Accounts payable Essays & Research Papers

Best Accounts payable Essays

  • Account Payable - 1083 Words
    Job Description ----Account Payable---- General Purpose Perform accounting and clerical tasks related to the efficient maintenance and processing of accounts payable transactions. Main Job Tasks and Responsibilities ▪ review invoices and check requests ▪ sort and match invoices and check requests ▪ set invoices up for payment ▪ process check requests ▪ prepare and process accounts payable checks, wire transfers and ACH payments ▪ reconciliation of payments...
    1,083 Words | 5 Pages
  • Accounts Payable and Sales Collection Report
     NERISSA BRAVANTE RAMASTA Objective - To be able to find a job that will further enhance my knowledge and to contribute as an individual for the improvement of the company and the economy. Summary of Qualifications Highly organized and detail-focused individual with an exceptional track record of accurately handling accounting, cashiering, inventory management, retail management and operational efficiency. Skilled in all aspects of managing and reconciling accounts and...
    1,020 Words | 5 Pages
  • Accounts Payable and Purchasing: Questions and Answers
    Chapter 5—The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures TRUE/FALSE 1. Purchasing decisions are authorized by inventory control. ANS: T PTS: 1 2. The blind copy of the purchase order that goes to the receiving department contains no item descriptions. ANS: F PTS: 1 3. Firms that wish to improve control over cash disbursements use a voucher system. ANS: T PTS: 1 4. In a voucher system, the sum of all unpaid vouchers in the voucher register...
    4,756 Words | 27 Pages
  • The Best Ways to Prevent Overdue Accounts Receivable and Accounts Payable
    The best way to prevent overdue accounts receivable is to ensure that all current debtors are current with their individual payments. This can be done in several ways. One option is to have the customer setup an auto payment plan, allowing the company to receive the monies owed automatically over a predetermined length of time. This method usually entails offering the customer a line of credit and is slowly gaining popularity. Another way is to have the customer pay for the entire amount at...
    698 Words | 2 Pages
  • All Accounts payable Essays

  • Account - 727 Words
    Kudler Fine Foods initial business plan was to hire a consulting firm to assist in the selection and installation of a comprehensive Retail Management System (REMS). A consulting firm named Smith Consulting Firm was selected for the contract and after an in-depth analysis of the RMS; a modular and scalable RMS was selected. The REMS was installed in the first and subsequent Kudlers retail stores. An accounting system is very important to a business because the company needs to know...
    727 Words | 2 Pages
  • Fraud: Accounts Payable and Duplicated Invoice Numbers
    What measures could have been taken to prevent the fraud committed by Albert Miano or detect it earlier? The most obvious one is segregation of duties. Separate the duties from dropping off approved invoices and picking up approved invoices. The person who has to sign and approve the invoices should take them directly the AP department. You should always mail out the checks, do not hand them out to clients. The AP department should take the time to look over each invoice. If you have been...
    581 Words | 2 Pages
  • Accounts Payable Scenario in Business Process Outsourcing Industry
    Accounts Payable in BPO The workflow of A/P in BPO industry can be described as follows: 1. Receiving Scanned Invoices: The client company scans its vouchers and vendor’s invoices as and when they are received. 2. Preparing and updating Master database of vendors: A master database for vendors information is prepared which includes details of vendors, his address, tax code, etc. Additional notes relating to vendors are also entered. 3. Documents Review: The scanned documents are...
    735 Words | 4 Pages
  • THE ACCOUNTS DEPARTMENT2222 - 570 Words
     THE ACCOUNTS DEPARTMENT 5.0 CPL was formerly part of the Ashstead Plc but was the subject of a management buyout (MBO) from its previous owners six year ago by five directors-Greg Pearce, Jane Yip, Ruth Jones, Ahmed Khan and Susan Marther. Ashstead and in the everything from brick of the butter and it 2005 when the initial decision was made to move the business model away from being a conglomerate. It was decision that lead to MBO to Chic Paints Limited. 5.1 In early April 2013, Jane Yip,...
