shareholdings. Share issues can be fully payable on application or in instalments. When a company issues a prospectus‚ there is no accounting treatment. Accounting treatment occurs when applications are received. When applications are received‚ two accounts are introduced. Cash Trust and Application. The cash trust account is where the application money goes into when applications are received. It is put in a cash trust account rather than a cash account because the company does not legally own
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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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organization’s success. The information systems must be able to be understood by all end users‚ clients‚ customers‚ and debtors in order for the operation to run smoothly. My former employer‚ Healthcare Financial Services‚ relied on many different types of information systems and their ability to perform without error. There are several departments in a collection agency‚ and each department works with a tremendous amount of data every day. New accounts arrive both electronically and printed as
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for $5‚000‚ paying $1‚000 in cash and the balance of $4‚000 on account. 3. Paid $750 in cash for supplies. 4. Earned $9‚500 in revenue‚ receiving $4‚100 in cash and $5‚400 on A/R. 5. Paid $1‚500 in cash on accounts Payable. 6. Paid $2‚000 in cash dividends to stockholders. 7. Paid $800 in cash as expenses (rent). 8. Earned $450 in cash from consumers on account. 9. Paid $3‚000 as salaries. 10. Incurred $300 of utilities expense on account. (b) Service Revenue 9‚500 Dividends -2‚000 Rent Expense -800
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statement. Assumptions (Balance Sheet) 6. Accounts Receivable Assumption is okay since there is no reason to expect a change in customer behavior and sales are the same as the previous year 7. Investments in Plant increase by $3‚000‚000 during the first 2 months of the forecast. This assumption is reasonable as it is predicated that the modernization project will be completed in August. No other investments are expected to be needed. 8. Accounts Payable‚ he assumes a 30-day payment period for
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XXX c. Purchased equipment on account. Equipment XXX Accounts Payable XXX d. Purchased equipment for cash. Equipment XXX Cash XXX e. Purchased supplies on account. Supplies XXX Accounts Payable XXX f. Purchased supplies for cash. Supplies XXX Cash XXX g. Rendered services on account. Accounts receivable XXX Service Income XXX h. Rendered services for cash. Cash XXX Service Income XXX i. Billed the Customer for service rendered. Accounts receivable XXX Service Income
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A bookkeeper is an expert in accounts and‚ and is primarily concerned with maintaining and keeping account books. Bookkeeping is an art‚ and lot of expertise is expected from him. Bookkeepers are required in each and every field‚ as maintaining books is an essential part of any business. They are concerned with maintaining all the books of the organization‚ and they keep log of each and every transaction concerning billing and payment. A bookkeeper is an accounting professional who manages a company’s
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Internal Control and Accounting Systems (AQ2013) For use in the AAT Accounting Qualification Chic Paints Ltd Assessment book Time allowed: Four months Note: Your report must be written/typed‚ completed and submitted for formal assessment within four months. You will have four more opportunities to submit further supporting evidence at the discretion of your assessor. Please discuss this with your assessor. AAT Level 4 Diploma in Accounting QCF qual ref SCQF qual ref QCF unit ref
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complete (including posting.) The month being closed remains open for seven additional business days in the new month in order to process all prior month transactions. There is about 20 staff involved in this process in finance department‚ and the system used is Oracle. The objective of this business process is to produce financial statements reports of the previous month accurately and timely to the headquarters. Maintaining adequate financial‚ operational‚ and compliance controls in the month-end
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Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Cr. Cost of Sales Dr. Inventory Cr. Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Disc’ Dr. Accounts Receivable
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