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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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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Differentiate among the current account‚ balance of trade and balance of payments. Current account is the net profits that a country gain from its export and imports of goods and services‚ earning from foreign investment also the included the profits from transfer of payments. Current account is important because it includes all international merchandise trade and service accounts‚ that is‚ accounts for the value of all merchandise and services imported and exported and all receipts and payments
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also helps us analyze what factors to consider in handling our products sales (such as supply and demand‚ margins‚ prices and market). 3) Accounts Receivable- This is where we monitor our receivables from our customers. Without this‚ we will not be able collect our sales. This is also a tool in monitoring our company’s profitability. 4) Accounts Payable – We also need to monitor our
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the purchase order and quantity received. Other than that‚ the receiving clerk only orally notifies purchasing department about receiving of the item. Therefore‚ there is no any proof that can be show about receiving of goods. Besides that‚ in account payable department‚ there is no complete double entry of the transactions which is the increasing of the liability of creditor is not recorded. No payment voucher is preparing for the cheque prepared. Payment voucher is sign by person who issue the cheque
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SURECUT SHEARS 1. What assumptions did Mr. Fischer make when he prepared the forecasts shown in case Exhibits 1 and 2? Were these assumptions reasonable? Mr. Fischer made assumptions for both the income statement and the balance sheet. Income statement We calculate the percentage of variation from one month to another in terms of sales and gross profit. | July | Aug | Sept | Oct | Nov | Dec | Jan | Feb | March | April | May | June | Sales | 2100 | 2700 | 3300 | 4500 | 3900 |
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CTO of a retail organization that has adopted the RFID technology. Advantages: As the CTO of a retail organization‚ the use of RFID technology will allow for better inventory management of stock. RFID allows better tracking of products from when it leave the warehouse until it arrives at the store. It keeps a detail log of its every movement along the way and can allow for grantee of available of stock. It can be used to keep costumers informed about something is available in the store as well as
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element of accounting is chart accounts‚ which is a list of each item in the system. The chart accounts are divided in to five sections and they are assets‚ net assets or fund balances‚ liabilities‚ expenses‚ and revenues. The things about chart accounts is that each account has its own individual identifying number so the system will know exactly who it belongs to. The second type of element of accounting is the general ledger‚ and this organizes information by the accounts. The thing about this is that
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1 TERMS OF REFERENCE | terms of reference: | |This report has been prepared to cover the assessment requirements of AAT Learning and Assessment Area ‘Internal Control and Accounting Systems.’ | |The objectives of this report are to: | |a)analyse accounting
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acquisitions and liabilities. For a sample of purchase transactions recorded in the purchases journal‚ trace vouchers to authorized purchase order & receiving report. For a sample of purchase vouchers‚ test posting to the purchases journal & Accounts Payable subsidiary ledger for the correct amounts III. Completeness To determine that purchases that occurred are recorded Trace a sample of vouchers to the purchases journal. Compare the dates on a sample of vouchers with the dates they are
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