    570 Words | 2 Pages
  • Financial Accounts - 260 Words
    a Stewart invested $100,000 and became the sole shareholder. Assets + Expense = Liabilities + Incomes Asset named Cash Balance created and Liability Shareholder's Capital gets created 100000 + 0 = 100000 + 0 b Purchased inventory on account for $200,000. Assets + Expense = Liabilities + Incomes Asset named Inventory created and Liability Vendor payable gets created 200000 + 0 = 200000 + 0 c Sold inventory for...
    260 Words | 2 Pages
  • Chart of Accounts - 1768 Words
    Assignment # 1 1. What is chart of accounts? Chart of accounts (COA) is a list of the accounts used by an organization. The list can be numerical, alphabetic, or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements, profit and loss accounts followed by...
    1,768 Words | 7 Pages
  • Debt and Subscription Payable A/c
    Notes Compiled by Prof. M. B. Thakoor Chapter 2 - Classification of Accounts (Problems) Q.I. Classify the following into personal A/c, real A/c and Nominal A/c. 1. Mr. X A/c. 2. Bank of India A/c. 3. Bank A/c. 4. Cash A/c. 5. Land and Building A/c. 6. Plant and Machinery A/c. 7. Furniture A/c. 8. Insurance A/c. / Insurance Premium A/c. 9. Insurance Company A/c. 10. M/s. X & Co. A/c. 11. Rent A/c. / Rent paid A/c 12. Rent Received A/c. 13. Rent Receivable A/c. 14. Rent Payable...
    610 Words | 4 Pages
  • Accounts Receivable and Cash Discount
     1. The two major sources of short-term financing are a) a line of credit and accounts payable b) accounts payable and accruals c) a line of credit and accruals d) accounts receivable and notes payable 2. Tangshan Mining was extended credit terms of 3/15 net 30 EOM. The cost of giving up the cash discount, assuming payment would be made on the last day of the credit period, would be(assume that working days are 365 days) a) 75.26%. b) 18.56%. c) 72.99% d) 37.12% 3. 1/15 net 30...
    268 Words | 1 Page
  • Accounts Receivable and Trial Balance
    Problem 3-5A Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly. 2 Paid office rent for the month $900. 3 Purchased architectural supplies on account from Spring Green Company $1,000. 10 Completed...
    363 Words | 2 Pages
  • Accounts Receivable and Joan Miller
    Sub: Finance Topic: Journal Entries Question: Posting Journal entries into a worksheet ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many other subjects. The following are the balances in the accounts for Joan Miller Advertising Agency as of January 31, 2001: Cash Accounts Receivable Fees Receivable Art Supplies Office Supplies...
    953 Words | 9 Pages
  • Sample Chart of Accounts - 1100 Words
    This is a partial listing of another sample chart of accounts. Note that each account is assigned a three-digit number followed by the account name. The first digit of the number signifies if it is an asset, liability, etc. For example, if the first digit is a "1" it is an asset, if the first digit is a "3" it is a revenue account, etc. The company decided to include a column to indicate whether a debit or credit will increase the amount in the account. This sample chart of accounts also...
    1,100 Words | 7 Pages
  • Accounts Receivable and Correct Marks
    1 Marks: 5 Which of the following events involves an accrual? Choose one answer. | a. Recording interest that has been earned but not received | | | b. Recording supplies that have been purchased with cash but not yet used. | | | c. Recording revenue that has been earned but not yet collected in cash. | | | d. A. and C. | | Correct Marks for this submission: 5/5. Question 2 Marks: 5 Which resource provider typically receives first priority when resources are...
    1,026 Words | 7 Pages
  • Chart of Accounts Merchandising Company
    Nature of Merchandising Business • Revenue activities of a merchandising business involve the buying and selling of merchandise. They purchase merchandise which is resold to customers. • Comparison to Service Business |Service Business |Merchandising Business | |Fees earned |Sales...
