CONTROL ACCOUNTS AND ITS USES INTRODUCTION: As the business grows in size‚ more than one ledger is required for recording its transactions which have also expanded with the business. Since the bulk of the entries are made in the accounts of debtors and creditors‚ these two classes of accounts are taken out of the General Ledger and put in separate ledgers - the Sales Ledger for debtors’ accounts and the Purchases Ledger for creditors’ accounts. There may be more than three ledgers but for simplicity
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system Account Information System of their students. The information are stored and compiled in some sort of filing cabinets and may take a long time to retrieve the data and information especially when the account is for old students of the school. In all it can take minutes finding the relevant account information of the students. Students Account Information System manages student records and account information. A SAIS may handle student’s information system‚ payments information‚ accounts and
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Survey of Various types of Bank Accounts‚ rate of interest offered Mr. Pinto (name changed on request) of Axis Bank Limited of Nerul Branch was very co-operative when I visited their branch and introduced myself as a 10th Std. student of Ryan International School‚ Nerul and inform my purpose of visit of carrying out a survey on various types of bank accounts available and commonly used in India. He offered me a place to sit and called for water and request to give him some time to complete his
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Accounts Receivable Management Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services. They are generally expected to be collected within thirty to sixty days and are the most significant type of claim held by a company. There are two costs associated with extending credit to customers: 1. The cost of the selling company not being able to deposit the monetary value of a completed sale in its bank that is‚ as a result of not collecting cash
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CHAPTER 1 Overview of Current Account Balance * Introduction: The current account is the difference between exports of goods and services and imports of goods and services. If we denote the current account balance by CA‚ we can express this definition in symbol as CA = EX – IM The current account balance is one of two major measures of the nature of a country’s foreign trade (the other being the net capital outflow. A current account surplus increases a country’s net foreign assets by the
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needs to improve some of the internal controls over its revenue cycle procedures. Existence or Occurrence From Bradmark’s data files on sales invoices‚ cash receipts and list of customers‚ the ACL software was used to compute and determine the Accounts Receivable balances of customers in the books. January 20‚ 2005 United City 920 4 th Street Bridgewater‚ New Jersey 8807 Dear Sir/Madam‚ In connection with an examination of our financial statements by Ross & Specter Co.‚ Certified Public
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Accounts Receivable Turnover = Net Sales/Average Net Account Receivables Accounts receivable turnover ratio measures the effectiveness of a company in extending credit and collecting debts. It is an activity ratio that measures how efficiently a firm uses its assets. Year ABC DEF GHI Industry Average 2012 31‚ 053/988 = 31.43 16‚842/1‚282.5 = 13.13 5‚160/618 = 8.35 17.64 2013 32‚722/1‚042 = 31.4 18‚657/937 = 19.91 5‚858/494 = 11.86 21.06 In this table you see the accounts receivable turnovers from
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BANK ACCOUNT: A bank account is a financial account which tells you details or records of all the financial transactions that occurs between bank and the customer and also the financial state of the customer after that. There is a process of opening an account which is as follow: 1. The Type of Bank Account which you wish to open: There are following types of accounts like fixed deposit account‚ saving account and the current account. You choose any of them according to your need. 2.
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Introduction to Control Accounts • Trade receivables are reported as a current asset and trade payables are reported as current liability in the balance sheet at the end of an accounting period. • It is important‚ therefore‚ that a business taken steps to ensure the accuracy of these figures. • One such step is the preparation of Control account to confirm that the total of the sales ledger balances and the total of the purchases ledger balances are accurate What is Control Account? • A control
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is: Select one: a. decrease the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. b. increase the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. c. increase the asset computers‚ decrease the asset cash‚ increase the liability accounts payable. d. increase the asset computers‚ decrease the asset cash‚ decrease the liability accounts payable. Question 2 Complete Mark 1.00 out of 1.00 Flag question Question text If only one side
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