Scenario 1 – Accounts Payable Process Case Facts Nora & Bob (A/P clerks) check each other’s documents for accuracy daily Scenario 1 Accounts Payable Process Each Tuesday‚ Libby (Chief Accountant) - collects invoices to be paid for that week - prepares documentation so that checks can be drawn and mechanically signed Overview Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Past Fraud Cases 1 11/10/2012 8 7 Scenario 1 – Accounts Payable Process
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quantities‚ prices‚ extensions and footing‚ and freight allowances and checked with customers’ orders? Yes. Accounts receivable clerk 13. Is there an overall check for errors in arithmetic accuracy of period sales data by a statistical or product-line analysis? Yes. Marketing vice president 14. Are periodic sales data reported directly to general ledger accounting independent of accounts receivable accounting? No.
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The IT system maintains integrated inventory‚ accounts receivable‚ accounts payable‚ payroll‚ and general ledger software modules. It was handled mainly by the former controller‚ but with him now gone‚ it would be difficult for a new controller to adapt to it with no experience. Problems have existed‚ such as inventory tracking and cost accumulation‚ receivables billing and aging‚ payroll tax deductions‚ payables‚ and balance sheet account classifications. If you look at Ocean Manufacturing’s
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QRB/501 Week 2 Pre Quiz Find the trade discount on a computer that lists for $500 if a discount rate of 35% is offered. 500*35% The trade discount is $175 Calculate the trade discount for 60 boxes of computer paper if the unit price is $12.43 and a single trade discount rate of 20% is allowed. 60 * 12.43 = 745.80 * 20% = The trade discount is $149.16 Use the net price rate to calculate the net price for 50 boxes of computer paper if the unit price is $13.86 and a single trade discount
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which should be invested to earn interest in either the short-term money market‚ in a fixed term deposit‚ in government stock or in an investment account (rather than a cheque account) • To control by comparing actual figures to budgeted figures‚ ensuring costs are kept within target levels • To show if there is a problem with collection of accounts receivable • To show when shortages of funds may occur • To allow the business to seek the best source of funds and minimise interest
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to the store manager are: Effective control of labor Supply Customer relationship Bookkeeping and cash management Cost control and productivity Machine maintenance Pest control Hazardous waste removal Damage control Accounts payable and receivable etc. 3. How should Jennifer go about collecting the information required for the standards‚ procedures‚ and job description? A) Jennifer should go about
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C: 2-8 What items are considered to be property for purposes of Sec. 351(a)? What items are not considered to be property? Items that are considered property include all types of property‚ such as cash‚ accounts receivable‚ inventories‚ patents‚ installment obligations‚ equipment‚ and buildings. Services‚ certain debt of the corporation‚ and certain accrued interest on debt are not treated as property. C: 2-43 Liabilities in Excess of Basis. Barbara transfers $10‚000 cash and machinery having
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Star River Electronics Ltd. Team 14 Constantine Brocoum Courtney Delia Stephanie Doherty David Dubois Radu Oprea December 19th‚ 2009 Contents Objectives 1 Management Summary 1 Financial Health 1 Financial Forecast for 2002 and 2003 3 Key Driver Assumptions 5 Star River WACC 5 Free Cash Flows of the Packaging Machine Investment 7 Appendices 7 i. Objectives This report seeks to answer the following five questions about Star River Electronics Ltd.: 1. Assess the current
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upon delivery of the goods. The accounting office is part of the administration department and includes one full-time employee who performs the duties pertaining to accounts payable and one full-time employee who performs the duties pertaining to accounts receivables. The payroll‚ which is performed bi-weekly‚ is also part of the accounts receivable employee’s job responsibilities. The administrator/owner and I oversee the accounting office functions as well as performing specific aspects of the accounting
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currently has the following information systems: finance‚ accounts receivable‚ accounts payable. 1. Should Low-Voltage develop an order entry system to connect with TX Industries purchasing system? Why or why not? Yes‚ to make their transactions more convenient to both companies and another it is easier for Low-Voltage to adapt to TX’s new purchasing system because they have existing systems regarding payments that can record payables. 2. What factors will affect the complexity of Low-Voltage’s
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