Web. 25 September. 2022. <https://www.academon.com/term-paper/controlling-financial-resources-71313/>

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