Controls for Inflows ACC/544 7/10/2013 Controls for Inflows Internal controls play an important role in the success of any organization. The following is a proposal for appropriate controls to cover cash‚ sales‚ accounts receivable‚ inventory‚ and production. Controls Justification Cash Safeguarding Cash Cash Receipts Reconciliation Segregations of Duties Accessing cash should be restricted and kept in a locked and safe compartment. Cash should be recorded immediately upon
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Accounting Equation ACC 300 June 24‚ 2013 Bennie Clark Accounting Equation Assets = Liabilities + Stockholder’s Equity is the basic accounting equation. Liabilities are a company’s legal debts or obligations that come from transactions or from business operations. Stockholder’s equity is capital received from investors in exchange for stock‚ retained earnings and donated capital. These two portions of the balance sheet added together make up the company’s assets‚ which represent ownership
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ACC 561 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-561-Final-Exam-5-90.htm 1). _____ refers to accounting information developed for managers within an organization. A. Internal auditing B. Managerial accounting C. Financial accounting D. Tax accounting 2). Ethical accountants are important to society because _____. A. they pay their taxes B. the information produced is reliable C. they will not go
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Assignments from the Readings ACC/400 July 15‚ 2013 Assignments from the Readings Chapter 8‚ Question 3: What are essential features of the allowance method of accounting for bad debt? According to Kimmel‚ Weygandt‚ & Kieso‚2007: 1. Estimated uncollectible accounts receivable: These accounts match them against revenues in the same accounting period. 2. “Record estimated uncollectible as an increase (a debt) to bad debt expense and an increase ( a credit) to Allowance for Doubtful
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ACC 434 final exams http://www.finalexamguideline.com/main.sc 1. (TCO 1) A significant limitation of activity-based costing is the (Points: 5) A). attention given to indirect cost allocation. B). many necessary calculations. C). operations staff ’s attitude toward the accounting staff. D). use it makes of technology. 2. (TCO 1) Ireland Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $180‚000. The budgeted number of nozzles
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Week Three Weekly Reflection ACC/291 PRINCIPLES OF ACCOUNTING II Weekly Reflection Week Three There are many topics that are covered in week three and with the Christmas and New Year’s break the team would find it beneficial to cover all the topics. These topics include: Chapter 11 1. Identify the major characteristics of a corporation. 2. Record the issuance of common stock. 3. Explain the accounting for treasury stock. 4. Differentiate preferred stock from common stock. 5. Prepare
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Accounting 260 Major assignment Kowloon Tong ltd- Jordan ltd 1. Acquisition analysis at 1 July 2008 Net fair value of identifiable assets and liabilities of Jordan ltd = 60000 +30000 +21000+6000 +6000(1-30%) Inventory +1000(1-30%) Machinery +6000(1-30%) Land +8000(1-30%) Equipment
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Ch 1. Accounting Information and Decision Making Financial accounting: Measurement and communication‚ measures business activities of a company & communicate to external parties Managerial Accounting: methods accountants use to provide info to managers (acct 210) Who needs to make decisions about companies? Investors Creditors-lend money Customers-big customers (i.e. Apple buys memory chips from Samsung) Suppliers-ability to pay Managers-production/expansion Employees-employment opportunities
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Accounting 4330 Auditing‚ Attestation and Assurance Services Syllabus "Learning is a verb; not a noun. It is journey; not a destination." Dougan Laird "I hear and I forget. I see and I remember. I do and I understand." Chinese Proverb Professors Address and telephone Office Hours* Dr. C. William (Bill) Thomas Blume Room 127 2-4 MW; 9-11‚ 1-3 TR 710-4924 *I encourage you to come by the office during regularly scheduled office hours. If inconvenient or an emergency
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Keeping an up to date and accurate record of all transactions for a small business is very important. Small businesses need to have a system in place for all record keeping for many reasons. One reason would be to control the creation and growth of records. Although we try to become a more paperless society the amount of paper we use never seems to go away. An effective records management system will limit the amount of copies you have to make‚ reducing the waste generated. One reason is for
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