opinion c. Increase the sample size for tests of controls d. Expand the substantive testing portion of the audit 4. The real-time feature normally would be least useful when applied to accounting for a firm’s a. Bank-account balances b. Property and depreciation c. Customer accounts receivable d. Merchandise inventory 5. A sample in which the characteristics in the sample are the same as those of the population is a a. Random sample c. Attributes sample b. Variables sample d. Representative sample 6. Establishing
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Date: Thu‚ 17 JAN 2008 7:42:53 +0000 From: "Darlene Wardlaw" Subject: Understanding the Revenue Cycle Attachment: I’ve attached a Sales internal control questionnaire from another engagement that I think you can use for Apollo. You may want to talk to Karina Ramirez to get answers to the questions. 1. Complete the ICQ for Apollo. For “yes” answers‚ add a comment stating which department and clerk performs the function. For “no” answers‚ describe the possible “errors” or “frauds”
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performed accurately and on-time and set a reminder schedule for regular transactions. Display and alerts user on the due date of the recurring transactions .Access past transactions and create new transactions from the Bank Register Reconcile bank accounts as of a past date. Undo previous month’s bank reconciliation when reconciled in error. Enter interest earned and service fees from the Bank Reconciliation screen. Drill down from Bank Reconcile screen to original transactions .Enter bank statement
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general terms‚ financial assets appear in the balance sheet at: a. Face value b. Current value c. Cost d. Estimated future sales value 2. Which of the following practices contributes to efficient cash management? a. Never borrow money – maintain a cash balance sufficient to make all necessary payments. b. Record all cash receipts and cash payments at the end of the month when reconciling the bank statements. c. Prepare monthly forecasts
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Problem 16-1 (Cash Management) Williams & Sons last year reported sales of $10 million and an inventory turnover ratio of 2. The company is now adopting a new inventory system. If the new system is able to reduce the firm’s inventory level and increase the firm’s inventory turnover ratio to 5 while maintaining the same level of sales‚ how much cash will be freed up? Inventory = Sales / Inventory Turnover Ratio Inventory = $10 million / 2 = $5 Million Inventory = Sales / Inventory Turnover
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d 1. Financial reports are used by a.|management| b.|creditors| c.|investors| d.|all are correct| C 2. Which of the following is not a characteristic of a corporation? a.|Corporations are organized as a separate legal taxable entity.| b.|Ownership is divided into shares of stock.| c.|Corporations experience an ease in obtaining large amounts of resources by issuing stock.| d.|A corporation’s resources are limited to their individual stockholders’ resources.| D 3. Which of the following are guidelines
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and financial services) performed at Bank of America as part of its product and service offerings? People Management- recruiting‚ performance management‚ payroll‚ staff development‚ benefits administration. Financial management- general ledger‚ accounts payable‚ accounts receivable‚ reporting and compliance‚ cash management‚ asset management. Banking - checking accounts‚ saving accounts‚ mobile banking Lending/Borrowing- mortgages‚ home loans‚ car loans‚ credit/debit cards‚ refinance Investment-
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------------------------------------------------- WORK EXPERIENCE:- * PRIME PHARMACHEM Job title: Executive Accounts (July 09 – til date) Profile: * Prepared Sales Invoice & Maintained Stock record on daily basis. * Preparing & reviewing various books of accounts. * Managing Accounts Payable & Receivable functions. * Responsible for Invoice generation‚ Debtors Reconciliation & age wise reports. * Responsible for Vendor
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12/31/2012 01/05/2013 Num 3 Account Accounts Receivable Accounts Receivable Total Ahmadrand‚ Ela Andrews Productions Invoice Accounts Receivable 12/31/2012 Total Andrews Productions Clark‚ Binsley‚ and Basil‚ CPA Invoice 12/31/2012 Invoice 01/05/2013 5 Accounts Receivable Accounts Receivable Total Clark‚ Binsley‚ and Basil‚ CPA Creative Products Invoice 12/31/2012 Accounts Receivable Total Creative Products Design Creations Invoice 12/31/2012 Accounts Receivable Total Design Creations Duncan
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Internal Control and Accounting Systems (AQ2013) For use in the AAT Accounting Qualification Chic Paints Ltd Assessment book Time allowed: Four months Note: Your report must be written/typed‚ completed and submitted for formal assessment within four months. You will have four more opportunities to submit further supporting evidence at the discretion of your assessor. Please discuss this with your assessor. AAT Level 4 Diploma in Accounting QCF qual ref SCQF qual ref QCF unit ref
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