Chapter: 1 Introduction 1.1 Background of the report: In order to complete the Bachelor of Business Administration (BBA) Degree‚ Southern University Bangladesh‚ requires a three months attachment with an organization followed by a report assigned and endorsed by a faculty advisor. I joined as an internee in IFIC Bank Ltd.‚ Agrabad Branch‚ to do my internship. My faculty supervisor Mr. Md. Abdullah Al Hasan‚ Department of Business Administration‚ Southern University Bangladesh‚ supervised the
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Course Project VI ∫ 1. Comparison of current listing of accounts payable with that of the previous audit date‚ noting significant changes in amounts and makeup. 2. Ratios: * Gross profit ratio * Overhead/material cost * Overhead/direct labor * Accounts payable/ purchases * Units purchased/units sold * Material/total production cost * Specific expense items/sales 3. Trends * Purchases by month * Gross profit by month * Other recurring expenses
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Key Controls | Transaction-Related Audit Objective | Test of Control | Substantive Test of Transaction | 1. Segregation of the purchasing‚ receiving‚ and cash disbursements functions. | Job responsibilities are correctly divided amongst personnel (classification). | Employ different personnel and have sign offs to ensure that no one person is performing multiple functions to prevent any types of fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper
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import payable in USD (i) borrow AUD (pay AUD interest rate) (ii) convert the AUD in spot to USD (iii) invest the USD to earn USD interest. This will give sufficient USD later to make payment for the payable. MMH for payable is slightly more complicated. One needs to compute the PV of the payable‚ and then use the spot exchange rate to find out the equivalent AUD that needs to be borrowed for the hedge. The future value of the AUD is equivalent to the USD payable‚ therefore
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Social Bond Theory Social bond theory was created by Travis Hirschi and it is a form of social control theory. Social control theorists are more interested in explaining why someone is not being deviant rather than why they are. In this theory it is expected that deviance will occur at some point. Hirschi’s social bond theory explains that deviane is expected to occur because crime is easy to do; you do not need any special skills to commit crimes. Everyone has the same amount of motivation to
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4th Ed Chapter 5: Money Markets True/False 1. Everything else equal‚ an effective annual rate will be greater than the bond equivalent yield on the same security. Answer: True Level: Easy 2. Money markets exist to help reduce the opportunity cost of holding cash balances. Answer: True Level: Easy 3. The majority of money market securities are low denomination‚ low risk investments designed to appeal to individual investors with excess cash. Answer: False Level: Easy 4. Commercial paper is
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Audit of the Acquisition and Payment Cycle: Tests of Controls‚ Substantive Tests of Transactions‚ and Accounts Payable. Chapter 19 ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 19 - 1 Learning Objective 1 Identify the accounts and the classes of transactions in the acquisition and payment cycle. ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 19 - 2 Transactions in the Acquisition and Payment Cycle 1. Acquisitions
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Chapter 7: Bonds and Their Valuation 1. If a firm raises capital by selling new bonds‚ it could be called the “issuing firm‚” and the coupon rate is generally set equal to the required rate on bonds of equal risk. a. True b. False ANSWER: True 2. A call provision gives bondholders the right to demand‚ or “call for‚” repayment of a bond. Typically‚ companies call bonds if interest rates rise and do not call them if interest rates decline. a. True b. False ANSWER: False 3. Sinking funds are
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the effects of the “big three” almost on a daily basis. When we talk about the big three of cash management we are referring to account receivable‚ account payable‚ and inventory. As business owner and operator I’m always trying to find better ways in which I can accelerate the collection of account receivables and stretch out my payables without losing our clientele or damaging our credit rating. My company is involved in a service type business – PRESCHOOLS.- Each of the four locations in operation
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Records Acquisition and payment cycle involves the decisions and processes necessary for obtaining the goods and services for operating business. The cycle begins with initiation of a purchase requisition of a product and ended with payment account payable. Processing Purchase Orders The exact form of the request and the required approval depend on the nature of the products and the company policy. The common documents include: 1. Purchase Requisition: used to request products by an authorized employee
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