CRM 1301 Lecture Notes - Dodgy, Criminology, Atavism

37 views7 pages

erincod524

9 Jun 2014

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

If you are not white then you are problematic. Based on the way you look someone can tell if you will be a criminal or not. If you are a classical criminologist to reduce crime you should make the punishment more severe than the crime. Science gives me the tools to look at somebody and look at their features and tell you if they are good or bad. Two camps: strict biological explanations to crime, sociological biological explanations to crime. The face tells a lot of information about who you are. Women who have facial hair are dodgy and men who don"t have facial hair are also dodgy. If you have a shifty eyes, a weak chin and an arrogant nose then you are problematic. Phrenology franz joseph gull (1758-1828) * skull. Your skull tells a lot about your character and what you are thinking. Skull is the way to get into the mind.

Related Questions

Have you ever walked into a Wal-Mart or other big box store and been greeted by an older person who probably should have retired a decade ago? We all have at some time or another, and most of us think that when we're that age, we want to be taking vacations and spoiling our grand kids, not handing people shopping carts! Heck, none of us really -want to have to work during retirement. It's okay if you choose to work during retirement so that you have a reason to get up in the morning, but it should be your choice to do so.

Want to get rich? Use the power of compound interest working in your favor. A little bit of money invested well over a long period of time can equate to a lot of money! It's really a simple concept, but so many people fail to make use of the amazing power of compound interest. You can be very wealthy at retirement if you just put a relatively small amount of money away for retirement in a solid investment for a long period of time.

If you're under the age of 30, you can retire with a million dollars by age 65 by putting away a lot less money than you think! You'll need to put it in a solid investment account maybe a 401K- You just have to do the research and find a account at your work.. If you're really young, say age 20, you would only need to deposit very little into a good 401k to be a millionaire upon retirement.

You'll have to go find a savings calculator to figure out how much a month you need to put away to be a millionaire at retirement, but chances are it's a lot less money than you might think. Go to ANY OTHER FINANCIAL CALCULATOR. Please note two important things! 1) You must start as young as possible and 2) the return on your investment (percentage gain each year) makes an incredible difference in how you do. Someone who just puts money in CD's may average a 2% return and it would take much more money. If you get a professional broker or educate yourself, you should be able to get the traditional 7-8% return on your investments that someone using professional can usually get . This is why I always tell people to get the best advice they can through a professional broker as young as they can!

Your discussion is to tell me how much you should start investing now each month to have a cool million by retirement.

Make use of the power of compound interest in your financial life rather than letting the bank use compound interest against you through credit cards, mortgages and automobile loans. Compound interest is an amazing tool if you put away a percentage of your income away for retirement. When retirement occurs, you could do just about anything that you ever wanted--- just let it work for you and not somebody else.

rosejackal317

Read the attached article, âHow the cost of shirt adds upâ andanswer the following question. For amounts, if there is a rangegiven, use the high value. Each question is worth 2 points.

1. What are the direct material costs of the making the shirt?List each item and the cost. Then total up the direct materialcosts. Item Cost Total Direct materials:

2. How much is the direct labor cost of producing the shirt?

3. The total cost of producing the shirt is $30.00. Using youranswers to #1 and #2, how much manufacturing overhead cost must beassigned to each shirt? Show your computation here:

4. Katherine & Jared MacLane sell the shirts to awholesaler/retailer. Compute the profit per shirt that they make.Show your computation here:

5. The shirt is then sold by the wholesaler/retailer. Computethe profit per shirt that retailer makes. Show your computationhere:

A KP MacLane polo shirt.

CBS News

(CBS News) Ever wonder who figures out how much a shirt willcost? Erin Moriarty of "48 Hours" has been ADDING IT UP:

Designers Katherine and Jared MacLane so believe in the poloshirt they brought to market this past November that they arewilling to share the nuts and bolts of their business - and theydon't shy away from a tough question, such as pricing:

"Most of the polo shirts I can buy at retail are $90," saidMoriarty. "And you're asking $155. How do you convince somebody tospend that kind of money on a polo shirt?"

