You set up your own business in merchandising sector. You lease a space of 6,000 square...

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Accounting

You set up your own business inmerchandising sector. You lease a space of 6,000 square feet toopen a luxury watch shop.
The following is minimum informationregarding the business:
- Specific sub-sector: Merchandisingsector.
-   Business model: buyingand selling luxury watches.
-   Investment by owner:$1,000,000
- You hire a shop manager, twoaccounting staffs who also keep the merchandise, one securityofficer, and 8 full-time sales assistants.
-   Business costs/expensesshould have at least the following: cost of merchandise sold, rentexpense, salary, utilities expense, advertising expense, interestexpense, and miscellaneous expenses.
-Capital structure: must have bothInvestment by owner ($1,000,000) and Bank loan.
Set up an effective Internal ControlSystem for the business using 5 different internal controlelements.

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Overview Internal controls are the systems employed by a company to make sure that the integrity of financial records remains intact and in order to prevent fraud Internal control system to be employes Leases A space of 6000 square feet has been leased in order to open the luxury watch shop Internal control should be built in order to check whether the terms of covenants entered in the lease agreement are not being See Answer

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