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 company’s
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Malaysian Products is concerned about managing cash efficiently. On the average‚ inventories have an age of 90 days‚ and accounts receivable are collected into 60 days. Accounts payable are paid approximately 30 days after they arise. The firm has annual sales of about RM30million. Assume there is no difference in the investment per ringgit of sales in inventory‚ receivable‚ and payables; and a 365-day year. a. Calculate the firm’s operating cycle. b. Calculate the firm’s cash conversion cycle. c. Calculate
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business controls with Peachtree by Sage Complete Accounting 2010. The Peachtree complete accounting system allows you to do all these with just one person. In fact‚ with Peachtree accounting software‚ that same person can also do accounts receivable‚ accounts payable‚ check printing‚ purchase orders‚ tax forms‚ and sales tracking; all of which are integrated into the system. Since this system includes cash flow tracking‚ data verification‚ and payroll‚ you might think that Peachtree accounting
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1. Payable within 1 year 2. Reported at maturity value C. Types of Current Liabilities 1. Accounts Payable a. Buy merchandise on account b. No interest component 2. Notes Payable a. Written promise to pay a sum of money on a specified date b. Interest component (Face*Annual Rate*Time to Maturity) Note: Assume annual rates unless otherwise stated 3. Dividends Payable
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Case Study Analysis – Montgomery Ward Year 9 * In the year‚ the company witnessed a significant increase in accounts receivable‚ which could be due to acquisition of Lechmere and its assets may have been added to Montgomery’s revenue * The company also witnessed an increase in its accounts payable—this could also be a transfer from Lechmere * Montgomery’s cash outflow from investing activities increased drastically due to the acquisition. To finance this acquisition‚ the company had
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Raghu Marneni ------------------------------------------------- Objectives: * An accomplished and talented accounting professional with more than 2+ years of experience in managing Accounts receivables and Accounts payables. Seeking a position in Accounts receivables to utilize my skills and experience in the mentioned field. Professional Strengths: * Proficient with accounting principles and procedures as applicable that help ensure accuracy and legality in work * Capable
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Ledger Accounts Payable Accounts Receivable Order Entry Procurement Sales and Purchasing History Invoicing and Shipping Payroll Financial Reporting EDI* Bar Code Reading* EDSS (Executive Decision Support System)* *San Jose Only Accounting software includes: 1. Point of sale cash register scanning 2. Inventory goods‚ raw materials‚ finished products 3. Time billable hours 4. General ledger accounts 5. Accounts payable amount company owes 6. Accounts receivable
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1. Functions of departments in Thanh Dung Company * BOD: The main function of the board is to manage the business in the best interest‚ primarily of the shareholders. In other words it is their duty to add value to the business which‚ by definition‚ requires the director to ensure that the Thanh Dung Company continues to improve its profitability and the price or value of its shares. They will set up targets‚ policies and strategies to create the premise for the operation of Thanh Dung Company
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$10 Million / $5 Million = $2 Million $5 Million - $2 Million = $3‚000‚000 Problem 16-2 (Receivables Investment) Medwig Corporation has a DSO of 17 days. The company averages $3‚500 in credit sales each day. What is the company’s average accounts receivable? AR = Credit sales per day x length of collection period AR = $3‚500 x 17 AR = $59‚500 Problem 16-3 (Cost of Trade Credit) What is the nominal and effective cost of trade credit under the credit terms of 3/15‚ net 30? 30 days
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and select an appropriate REMS. Smith Consulting has been contracted yearly to maintain the system for Kudler Fine Foods. The REMS was chosen to help integrate Kudler’s point of sale system with the accounting modules including‚ general ledger‚ accounts payable‚ bank reconciliation‚ asset management and accounting‚ and security. Strengths and Weaknesses Kudler’s currently runs using a point of sale system‚ which reports all sales in detail sending information to the general ledger‚ electronic payment
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