2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable‚ inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable‚ the sales and billing processes are an area that would require attention. With the inventory representing a large portion of the assets at Apollo
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inefficiency in the procedures for processing and controlling delivery orders and sales invoices. Weaknesses in Internal Controls The first weakness in internal controls is related to the computerized function which included shipping‚ billing and accounts receivable are permanently assigned to a specific computer operator. Such arrangement showed the poor data center and network operations controls. As there is only one specific computer operator is assigned for a lot of major functions‚ he or she
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Transactions Accounting Principles General Journal Cash Account Purchases ledger Sales ledger General ledger Trail Balance Jan 1 Started business by borrowing a loan of $50 000 from the Centrex Commercial Bank which was invested into the business along with his personal savings of $50 000. The loan carries an interest rate of 12% per annum. The following transactions took place during the year. 1 Purchased the following assets and paid for them by cash: Furniture and Fittings
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qualitative characteristics not signaled by these indicators? Because of the problems noted‚ I don’t think we can rely on Apollo’s controls over revenue and accounts receivable. We will need to confirm most‚ if not all‚ of the accounts receivable balances. I suggest that you mail positive confirmations to those customers with accounts greater than $1‚000‚000 and negative confirmations to those with balances less than $1‚000‚000. Also‚ I suggest that you ask Apollo’s customers to verify total
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MANAGEMENT ACCOUNTING BATES COURTYARD Brief Summary After several years in Navy and upon returning to civilian life‚ Sarah Bates sought for a small business. He then finally located a small boatyard for sale in a town on the coast of Maine. Since business was somewhat larger than she could finance alone‚ she had borrowed the additional funds required and mortgage the property as security. Bates realized the need for adequate accounting records to manage the business successfully. She
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better able to immediately recognize errors and changes and alert users to them. Automatic Generation The majority of computerized accounting systems have features such as order-entry and generation of associated invoices. The employer can create accounts for their clients‚ storing their names‚ addresses‚ orders and invoices for as long as necessary. A computerized system also allows
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profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest in the core of the business to help pay off debts or to purchase a capital asset. The reasons why accountants and bookkeepers use different names for the same thing is because bookkeepers are the people
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If you?re sitting here at our AGM this afternoon‚ it means that you as an owner want to be an informed and are interested in the welfare of your credit union. It also means that for some of you with the willingness to ask the pertinent - Why‚ What‚ How questions ? Why is the AGM so late? What is the status of our new head office and when will it finish? How is it that we?re only getting ah 4% dividend? My answer to you will be simple: I mean to tell you how our credit union is doing and highlight
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company issue a share having face value of Rs 10 at Rs 8 Give two examples of ‘Capital receipts’. Give two circumstances in which sacrificing ratio may be applied (1) (1) (1). (1) (1) Show how you would deal with the following items in the final accounts of a club: (3) Debit credit Prize fund Prize fund Investments 1‚20‚000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1‚20‚000 12000 A‚B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest
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products a large bank provides in their own communities. An area of growing interest as many consumers still struggle to recover from the recent economic crises and the rising cost of healthcare are Health Spending Accounts (HSA)‚ Health Reimbursement Accounts (HRA)‚ and Flexible Spending Accounts (FSA). Wells Fargo in its attempt to provide a wide array of Products and Services has broken its business into three core areas of focus including personal banking‚ wholesale/lending banking‚ and investments/insurance
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