"We just say, 'Just try it on!'" she laughed. "I think thatpeople will see the difference.

"We almost took a backwards approach to manufacturing. A lot ofpeople look at, 'Oh, how are we going to keep our costs low so wecan make a higher profit?' And what we looked at is, 'What can wedo to make this the best shirt possible?' And then we'll price itfrom there."

Katherine and Jared met while working at the Hermes boutique inBeverly Hills - which may help explain why they looked to Francefor the fabric for their shirts.

"A woman's shirt can take anywhere from a yard to a little lessthan a yard of fabric, per shirt," said Jared. "And that runs about$6.10 or $6.50 depending on what time of the year we buy."

True mother of pearl buttons were too expensive - a dollar each.They found similar but sturdier versions in Hong Kong.

"Our buttons are about three cents apiece," said Jared. Thereare three - plus an extra one "in case, you know, you need it downthe road."

And instead of a box, the shirts are placed insidehand-embroidered linen bags from Vietnam.

"We didn't want to give the customer something that could beeasily, you know, thrown away," Jared said. "We wanted it to bereused, wanted to be special. And we wanted to be of the samequality that the shirt is made.

The linen bags: $2.90 apiece.

But what adds most to the cost of the shirts? The MacLanesactually produce them here in the United States.

Jared said manufacturing the shirts domestically costs 75percent more than making them outside the U.S. - a little over $11per shirt.

And for how little could they be made in, say, China? One or twodollars.

There is also the cost of thread, the labels, cloth tape for theshirt vents, tissue paper, and shipping from the New York factoryto the MacLanes' home in Atlanta.

All told, one KP MacLane polo shirt costs about $30 to make.Using the standard mark-up, the wholesale cost is $65.

As for the retail price? You may be surprised that clothing isusually marked up MORE than 100%. That's how the MacLanes arrivedat $155.

"It sounds like, in order to make this company successful andhave people buy your shirts, they really do have to kind of knowthe story behind each shirt," said Moriarty.

"Yeah, and we're happy to tell it," said Jared. "A lot of timeswe go shopping and you don't always consider what goes into agarment."

"If they know the kind of thought that we're putting behind ourproduct, and they know the kind of quality that we're putting outthere, I think if you build that loyalty and build trust, I thinkthat that will keep you around a lot longer than somebody who'sjust craving a brand - as opposed to a brand and a qualityproduct," said Katherine.

plumhedgehog664

You are doing a walk-through of the credit and collections function to get an idea of what internal controls exist and where there might be weaknesses. Then, after you finish, you or another member of the audit team will be testing the system to determine whether the internal controls actually exist and actually work as you have been told. In the meantime, keep your eyes, ears, and mind open for any weaknesses in internal control.

The department head of the credit and collections department is telling you how things work in the department. "Jenny, here, receives the mail and distributes it to the various collectors. They each open their own mail. There is a lot of correspondence going back and forth to and from customers, so it is easier if each collector just handles her own mail." It is easy for Jenny to distribute the mail because most of the letters are addressed to a specific individual.

You watch as one of the individuals opens the mail and handles the items inside. Many of the items are disputes-the customer says the items billed were not ordered, or, if ordered, were not received. Every such letter results in the disputed bill being written off. As the department head explains, the vice president of sales told him, a few years ago, that too many customers were complaining that the credit department was too tough on them, so he had decided that rather than have any more complaints, every such bill would be written off. The procedure is that the collector initiates a form, called a write-off form, to write off a particular amount from a customer's balance. In the explanation block, the collector simply writes "customer dispute." This form is signed by the collector, sent to accounting, and accounting processes the forms each Wednesday. There are so many letters with so many disputes that the department has a monthly competition for the most unusual letters, which are tacked up on a bulletin board. All the rest of the dispute letters are thrown away as soon as the collector has filled out the write-off form.

