balance of the bank statement. Bank reconciliation allows companies or individuals to compare their account records to the bank’s records of their account balance in order to uncover any possible discrepancies. Since there are timing differences between when data is entered in the banks systems and when data is entered in the individual’s system‚ there is sometimes a normal discrepancy between account balances. The goal of reconciliation is to determine if the discrepancy is due to error rather than
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percentages is used in many ways in accounting. One way is to do a trend analysis. A trend analysis calculates the percentage change for one account over a period of time of two years or more. An example of this would be to do a trend analysis on the accounts receivable account‚ in 2010 the net accounts receivable was $18‚748 and in 2011 the net accounts receivable was $19‚212. To find the increase or decrease for that period you start by subtracting the later year by the earlier year‚ second divide
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then had an agreement with other companies or third party garages to send them the shipments at no cost‚ until the shipments were sold and at no risk to that third party. After the shipments left the warehouse‚ ClearOne would list the revenue as a receivable on the transaction. ClearOne continued to do this at the end of every quarter‚ which conflicts with the GAAP principles. 2. The SEC alleges that by the end of fiscal 2002‚ ClearOne had stuffed inventory costing approximately $11.5 million into
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1. IntroductionPensonic Company Pensonic is one of the most successful trading companies in Penang‚ Malaysia that sells a wide variety of electrical appliances. In addition to its own brand “Pensonic”‚ the company also owns the German brand “Lebensstil Kollektion” and owns the sole-distribution rights for the Dutch brand “Princess” in Malaysia. Pensonic also established a mass production hub and international distribution network of electrical home mechanism and an international distribution network
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activities Net income $73‚750 Adjustments to reconcile net income to net cash provided by operating activities Increase in accounts receivable ($49‚625 - $65‚000) (15‚375) Increase in inventory ($252‚500 - $273‚750) (21‚250) Decrease in prepaid expenses ($6‚250 - $5‚375) 875 Decrease in accounts payable ($116‚625- $88‚125) (28‚500) Depreciation expense 18‚750 Loss on disposal of equipment 5‚125 Net cash provided
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PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $18‚800 $18‚800 Accounts Receivable 16‚200 16‚200 Prepaid Insurance 4‚400 4‚400 Supplies 2‚300 2‚300 Equipment 44‚000 44‚000 Accum Dep - Equip $20‚000 $20‚000 Notes Payable 20‚000 20‚000
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A/c (c) Consignees A/c (d) Consignors A/c | (3) | In the books of consignor the balance of the consignment stock account would be shown: | | (a) As an asset in the balance sheet. (T)(b) As liability in the balance sheet. (c) On the credit side of trading account. (d) On the debit side of consignment account. | (4) | On the dispatch of goods‚ the entry in the books of consignee would be: | | (a) Consignment A/c will be debited
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Chapter 14 Audit of the Sales and Collection Cycle Key objectives: 1. Identify the accounts and classes of transactions in the sales and collection cycle. 2. Describe the business functions and related documents and records in the sales and collection cycle. 3. Understand internal control and design appropriate tests of controls and substantive tests of transactions for sales. 4. Understanding the accounting and controls for sales returns and allowances. 5. Understand internal
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financial resources. Based on the audit finding the records were not properly kept and no procedures and financial system were in place and lacked internal control. The auditors were not able to express a true & fair view on the accounts and recommended to qualify the audited accounts. Introduction It was July‚ 2006 when En Zayed engaged the external auditor Aziz & Co ( a Chartered Accountant)‚ introduced by his friend to perform the statutory audit for the period of 2003 to 2006. This was the first audit
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In view of comparing the various accounting parameters of Cisco and Juniper‚ financial statements for the fiscal year 2006 are used for both the companies.  Stock Options grants: Both the Companies have adopted the Statement of financial accounting standards No. 123 (revised 2004) SFAS 123(R). This standard requires the measurement and recognition of compensation expense for all share based payment awards made to employees and directors including employee stock options and employee stock
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