TEST OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe
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Source to an Organisation. Purchase department buys Raw Materials‚ Spare parts‚ services etc. as Required by the company or Organisation. Purchase management is One of the most Crucial Area of the Entire Organisation. Thus‚ Needs Intensive management. Purchase is the Main Activity in Area of Material management. Purchasing management is a department in an organization responsible for purchasing activities. Purchase is Most Important Function in any Organisation. Purchase is the first element which
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Portfolio Management AD 717 OL Margin Purchase / Short Sale Exercise Homework Exercise 2 For simplicity in this exercise‚ ignore any interest costs‚ brokerage fees‚ etc. associated with the transactions Margin Purchase General Widgets shares are currently priced at $20. Janice believes that the price will increase over the next few months Initial Margin Requirement is 50%. Janice has $25000 to invest A. Direct Purchase 1. How many shares of GW could she purchase directly? 1250 = 25000 / 20 2. If
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expensed when purchased. (f) Agricultural companies use market value for purposes of valuing crops. (g) Each enterprise is kept as a unit distinct from its owner or owners. (h) All significant postbalance sheet events are reported. (i) Revenue is recorded at point of sale. (j) All important aspects of bond indentures are presented in financial statements. (k) Rationale for accrual accounting. (l) The use of consolidated statements is justified. (m) Reporting must be done at defined time intervals
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its direct sales force‚ and third-party wholesalers‚ resellers‚ and value-added resellers. (Source: Company Form 10-K) Refer to the financial reports of Apple‚ Inc. for the year ended September 25‚ 2010 +Concepts+ a. In your own words‚ define "revenues." Explain how revenues are different from "gains." b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition
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Current Analysis: Amber Alert Prior to the creation of the Amber Alert there was little recourse for parents who found themselves involved in child abduction. Parents could only rely on law enforcement officials to act quickly enough to bring their children home safely. In many cases law enforcement had very little information‚ and by the time the public became involved to aide in the rescuing of the missing children‚ precious time would have elapsed. The Amber Alert was created to quickly
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AMBER Alert: Outsmarting the Abductor AMBER (America’s Missing: Broadcasting Emergency Response) Alert is an alert system to let the local area know when a child under the age of 17 has been abducted. An alert instantly gets sent out over regular television stations‚ radio stations‚ law enforcement agencies‚ wireless phones‚ the back of lottery tickets‚ the internet‚ highway signs‚ and the AMBER Alert iPod application. It gives the local area information on the abducted child‚ who they are suspected
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three hours (Kidnapping Statistics‚ Kids Fighting Chance). To save children’s lives it is important to get the message out quickly and accurately. The AMBER Alert was created for the purpose of returning missing children to their families. What is the AMBER Alert‚ what is its purpose and criteria‚ and what is its effectiveness and concerns? Amber Hagerman was riding her bike near her Arlington‚ Texas home on January 13‚ 1996. The beautiful nine-year-old was abducted in front of her home. The abduction
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Repeat purchase Definition of repeat purchase The placing of order after order with the same supplier. Repeat business can be implemented by an agreement between the customer and supplier for purchase on a regular basis. It is often used where there are small numbers of customers‚ or high volumes per product and low product variety. There is market competition for the first order only‚ and customization is usually available for the initial purchase only. Sales and marketing have a diminished
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recognizing the company’s revenue. This paper explains the fraud occurred in recognizing the revenue and how it overstated the financial statements and increased the stock price. It also explains the fraud theory applied to the revenue recognition and the auditor’s failure in discovering the fraud and reports it to the SEC. This paper will provide methods that auditors should follow in auditing public companies and the best practices they should follow if the company changed the revenue recognition. Background
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