Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver

Exercise 14

You are promoting a rock concert in your area. Each member of your team will invest $10,000 of his or her hard-earned money in this venture. It is April 1 and the concert is scheduled for June 30. Your promotional activities begin immediately, and ticket sales start on May 1. You expect to sell all the business's assets, pay all the liabilities, and distribute all remaining cash to the group members by July 31.
Requirement
1. Write an internal control manual that will help safeguard the assets of the business. The starting point of the manual is to assign responsibilities among the group members.
Authorize individuals, including group members and any outsiders that you need to hire, to perform specific jobs. Separate duties among the group and any employees.