    1,748 Words | 17 Pages
  • Accounts Receivable and Increase - 2652 Words
    Question 1 Complete Mark 0.00 out of 1.00 Flag question Question text The effect on the accounting equation of the business buying a computer worth $900, paying $450 cash and owing $450 to be paid in 30 days' time 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...
    2,652 Words | 13 Pages
  • Accounts Receivable and Franklin Company
    The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary...
    616 Words | 2 Pages
  • Accounts Receivable and Check Voucher No.
    2011 June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1,000,000 and invested merchandise inventory valued at P45,000 to start with his business. GJ Cash in Bank 1,000,000 Merchandise Inventory 45,000 E. Detoya, Capital 1,045,000 Initial Investment June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150,000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001. CDJ Store...
    1,197 Words | 7 Pages
  • Accounts Receivable and Acquisitions Journal
    Part E Acquisitions Substantive Tests of Transactions | | | | TRANSACTION-RELATED AUDIT OBJECTIVES | SUBSTANTIVE AUDIT PROCEDURES | Occurrence | * Compare prices on vendor invoices with approved price limits established by management. * Review the acquisitions journal, general ledger, and accounts payable master file for large or unusual amounts. | Completeness | * Trace a sample of receiving reports to the acquisitions journal. * Trace from a file of vendors'...
    319 Words | 2 Pages
  • General: Accounts Receivable and Cash
    2-3 Use the information in each of the following separate cases to calculate the unknown amount: a. During October, Shandra Company had $97,500 of cash receipts and $101,250 of cash disbursements. The October 31 Cash balance was $16,800. Determine how much cash the company had at the close of business on September 30. b. On September 30, Li Ming Co. had a $97,500 balance in Accounts Receivable. During October, the company collected $88,950 from its credit customers. The October 31 balance...
    600 Words | 2 Pages
  • Accounts Receivable and Merchandise Inventory
    P5-4A J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April. (a) General Journal J1 |Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit...
    486 Words | 7 Pages
  • What are the different account titles
    Cash – Cash includes: currency and coins, checks, money orders, bank drafts and demand deposit accounts. Held for Trading Securities – Temporary investments of excess cash which are primarily held for short term gain. Loans and Receivables – include trade receivables and non trade receivables. Trade Receivables are claims against others which arise in the ordinary course of doing business. Examples are: Trade accounts receivable- these are claims against customers arising from the...
    450 Words | 2 Pages
  • Accounts Receivable and Internal Control
    Assignment Please note you have three assignments for this week. The case study, the weekly assignment and continue working on the final draft for the individual research project. Case Study (Knapp book): Dollar General Stores Questions 1-4 Weekly Assignment: Textbook (Boynton book): Complete and submit the following questions for grading: 14-26 14-28 15-23 15-27 16-24 16-33 14-26 (Analytical procedures) the following data was taken from the production and accounting records for...
    1,485 Words | 10 Pages
  • Principles of Accounts Project - 870 Words
     CXC Principles of Accounts Project School Based Assessment (S.B.A.) (YEAR 2014) NAME: Justein Ashman Grade: 10E Date: August 14, 2014 Subject: Principles of Accounts Teacher: Mrs. Coke Due Date: September 5, 2014 School: Edith Dalton James High School Table of Content...
    870 Words | 8 Pages
  • Compute Net Accounts Receivable
    Question 1 For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging...
    383 Words | 3 Pages
  • Accounts Receivable and Extermination Services Revenue
    Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2011. BUG-OFF EXTERMINATORS December 31, 2011 Unadjusted Trial Balance Cash 17,000 Accounts receivable 4,000 Allowance for doubtful accounts 828 Merchandise inventory 11,700 Trucks 32,000 Accum. depreciation-Trucks - Equipment 45,000 Accum. depreciation-Equipment 12,200...
    780 Words | 3 Pages
  • Pinnacle: Accounts Receivable and Master File
    Pinnacle Manufacturing: Part V A.B and C |No. | Key Internal Control |Transaction Related Audit Objectives | Test of Control |Substantive Test of Transaction | |1. |Segragation of the purchasing, receiving | Recorded cash payments are for goods and services actually |Adequate segragation of duties and |Trace the entries in the acquisitions journale to | | |and cash payment...
