Chapter-V Accounts Receivable Management • Introduction • Goals of Receivable Management • Credit Management • Optimum Credit Policy • Credit of Account Receivable 155 Introduction Accounts receivable represent the amount due form customers (book debts) or debtors as a result of selling goods on credit. “The term debtors is defined as ‘debt’ owned to the firm by customers arising from sale of goods or services in the ordinary course of business.” The three characteristics of
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AP-3: ⇒Audit Program for Accounts Receivable Company Balance Sheet Date | | | The company has the following general ledger accounts that are classified in the accounts‚ notes‚ or other receivables captions of the | |balance sheet:
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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 schedule
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(Read Privacy Act Statement on back before completing form.) 3. MEMBER OR EMPLOYEE INFORMATION a. NAME (Last‚ First‚ Middle Initial) b. RANK/GRADE c. SSN d. AGENCY APPLICATION FOR DO IT YOURSELF MOVE AND COUNSELING CHECKLIST 1. DATE PREPARED 2. SHIPMENT NUMBER (YYYYMMDD) 4. THIS SHIPMENT/STORAGE IS REQUIRED INCIDENT TO THE FOLLOWING ORDERS: a. TYPE ORDERS (X one) LOCAL PERMANENT TEMPORARY g. NAME OF PREPARING OFFICE h. PAYING (AFO/F&AO) NAVY AND MARINE CORPS d. NEW DUTY ASSIGNMENT e. ORDERS NO
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THE HOUSING ALLOWANCE Wilson Mutambara grew up in the slums of Rambia and through hard work and talent he was given the opportunity to study and receive his MBA in the united states. After three years of working at a cellular telephone service company‚ NewComm‚ he received the opportunity to go back to Rambia when NewComm decided to expand. All the employees at the NewComm offices in Rambia were set to receive $2‚000 monthly for housing needs to insure that its employees live in a safe and
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around Dhaka. There are about 10000 employees working in these factories. Of the total employees 85% of them are female. The industry usually has two shifts a day (each shift 8 hourly). The management‚ during the peak season of export broad (October-January) get the increased workload done by employees working overtime beyond 8 hour of shift duty by another 3-4hours almost every working day. Sometime during peak season the management also keep the factory open on Friday (which is a govt. declared holiday)
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chapter 1 accounting information systems: An overview Suggested Answers to Discussion Questions 1.1 The value of information is the difference between the benefits realized from using that information and the costs of producing it. Would you‚ or any organization‚ ever produce information if its expected costs exceeded its benefits? If so‚ provide some examples. If not‚ why not? Most organizations produce information only if its value exceeds its cost. However‚ there are two situations
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CHAPTER 6 Objectives Identify different types of long-term operational assets. Determine the cost of long-term operational assets. Explain how different depreciation methods affect financial statements. Determine how gains and losses on disposals of long-term operational assets affect financial statements. Explain how expense recognition for natural resources (depletion) affects financial statements. Explain how expense recognition for intangible assets (amortization) affects
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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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slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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