Internal Revenue Service | | | b. U.S. Congress | | | c. Governmental Accounting Standards Board | | | d. Financial Accounting Standards Board | | Correct Marks for this submission: 5/5. Question 5 Marks: 5 The left side of a T-account is known as the: Choose one answer. | a. Debit Side | | | b. Credit side | | | c. Claims side | | | d. Equity side | | Correct Marks for this submission: 5/5. 1 Marks: 5 Product costs are matched against sales revenue
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process of confirming receivables follow: Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances. Step-2. Select Accounts for Confirmation Auditors
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CHAPTER ONE THE PROBLEM AND ITS APPROCH 1.1 INTRODUCTION Effective management of accounts receivable present important opportunities for companies. The primary objective of accounts receivable management is to collect money due and to assist in meeting cash requirement. An effective accounts receivable function can assist in achieving the desired cash flow out come through the timely collection of out standing debts. All companies have an objective of continually improving customer service
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of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Web site to prepare a common-size income
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SCAN DETAILED LIST OF ACCOUNTS RECEIVABLE (4). 4. Scan the detailed list of trade accounts receivable and investigate significant unusual items (e.g.‚ credit balances and zero balances). Done by Date ..../../.. GUIDANCE: When scanning the detailed list of accounts receivable (aged by customer‚ if practicable)‚ the auditor should be
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On September 1‚ the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10‚960. The customers’ subsidiary ledger contained account balances as follows: Hurley $1‚440‚ Andino $2‚640‚ Fowler $2‚060 and Sogard $4‚820. At the end of September‚ the various journals contained the following information. Sales journal: Sales to Sogard $800‚ to Hurley $1‚260‚ to Giambi $1‚330‚ and to Fowler $1‚600. Cash receipts journal: Cash received from Fowler $1‚310‚ from
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Foundation University Masters in Business Administration MBA 06a Managerial Accounting Report on Factory Overhead: Actual‚ Planned and Applied Submitted to: Engr. Marlon Tanilon Submitted by: Hazel R. Tanilon 04 February 2012 Factory Overhead • Defined as indirect material‚ indirect labor and other that cannot be conveniently identified with or charged
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1: Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20‚000 | 19.59 % | 16-30 days | 30‚000 | 29.39 | 31-60 days | 40‚000 | 39.19 | 61-90 days | 10‚000 | 9.80 | Beyond 90 days | 2‚071 | 2.03 | TOTAL | $ 102‚071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio‚ we turn to their average collection period (ACP) and aging of accounts receivable. Knowing the ACP enables
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slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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Create a partnership form of business Daily Express Supplies owned by you. The business started its operation January 2014 with its address at 111 Solchuaga St.‚ Makati City‚ ZIP 1204‚ Philippines. Other details are Internet Ad - www.dailyexpress.com‚ Printing Header - Daily Express Supplies‚ Active Manager - Mr. Alfredo Salvador‚ Jr.‚ Tel 1 -28401212‚ Tel 2 – 27400000‚ Fax - 27400000‚ Email - dailyexpress@webmail.com. Its main business is to supply school items for students. Do the following
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