    811 Words | 5 Pages
  • Pinnacle: Accounts Receivable and Master File
    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...
    1,166 Words | 5 Pages
  • Accounts Receivable and Debit Credit Balance
    General Journal J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20,000 May. 1 Common stock 311 20,000 (Issued shares of stock for cash) 3 Supplies 126 1,500 Accounts Payable 201...
    385 Words | 4 Pages
  • Accounts Receivable and Balance Debit Credit
    Chapter 2 Recording Business Transactions Review Questions 1. The three categories of the accounting equation are assets, liabilities, and equity. Assets include Cash, Accounts Receivable, Notes Receivable, Prepaid Expenses, Land, Building, Equipment, Furniture, and Fixtures. Liabilities include Accounts Payable, Notes Payable, Accrued Liability, and Unearned Revenue. Equity includes Owner’s Capital, Owner’s Withdrawals, Revenue, and Expenses. 2. Companies need a way to organize...
    5,609 Words | 170 Pages
  • Accounts And Classes Of Transactions In The Acquisition And Payment Cycle
    Accounts and Classes of transactions in the Acquisition and Payment Cycle. The objective is to evaluate whether the accounts affected by acquisitions of goods and services and cash disbursement for those that are fairly presented in accordance with accounting standards. There are 3 classes of transactions included in the cycle: 1. Acquisitions of goods and services 2. Cash disbursements 3. Purchase returns and allowances and discounts There are 10 accounts involved in the acquisition and...
    1,807 Words | 6 Pages
  • Design a Proposal for Appropriate Controls to Cover Cash, Sales, Accounts Receivable, Inventory, and Production.
    Controls for Outflows ACC/544 November 12, 2012 Controls for Outflows Small, midsized, and large businesses need effective controls to ensure that the business has the lowest risk rate possible. The lower the risk, the less likely that fraud would occur. In this analysis, Learning Team B will provide a proposal for appropriate controls to cover cash, sales, accounts receivable, inventory, and production. The team will discuss some prevention techniques to reduce these risks and make...
    1,546 Words | 5 Pages
  • Bait ‘N Reel Superstore a Comprehensive Review on the Internal Control System of the Company
    Bait ‘n Reel Superstore A Comprehensive Review on the Internal Control System of the Company Bait ‘n Reel Superstore is a fishing store located in the Mountain Region of Pennsylvania owned and managed by Jamie Roberts. The said store has several internal control issues which greatly affect the efficiency of the store’s system. Purchase System Transaction Authorization The store doesn’t observe the separation of authorizing purchase and processing it. The purchasing department is the...
    724 Words | 3 Pages
  • Nevada Harvester Corporation - 307 Words
    Current—noncurrent classification of debt | | ● LO1 LO4 | The balance sheet at December 31, 2011, for Nevada Harvester Corporation includes the liabilities listed below: Required: 1. | | Determine the amount that can be excluded from classification as a current liability (that is, reported as a noncurrent liability) for each. Explain the reasoning behind your classifications. | | | | Solution: 1.a. A Zero dollars will be excluded from current liability because it is callable within...
    307 Words | 2 Pages
  • Application Letter Guide - 2264 Words
    A bookkeeper is an expert in accounts and, and is primarily concerned with maintaining and keeping account books. Bookkeeping is an art, and lot of expertise is expected from him. Bookkeepers are required in each and every field, as maintaining books is an essential part of any business. They are concerned with maintaining all the books of the organization, and they keep log of each and every transaction concerning billing and payment. A bookkeeper is an accounting professional who manages a...
    2,264 Words | 9 Pages
  • When Last - 358 Words
    AIS – Problem 3.7 Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier. He also hopes to improve any weaknesses he discovers in the system. In the following narrative, Ashton explains what happens at S&S: Before S&S pays a vendor invoice, the invoice must be matched against the purchase order used to request the goods and the receiving report that the receiving department prepares....
