Applications of Internal Control to Cash Receipts ---Cash receipts may result from cash sales; collections on account from customers; the receipt of interest‚ rents‚ and dividends; investments by owners; bank loans; and proceeds from the sale of noncurrent assets. ---The following internal control principles explained earlier apply to cash receipts transactions as shown: Establishment of responsibility - Only designated personnel (cashiers) are authorized to handle cash receipts. Segregation
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Introduction: An internal control system refers to the process by which organizations maintain environments that encourage incorruptibility and deter fraudulent activities by managements and employees. Internal control systems are evaluated during the planning phase of an independent financial statement audit. This is the system is also known as detection and prevention of fraud in an organization. The “Questionnaire Method” is one of various techniques to measure internal control system of any organization
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14-28 (Controls over cash receipts processing at a church) You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review‚ you have prepared the following comments relating to the collections made at weekly services and recordkeeping for members’ contributions: 1. The church’s board of trustees has delegated responsibility for financial management and audit of the financial records to the finance committee. This group prepares the annual
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OUTSTANDING REVENUE AS WEEKS BILLING OUTSTANDING By SACHIN GHOGLE Introduction Financial management focuses in finding the value in accounts receivable by emphasizing on improving the collections process and hence accelerating the cash flow. ‘Revenue Outstanding’ is the amount due from the customer as a result of an organisation’s normal business operation‚ that is‚ it is the amount that has been billed by organisations and is due‚ but which has not been collected. The management of ‘Revenue Outstanding’
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Neish ACTG 440 Case 2 – Application Controls a) A sales person should not be able to change the selling price of products without management authorization. Each time a product’s price is reduced beyond its sales price the manager should have to physically come up to the register and authorize the transaction. If the company implemented this segregation of duties control the salesperson could not get away with reducing the price of products to increase gross sales. b) A manager or someone else
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Exercises E14-2‚ E14-3‚ E14-5‚ E14-18 E 14–2: Determine the price of bonds in various situations LO14–2 Determine the price of a $1 million bond issue under each of the following independent assumptions: 1. Interest for 100‚000 @ 5.65022 is $565‚022 Principle 1M @ 0.32197 is 321‚970 PV would be 886‚992 2. Interest for 50‚000 @ 11.46992 is $573‚496 Principle 1M @ 0.31180 is 311‚800 PV would be 885‚296 3. Interest for 60‚000 @ 12.46221 is $747‚733 Principle 1M @
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A sale is the act of selling a product or service in return for money or other compensation.[1] It is an act of completion of a commercial activity. The seller or salesperson – the provider of the goods or services – completes a sale in response to an acquisition or to an appropriation[citation needed]or to a request. There follows the passing of title (property or ownership) in the item‚ and the application and due settlement of a price‚ the obligation for which arises due to the seller’s requirement
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Chapter 1 Discussion Questions 1‚ 3‚ 5‚ 7‚ 9 Pages 28-29 Week/Session 1 Questions for Review 1. What are the four basic activities that comprise the management process? How are they related to one another? " The four basic activities that comprise the management process are as follows: Planning and Decision Making‚ Organizing‚ Leading‚ and Controlling. Managers engage in these activities to combine human‚ financial‚ physical‚ and information resources efficiently (using resources wisely and in a
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The IPOS Cycle: IOPS cycle is an organized procedure through which all processing within a computer takes place. And it takes place through four operations. 1. Input 2. Processing 3. Output 4. Storage 1. Input Operation: In the input operation‚ data is entered or otherwise captured electronically and is converted to a form (machine language) that can be processed by the computer. 2. Processing Operation: In the processing operation‚ the data is manipulated to process
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DETAILED JOB DESCRIPTION Operations Officer Acts as OIC in the absence of Store Supervisor Sales floor management and customer engagement As a sales ambassador ‚ organize/orchestrate floor management by ensuring achievement of prescribed store service index. Facility Management accomplishment of store grooming checklist including delivery of third party services. People Management Cascades and disseminates information pertaining to updates
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