customers provides a customer of Apollo Shoes Neutralizer’s account balance was understated by $ 1‚388.75‚ which prompts testing of existence of collections. With that information‚ the test of controls of existence of collections will be: 1. Determine if bank reconciliation has been performed. 2. Request bank deposit slips and for end of year for 2007 and bank statement with information for deposit for end of year 2007. 3. Review accounts receivable aged trial balance. 4. Compare deposit
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steps you took to save it and what was the transaction code (Technical name for this favorite: Hint‚ you will need to do the NAVIGATION IN SAP Step II. To make sure you are revealing the transaction codes)? Answer: a) I saved the “enter G/L account Document” b) Enter a transaction of personal interest into the white command field‚ and click Blue Menu Bar Favorite/Add The transaction code is FB05 2.(2 points) What are the three ways you can display (pull up) a transaction to work on it
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due (i.e. paying accounts payable)‚ and paying off loans. Illustration 1: Basic cash plan Even at this basic level‚ you can see the potential complications and the need for linking the numbers up with a computer. Your estimated receipts from accounts receivable must have a logical relationship to sales and the balance of accounts receivable. Likewise‚ your payments of accounts payable have to relate to the balances of payables and the costs and expenses that created the payables. Vital as this
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Faris should not prepare cheque. - Payments to suppliers can only be authorized by AP. Voucher should be prepared by the one who updated account payable. This is to ensure the payment of bills is authorized by account payables not the finance clerk‚ who writes the checks. Implications (effects of the problem) a. There will be a manipulation of accounts and misuse of cash. b. Without a copy of PO‚ vendor‚ Receiving Department and AP cannot review and
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A Delima Mustapa Kamal Mohd Razali AiniAman AzbirAbu Bakar Yasmiza Long It was July‚ 2006 when Encik Zayed engaged the extemal Auditor Aziz & Co (Chartered Accountant)‚ introduced by his friend to perform the statutory audit for the period 2003 to 2006.That was the first audit experience for Encik Zayed and Puan Hashimah and it was a difficult leaming experience. The Auditors expressed their intention to qualiff the Financial Statements due to several unresolved issues. However‚ Encik Zayed
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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 entire receivable‚ a group of entire receivables‚
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1995 Actual 1996 Forecast Year Ended Percent of 1995/1/29 1995 Salesb Current Assets: Cash 43 1.2% 66 Short Term Investments 484 13.9% 484 Accounts Receivables‚ net 538 15.5% 820 Inventories 293 8.4% 447 Other 112 3.2% 171 Total Current Assets 1‚470 42.3% 1‚988
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points) Create data tables (using the data table tool) that show what happens to debt in all three years when sales growth‚ accounts receivable % of sales and accounts payable % of sales change. For sales growth rate try the following growth rates: 28%‚ 29%‚ 30%‚ 31% and 32%. For accounts receivable % of sales check 10%‚ 15%‚ 20% or 25%. Finally‚ for accounts payable % try 3%‚ 6%‚ 9% and
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purchase order? How does the responsible individual ensure that computer-generated orders are correct and are generated only for purchases that should be made? Dq3 Explain how an automated matching process works with the processing and payment of accounts payable. What controls need to be implemented in the automated matching process to ensure that only authorized payments are made for goods and services actually received‚ and that payments are made at the authorized prices? ACC 492 Week 2 Discussion
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over outflows for purchasing‚ accounts payable‚ cash disbursements‚ finance‚ investment‚ and payroll. Internal Controls for Cash Disbursements A cash disbursement is the final process in the acquisition and expenditure cycle. Prior events in the cycle affect the issuing of a cash disbursement for a product or service. To begin the cycle a company will make a purchase as a result of a company need‚ the company receives the products or services‚ and the accounts payable department enters the invoices
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