    358 Words | 1 Page
  • Example of Project - 4682 Words
    RECOMMENDATIONS FOR IMPROVEMENTS TO THE ACCOUNTS PAYABLE DEPARTMENT AT COOKRIDGE CARPETS LTD An example of a competent submission for a previous scenario INDEX 1 2 3 4 5 6 7 8 9 10 Terms of Reference Executive Summary Methodology Introduction Structure and purpose of the Accounts Payable Function Current Accounts Payable system Weaknesses and improvements to the current Accounts Payable system Recommendations and Cost Benefit analysis Appendices Mapping to the assessment criteria 1...
    4,682 Words | 18 Pages
  • Internal Control System Questionnaire
    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...
    1,885 Words | 13 Pages
  • The Foodservice Management Information System - FMIS V by Genesistems, Inc.
    The Foodservice Management Information System (FMIS V) sold by Genesistems, Inc. since 1980 on mini and super mini computers is now available on low cost personal computers and popular networks under FMIS V. According to Genesistems' President Eric Muench, new programming languages have provided a method of allowing Genesistems' proven FMIS system to operate with the same speed and flexibility on the new popular personal computers that was formerly available only on larger computers. This brings...
    1,647 Words | 6 Pages
  • Automated Process of Ais for Kudler Fine Foods
    Automated Process of AIS for Kudler Fine Foods Kudler Fine Foods has reached a point in their growth that they need to enhance the systems they are currently using for processing their financial information. It is necessary for Kudler to make some decisions on these upgrades. The recommended automation, enhancement, and maintenance schedules supported by flowcharts show the data flow for each of the four accounting upgrades for payroll, accounts payable, accounts receivable, and inventory are...
    706 Words | 2 Pages
  • Internal Fraud Case Study
    COVER STORY: INTERNAL FRAUD CASE STUDY Prepare a two-to-three page case study report on the following case: COVER STORY: INTERNAL FRAUD on pages 104-106 in Chapter 4: Billing Schemes of the Fraud Examination text by Wells. Discuss the coincidences involved in this case study. Use the 2009 Global Fraud Survey (also located in Doc Sharing) for references concerning perpetrator, size of fraud, detection, and controls. This case is about the $4 million embezzlement fraud by an employee of a...
    653 Words | 2 Pages
  • Internal Controls over Cash Disbursements
    Internal Controls for Outflows ACC/544 July 9, 2012 Internal Controls for Outflows Internal control over outflows helps to prevent mistakes and detect fraud within the acquisition and expenditure cycle, including the payroll cycle. Errors found in financial statements occur most commonly because of improper recording of expenses or fraudulent capitalization of expenses. Fraud can occur in a company’s outflow because of weak internal controls. This proposal...
    472 Words | 2 Pages
  • ops final - 1186 Words
    Memorandum November 14, 2013 To: Pat Davis Subject: Improving Accounts Payable at Ramsville This memorandum is being written in an attempt to amend the problems discovered within Ramsville’s Accounts Payable Department. Process inefficiencies have led to 6.5% of payments being overdue. These errors are jeopardizing supplier relationships and could lead to a loss of business. The application of lean principles within the Accounts Payable Department was implemented in order to gain...
    1,186 Words | 10 Pages
  • Chapter 5 Quickbooks Key
    Peterson is a manufacturer of industry-leading Whole Tree Chippers and Debarkers, Horizontal Grinders, and Blower Trucks and Trailers. Peterson Pacific Corp. has been an Oregon Corporation since 1981. The company began as Wilbur Peterson & Sons, a heavy construction company. Peterson expanded into manufacturing to develop equipment to suit their land clearing/construction needs. A portable chain flail Delimber-Debarker was designed first, the Model DD 4800. The Model DDC 5000, a portable...
