would be very time consuming. Also to avoid these problems‚ the management should have a blind document upon receiving their orders so that the clerk would not input it manually‚ thus‚ the clerk would only input the numbers of the receive items 2) Using the case description‚ the flowchart‚ the file structures‚ and the selected financial data below‚ specify an audit objective (that can be achieved using ACL™) for each management assertion presented in the matrix below. For each audit objective
Premium Audit Accounts receivable
the corporate form of business organization? A. Ability to raise capital. B. Government regulation. C. Ease of transferability of ownership. D. Continuity of existence. 3. Which of the following entities would have the “Paid-in Capital in Excess” account in the equity section of the balance sheet? A. A sole proprietorship. B. A city. C. A corporation. D. A partnership. 4. Which of the following terms designates the maximum number of shares of stock that a corporation may issue? A. number of shares
Premium Accounts receivable Balance sheet Generally Accepted Accounting Principles
presented by Team A will help to build an integrated approach to their accounting and distribution setup. At a minimum‚ the basic components of each operating entity accounting system include the following functions: General Ledger‚ Accounts Payable‚ Accounts Receivable‚ and Inventory. The company has published balance sheet information that shows this level of data by comparing fiscal year ending September 30‚ 2010 vs. September 30‚ 2011. Assets for the Riordan Manufacturing include the following:
Premium Accounting software Accounts receivable Application software
Ratio Analysis & Valuation of Glaxo SmithKline Bangladesh Limited Submitted To: Suborna Barua Course Instructor School of Business‚ UIU Submitted To: Tanvir Ahmed Patwary ID: 111 092 142 Sec: B Date of submission: 9th September‚ 2012 1 United International University Overview of Pharmaceuticals Industry The Pharmaceuticals Industry in Bangladesh is maintaining its momentum of strong double digit growth. In 2010‚ the market exceeded Taka 6 billion (US$ 900m) with a growth of about
Premium Balance sheet Generally Accepted Accounting Principles Inventory
SURECUT SHEARS 1. What assumptions did Mr. Fischer make when he prepared the forecasts shown in case Exhibits 1 and 2? Were these assumptions reasonable? Mr. Fischer made assumptions for both the income statement and the balance sheet. Income statement We calculate the percentage of variation from one month to another in terms of sales and gross profit. | July | Aug | Sept | Oct | Nov | Dec | Jan | Feb | March | April | May | June | Sales | 2100 | 2700 | 3300 | 4500 | 3900 |
Premium Balance sheet Accounts receivable Revenue
company would not regard its accounts receivable as revenue. To find cash basis revenue‚ we have to subtract the increase in accounts receivable from the revenue figure: Accrual basis revenue $1‚750‚000 + Beginning accounts receivable balance 375‚000 - Ending accounts receivable balance (505‚000) - Write-offs of accounts receivable ____(20‚000) Cash basis revenue (cash collections on accounts receivable) $1‚600‚000 Alternate Solution: Accounts Receivable Beginning balance $375‚000
Premium Accounts receivable Generally Accepted Accounting Principles
DISCUSSION QUESTIONS 1. Define accounting. Answer: It is a service activity. Its function is to provide quantitative information‚ primarily financial in nature‚ about economic entities. 2. Describe accounting as an information system Answer: Accounting is actually an information system that measures business activities‚ processes information into reports and communicates the reports to decision makers. 3. What are the three forms of business organizations? Explain each. Answer:
Premium Balance sheet Generally Accepted Accounting Principles Income statement
High Quality Auditing Class – Intake 52 | Assignment Report | Abt. Thu Duc Centrifugal Concrete Joint-Stock Company | Group 4: | Duong Thi Phuong ThaoLe Duy AnhNguyen Thi HangNguyen Mai HuongLe Khanh Ly | | 10/4/2012 Contents A. General information 2 I. Establish and Development 2 II. Description of business 3 B. Description of accounting system 4 I. Summary of significant accounting policies 4 II. Description of recording process 6 C. Brief look at financial
Premium Balance sheet Asset Generally Accepted Accounting Principles
acquired an asset must be recorded through legal transaction and within controlled of the company. These items are expected to be used in future activities that will generate cash inflows to the company. From the financial statement in 2005‚ the account equipment‚ at cost of the aircrafts acquired is increased and cash decreased for the same amount. But‚ failing to verify the legal amount of purchased assets‚ we consider the expenditure was not happening and the amount of fixed asset was overstated
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
Affiliation In this case without reclassification of accounts receivable‚ net cash that is utilized in operation is given as; Net Income $60000 Decrease or (Increase) in accounts receivable ($80000) Net amount provided in operation ($20000) If there is reclassification as anticipated‚ the net cash used in operation is; Net Income $60000 Net income provided in operation $60000 Through reclassification of $80000 of accounts receivables to long term‚ the cash inflow from operation will also increase
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable