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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BANK ACCOUNT: A bank account is a financial account which tells you details or records of all the financial transactions that occurs between bank and the customer and also the financial state of the customer after that. There is a process of opening an account which is as follow: 1. The Type of Bank Account which you wish to open: There are following types of accounts like fixed deposit account‚ saving account and the current account. You choose any of them according to your need. 2.
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CPA‚ P.C.‚ is dated January 31‚ 2012: [pic] .:. During February‚ Mitchell or his business completed the following transactions: Feb 4 Collected $4‚000 cash from a client on account. 8 Performed tax services for a client on account‚ $4‚600. 13 Paid business debt on account‚ $2‚400. 18 Purchased office supplies on account‚ $900. 20 Paid cash dividends of $2‚200. 21 Mitchell paid for a deck for his private residence using personal funds‚ $8‚000. 22 Received $2‚300 cash for consulting work just
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pounds sterling (L). a. What is an account receivable? What other names does this asset go by? b. How do accounts receivable differ from notes receivable? c. What is a contra account? What two contra accounts are associated with Pearson’s trade receivables (see Note 22)? What types of activities are captured in each of these contra accounts? Describe factors that managers might consider when deciding how to estimate the balance in each of these contra accounts. d. Two commonly used approaches for
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AN EVALUATION OF ACCOUNTS RECEIVABLE MANAGEMENT BY MANUFACTURING FIRMS IN NAKURU MUNICIPALITY [pic] RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE IN BACHELOR OF COMMERCE (ACCOUNTING OPTION) SCHOOL OF BUSINESS KABARAK UNIVERSITY APRIL 2008 DECLARATION This research project is our original work and has not been presented for the award of any diploma or degree in any other university or college or any other institution of higher learning. Signature______________________________
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Change default password of the user manager. 6. Setup the chart of accounts‚ see details in Appendix B. 7. Tag AR‚ Allowance for Bad Debts and AP as Control Accounts. 8. Tag Cash on Hand‚ Cash in Bank – BPI and Cash in Bank – Metrobank as Cash Accounts. 9. Setup banks and house banks for Metrobank #9000 with bank code of 101010‚ branch 1111 and account number of 9000 and BPI #1100 with bank code of 200300‚ branch 2222 and account number of 1100. 10. Setup Cash in Bank – Metrobank as the default
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remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. I think that this could be weak because what I think should happen is that the mail clerk should make the list of the receipts and send it to the manger or supervisor where then it is sent to the account receivable clerk for recording. I think by the mail clerk to just send it to the cashier could leave room for errors or
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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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receivables follow: Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances. Step-2. Select Accounts for Confirmation Auditors have used‚ and some continue
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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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