|MBA 502A--Financial Accounting: Accounting Cycle Project (KidKare‚ Inc. 2011) | | |General Journal | | |G15 | |Date |Account Titles & Explanations |Ref |Debit |Credit | |Dec30 |Childcare Exp.
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Internal Control and Risk Evaluation Internal controls are the key to running a successful business. Kudler Fine Foods‚ after reviewing flowcharts created by Accounting Team A‚ is requesting information regarding controls for system improvements. Presented here is an analysis of their current accounting information system‚ risks and controls associated with this system and an evaluation of applying internal controls to help mitigate risks and losses. Risk Analysis Assessing risk is a difficult
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FIROZ AHMAD (B. COM & MBA – FINANCE) |Work Experience: |Current Position | | |Company Name: Saraswati Medical & Dental College” Lucknow. | | |Designation : Accountant (July‚2012 – till date)
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cash payment journal. They all are special journal being used to record data of recurring nature. A transaction in accounting is recorded with the help of journal entry. To avoid passing entries all time of transactions of same nature‚ they are recorded in special journal. In this way some repletion of work is avoided‚ and it helps doing ledger posting specially when using manual accounting system. One can also see all transaction of same nature at one place in its respective special journal. Sales journal
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Currently‚ the information systems for business management are in continuous process improvement‚ companies that develop these systems as Microsoft dedicate much of their resources to research‚ development and innovation. Microsoft Dynamics ERP is software that allows companies of all sizes to manage their entire business organizations‚ including supply chain‚ procurement‚ human resources‚ financials‚ and projects. Because this solution touches so many pieces of a business‚ these ERP solutions collect
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working process. Sugar industry’s production activity is seasonal in nature and a Sugar manufacturing company employs a large number of temporary work forces to participate in the production process. This has got a bearing on the inventory holding and accounting practices. The sugar industry has always needed critical real-time information‚ especially in the cane department. This is because sugarcane has to be crushed soon after it has been harvested. The time delay between harvest and inventory in
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R7-1 Research Gaap 3/5/2012 Intermediate Accounting I am writing this memo in regards to your question of how to record the transaction of transferring the company’s receivables to the financial institution. The company is doing this to get $100‚000 because of the shortage in cash. The accounts receivables are being used as collateral with a charge of 12% fee on this amount and Hamilton’s is required to repurchase the receivables back from the financial institution. In transfers of an
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Course: ACC/290 Financial Accounting‚ Fifth Edition by Kimmel‚ Weygandt‚ and Kieso Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse P3-7B‚ Prepare a correct trial balance. This trial balance of Schumaker Company does not balance. SCHUMAKER COMPANY Trial Balance May 31‚ 2010 Debit Cash $6‚340 Accounts Receivable Prepaid Insurance 700 Equipment 8‚000 Accounts Payable Property Taxes Payable 750 Common Stock Retained Earnings Service Revenue
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Ted applied some control measures which resulted AirTex into a more better and profitable firm. They restructured the whole organization by decentralizing certain authorities and delegating responsibilities to managers. They installed a whole new accounting system which would take care of the accounts payable problem. The new controls came along with the daily reporting procedure which managers had to follow. There were some profit centers developed in order to centralize certain activities. Profit
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are usually organized along functional lines‚ with departments grouped according to the particular work activity in which they are engaged. The hotel is divided along functional lines into five administrative departments: rooms‚ food and beverage‚ accounting‚ sales‚ and personnel. The five department heads report directly to the GM. Each department is subdivided into smaller organizational units. These subdivisions represent refinements of the work performed and the knowledge and skills of the people
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