    403 Words | 2 Pages
  • - 2472 Words
    Team Lean 1 Memorandum Date: November 13th, 2013 From: Team Lean: Carina Tricaso, Diana Hauptman, Mannan Kohli, Matt Arthur, Thomas Young To: Dr. Andrea Prud’homme Subject: Improving Ramsville Accounts Payable Key Issues The key problem encountered by Ramsville is that 6.5% of the accounts payable (AP) are overdue, causing Ramsville’s relationships with their suppliers to deteriorate. In a few cases, it is impacting further shipment of parts, potentially causing Ramsville’s...
    2,472 Words | 23 Pages
  • Internal Controls - 5652 Words
    Mission Statement: Vineyard Vines is dedicated to bringing new and creative ideas to the market place, both in our product offerings as well as our marketing events. We will continue to develop our unique brand positioning, to maintain and grow our solid brand recognition, and to adhere to high quality design standards. Because everyone wants to have fun every day, Vineyard Vines will continue to offer something for everyone with fun always in mind. History: Founded in 2010, Vineyard Vines...
    5,652 Words | 18 Pages
  • Auditing Course Project Part Vi
    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...
    332 Words | 2 Pages
  • Efficient Cash Management - 503 Words
    Efficient Cash Management Upon preparation of cash budgets after forecasting the receipts and payments, the management will have knowledge about the cash position of the firm. After knowing the cash position, the management should work out the basic strategies to be employed to manage its cash. The strategies of cash management are essentially related to the cash turnover process, that is, the cash cycle together with the cash turnover. The cash cycle is the amount of time cash is tied up...
    503 Words | 2 Pages
  • Aat Project Based on the Internal Control of Cookridge Carpets Ltd
    1. Terms of Reference 1.1. The researcher made investigation on the effectiveness of the internal Controls and accounting system of Cookridge Carpets Company. It also has some additional contents such as recommendations that helps the company to improve its strengths and weaknesses to protect the company’s reputation. 1.2. The researcher also investigated on the stakeholders of the Cookridge Carpets...
    5,911 Words | 28 Pages
  • Case 5-2: Lexsteel Corporation
    What should the controller of Lexsteel do in order to address the potential problems within the corporation? • The controller became aware of the potential problems with the accounts payable system because of the discussion made with the external auditors. • Each branch manager is given the authority to order materials and issue emergency purchase orders directly to the vendors. • Physical counts of raw materials are not performed since there is a cost-effective computerized perpetual...
    511 Words | 2 Pages
  • Statement of Purpose - 808 Words
    Accounting software is a computerized version of old-fashioned accounting ledgers and journals. Rather than using paper ledgers to record information, accounting software allows us accountants to maintain electronic much needed records of financial transactions. The world of financial management has been completely transformed by the addition of computer accounting software. The greatest advantage of computer accounting software is that these applications create a much higher degree of accuracy...
    808 Words | 2 Pages
  • Internal Control & Risk Evaluation
    Internal Control and Risk Evaluation Since offering suggestions for Kudler earlier this month, the request has been received to analyze the risks involved. Suggestions included: improving functions of inventory, accounts receivable, accounts payable, and the payroll system with any company. When inventory is involved, it is important to maintain accurate records. This will be done for Kudler through automation, enhancement, and maintenance of the inventory. The risks involved in this...
    761 Words | 3 Pages
  • Receivables - 2040 Words
    THEME: ACCOUNTS PAYABLE By John W. Day, MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured, non-interest bearing current liability, owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month, perhaps you need to set up an accounts payable system. Some...
    2,040 Words | 7 Pages
  • Substantive Procedures for Cash Outflow Irregularities
    Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities There are many irregularities that can arise within the different accounting departments at Apollo Shoes. An audit program will be designed according to the three cycles that will be outlined below. The first cycle that will be discussed is cash, then accounts payable and finally the payroll function. These cycles will be evaluated for substantive procedures for Apollo...
    1,134 Words | 5 Pages
  • How Land Is Acquired in Kenya
    Rachael Gathoni Kamau, P.O. Box 209-00216, Githunguri. 7th May 2013. Dear Sir/Madam, RE: APPLICATION FOR A FINANCIAL ACCOUNTANT POSITION. I hereby wish to apply for the position of a Financial Accountant which will take advantage of my ability to learn quickly and complete assignments independently or as part of a team with a high level performance. I am certain that my skills and academic qualifications when matched with the position’s requirements fall perfectly in place....
