Credit | Liabilities | Credit | Debit | Owner’s Equity | Credit | Debit | Revenues | Credit | Debit | Expenses | Debit | Credit | Practice 2-2 (Solution) State whether the following have debit balances or credit balances: a.) Accounts Payable- Credit balance b.) Salary Expense- Debit balance c.) Notes Receivable- Debit balance d.) Mr. Asuncion‚ Capital- Credit balance e.) Cash- Debit balance f.) Mr. Asuncion‚ Drawing- Debit balance g.) Furniture and Fixtures- Debit balance
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and the Cash Journal. The Sales Journal records all sales of merchandise on account‚ cash and credit sales not included. The advantage of the sales journal is that it is time saving and easy because not every transaction has to be singled out‚ total can be reported instead. From the Sales Journal the entries can easily be posted into the general ledger. The Cash Receipt Journal records all cash received in accounts receivables and sales. It is usually made out of numerous columns and very detailed
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system which contains a General Ledger‚ Accounts Payable‚ Point of Sale‚ Bank Reconciliation‚ and Asset Management and Accounting modules. To save money‚ the Asset Management and Accounting module was not purchased since the stores are all on long term leases and the remaining assets can be “controlled and amortized” by using spreadsheets. The General Ledger is the main module of the software and keeps track of all accounts‚ transaction details from accounts payable and receivable‚ payroll and all other
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against the GST collected on supplies * Any business which is registered for GST typically has two accounts: * GST collection (GST payable in the GST legislation) for any GST received or receivable by the entity from its customers. This is what the company “owes” to the government. Therefore‚ it a liability * GST Outlays (GST credit in the GST legislation) for any GST paid or payable by the entity to its suppliers. This is what the entity can claim as a refund from the government.
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for accounts‚ receivables and payables‚ including general ledger coding‚ inputting invoices to a payable system‚ writing checks and posting payments to accounts. However‚ the qualifications in becoming an accounting specialist requires a certain amount of education and experience. In this career field the responsibility in the financial aspect is challenging for a person; therefore a person has to be determined‚ have learning abilities‚ and growth to become an accounting specialist. Accounts receivables
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PROJECT CONTEXT Integrated accounting is a well-known accounting system in which the accounts are integrated and only a single set of accounts are maintained‚ basically it avoids maintenance of accounts under cost accounting & financial accounting. This allow a secure to remove separate profit & loss accounts under financial accounting and costing accounting systems & only one profit & loss accounts are prepared. Integrated accounting system is a package for multivalued database system
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recommendations presented by Team A will help to build an integrated approach to their accounting and distribution setup. At a minimum‚ the basic components of each operating entity accounting system include the following functions: General Ledger‚ Accounts Payable‚ Accounts Receivable‚ and Inventory. The company has published balance sheet information that shows this level of data by comparing fiscal year ending September 30‚ 2010 vs. September 30‚ 2011. Assets for the Riordan Manufacturing include the
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profitability; however‚ due to perhaps an increase in scale‚ the Company takes longer to collect its accounts receivable. While revenue grew 19% and 30% from 1993 to 1994 and from 1994 to 1995‚ respectively‚ accounts receivable grew at a disproportionately faster rates of 34% and 47%. This leads to illiquidity since the company cannot pay its suppliers on time to take advantage of trade discounts. This is shown in Payables/Purchases per day increasing from 35.3 to 47.1. In addition‚ the Company is still paying
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Introduction: An internal control system refers to the process by which organizations maintain environments that encourage incorruptibility and deter fraudulent activities by managements and employees. Internal control systems are evaluated during the planning phase of an independent financial statement audit. This is the system is also known as detection and prevention of fraud in an organization. The “Questionnaire Method” is one of various techniques to measure internal control system of any organization
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EXPERIENCE: TMRC Islamabad‚ 2010 - Present Accounting Assistant Performed accounts payable functions for construction expenses. Managed vendor accounts‚ generating weekly on demand cheques. Managed financial departments with responsibility for Budgets‚ Forecasting‚ Payroll‚ Accounts Payable and Receivable. Created budgets and forecasts for the management group. Ensured compliance with accounting deadlines. Prepared company accounts and tax returns for audit. Coordinated monthly payroll functions for
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