Collectors also receive checks in the mail. These are payments from customers whose accounts are wholly or partly overdue. As one of the collectors explains, they each receive a print-out once a month, so if the customer sends in a payment, there is no way for the collector to find out about it before the next month's print-out arrives unless the collector receives the payment. Most of the collectors process dozens of payments each month. They make whatever notations they need on the monthly print-out, prepare a deposit ticket, send the department's runner to the bank each Friday (collections are accumulated until Friday, with the customers' payments being held in an otherwise empty desk drawer until then), and send the receipted deposit ticket on to the department which records collections of cash. The credit and collections department also sends a listing of which customers to credit for having paid all or part of their balances.

Near the end of each fiscal quarter, the corporate controller gets a preliminary set of financial statements, and then he tells the department head by telephone how much the department is allowed to write off in bad debts. Thus, the company writes off bad debts only in the third month of each fiscal quarter. "Why does he tell you by telephone?" you ask of the credit and collections manager. "He doesn't want any written record of it," is the reply.

You are interested in how the department decides which customer balances to write off as uncollectible and which to leave on the books. "We write off the oldest ones, up to the amount of what we have been told we can write off," says the credit and collections manager. "That way, our percentage of bad debts always comes out pretty much in line with what we have done before, and the auditors have always been satisfied with it. They had read some academic articles from some people who recommended using time-series analysis to see if the numbers were correct, so they test the accounts receivable account and satisfy themselves that the sales and receivables are real, but they always test the write-offs and bad debts expense simply by using the time-series analysis recommended by the accountants with those fancy doctorates. Go ask the guy who ran the audit last year."

You inspect the process by which customer payments are received the regular way, which is done in a different department. The company has a special Post Office box set up. Twice a day, some one person from maintenance goes to the Post Office to pick up the mail, including the customer payments received at this special Post Office box. It is not always the same person from maintenance who goes to the Post Office; whoever is available when the department head looks around is typically the one who is sent.

When the person returns from the Post Office, he brings a bunch of mail to the cash receipts department, where the mail is opened and customers' checks are paperclipped to the envelopes they came in. One of the goals of the cash receipts department is to get the customer payments deposited promptly, so after all the checks are paper-clipped, someone from the department goes to the bank, fills out a whole bunch of deposit slips, deposits those checks, and comes back to the department with those receipted deposit slips. Then the department members try to figure out which customer paid which amounts. They are helped by the routing number on the checks, but those routing numbers represent banks, not customers, and multiple customers use the same banks. Consequently, they refer to a listing of routing numbers to identify the banks, then to a listing of banks to see which customers use those banks, and then to another copy of the same monthly print-out used in credit and collections to figure out which of the customers who use that bank must have paid that particular amount. If they cannot make a good guess, they call some of the customers to ask if they are the ones who paid the amount. Once they think they know who paid the amount, they generate a journal entry to debit cash and credit the customer's account; the credit to the customer's account is automatically also a credit to accounts receivable. Since they have a copy of the monthly printout of accounts receivable, when a customer's payment is not for the full amount of an invoice, they just go ahead and adjust that customer's account so the full amount of the invoice is taken off the customer's account. They say they are creating a lot of goodwill with customers that way.

a. What internal control weaknesses do you see in this system?

b. What are the potential effects of these weaknesses?

c. What do you recommend instead (that is, if you have such a recommendation)?

skycricket458

CRM 1301 Lecture Notes - Dodgy, Criminology, Atavism

Document Summary

Get access

Related Documents

CRM 1301 Lecture Notes - Lecture 7: Dementia, Atavism

CRM 1301 Lecture Notes - Lecture 7: Cesare Lombroso, Positive Criminology, Physiognomy

Sociology 2259 Lecture Notes - Lecture 6: Scientific Racism, Craniometry, Leilani Muir

Related Questions