    308 Words | 2 Pages
  • Marketing - 2345 Words
    Lawrence Sports Simulation FIN/571: Corporate Finance Lawrence Sports Simulation On a routine daily basis, businesses make financial decisions that affect operations. The majority of these decisions are related to managing working capital. A firm’s current assets minus its current liabilities determine working capital. According to Emery, Finnerty, & Stowe, (2007), “Working capital management involves all aspects of the administration of current assets and current liabilities.” (p....
    2,345 Words | 7 Pages
  • Internship Accounting Assistant Transportation
    CHAPTER I INTRODUCTION 1.1 Company Profile 1.1.1 Introduction RMA (Cambodia) Co., Ltd was recognized in 1992 in Phnom Penh, contribution a wide series of products and services. With more than 500 employees, RMA Cambodia procedures extend through the country with 6 different offices and branches. RMA head office’s address is Nº27, Str 134, P.O. Box 55, Sangkat Mittapheap, Khan 7 Makara, Phnom Penh, Cambodia. Website: http://www.cambodia.rmagroup.net or contact via 023 883 488. 1.1.2 Vision and...
    7,926 Words | 26 Pages
  • Simulation Finance - 749 Words
    Phase 2: 2016 - 2018 Synopsis You selected Pursue Big-Box Distribution, Expand Online Presence, and Develop a Private-Label Product and declined no opportunities . Below is a synopsis of how each opportunity affected your Working Capital and Cash Flow. Pursue Big-Box Distribution Taking on Mega- Mart Inc. as a customer resulted in impressive top-line growth but the company's EBIT margin declined. Revenue'16'17'1805K10K $7,100 Opportunity EBIT'16'17'180250500 Opportunity Free Cash...
    749 Words | 4 Pages
  • Ais Activity - 666 Words
    IT 4A Accounting Information System SYSTEM DOCUMENTATION TECHNIQUES – DATA FLOW DIAGRAMS AND FLOWCHARTS Narrative #1 Jack E. Bagbaga has worked for the past month trying to document the major business information flows at Starducks, a wholesaler of balut in Sto. Tomas, Batangas. Upon completing his personal interviews with cash receipts clerks, Jack asks you to develop a comprehensive DFD and document flowchart for the cash receipts system. Jack’s narrative of the system follows:...
    666 Words | 3 Pages
  • Working Capital Simulation Managing Growth
     Working Capital Simulation: Managing Growth Gregory Smith FIN/571 March 10, 2015 Mrs. Debra Hartsfield Working Capital Simulation: Managing Growth The Harvard Business Simulation asked that one act as the C.E.O. of Sunflower Nutraceuticals (which will be referred to as SNC throughout this paper). Within the simulation there were phase in which decisions were made to help SNC with the growth of the company. This paper will explain the decisions made will influence SNC to estimate the value...
    1,349 Words | 4 Pages
  • Exploring Accounting Specialist - 1515 Words
    Accounting is defined as the theory and system of setting up, maintaining, and auditing books of a firm. In a company, an accounting specialist is responsible for accounts, receivables and payables, including general ledger coding, inputting invoices to a payable system, writing checks and posting payments to accounts. However, the qualifications in becoming an accounting specialist requires a certain amount of education and experience. In this career field the responsibility in the financial...
    1,515 Words | 4 Pages
  • Case Study Managing a Systems Development Project
    Elizabeth A. Humphrey Dr. Tim Brueggemann MBA54001OL November 11, 2012 Managing a Systems Development Project at consumer and Industrial Products, Inc. Situation Consumer and Industrial Products, Inc manufacture a variety of different products for individuals and businesses. Due to ineffective accounts payable system, Consumer and Industrial Products, Inc started a new project called Payables Audit Systems (PAS). The process of beginning this new project was taken very seriously....
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  • Working Capital Optimization - 1375 Words
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