Unit 5007 Financial control 1.1 Assess the relationship(s) between a financial system or function and other systems or functions in an organisation Answer: Information and records are of critical importance to the functioning and controlling of systems in general‚ including organisational systems. Given the central importance of information and records to systems operation‚ including public sector organisations and the societies they exist to govern‚ we should not be surprised
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what class of financial statement users? a. Regulators. b. Informed investors. c. Reasonable persons. d. Potential investors. 5. easy d When auditors allocate the preliminary judgment about materiality to account balances‚ the materiality allocated to any given account balance is referred to as: a. the materiality range. b. the error range. c. tolerable materiality. d. tolerable misstatement. 6. easy c Why do auditors establish a preliminary judgment about materiality? a
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chain correspond to balance sheet B‚ due to keeping high inventory‚ high plant and equipment assets‚ and profit per revenue is low. 3. The online direct factory to customer personal pc vendor correspond to balance sheet C‚ due to high number of account receivable‚ low inventory‚ low plant and equipment‚ but high inventory turnover. Because the inventories are presold‚ the company doesn’t need long term assets and high inventory. 4. The pharmaceutical manufacturer corresponds to D‚ due to high number
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and profit per revenue is low. 2. Commercial bank has an extremely high accounts receivable and the longest receivables collection period. And their biggest part of liabilities is notes payable. It really meets the features of Commercial bank. 3 Computer software developer sells most of their products online and direct to customers‚ so most of their sales and transaction online. This explains the high receivable collection period because most of their transactions can be bought with their
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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200 ($500 + $700). The payment of accounts payable does not affect supplies. 9. c. Ending equity is $70‚000‚ computed as follows: Beginning owner’s equity…….. $ 50‚000 Add: Net income: Revenues……………….. $110‚000 Less: Expenses………. (30‚000) Net income……………... 80‚000 Less: Withdrawals……………‚ (60‚000) Ending owner’s equity………… $ 70‚000 √ Short Exercises (5 min.) S 2-1 Debits are increases for the following types of accounts: Assets Withdrawals Expenses Debits
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14 of Modern Auditing Prepare written answers for the following assignments: • Learning Check 14-4 • Comprehensive Question: 14-28 Controls over Cash Receipts Processing at a Church • Comprehensive Question: 14-30 Substantive Tests of Accounts Receivable ACC 492 Week 1 Assignments From the Text Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-492-week-1-assignments-from-the-text-study-guide/ Instantly Download! Get Better Grades
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$1‚225 4) Purchases Credit Cash Debit Cash Credit Accounts Payable $375 $375 375 375 5) Allied‚ Inc. Insurance Policy $3‚600 Debit Insurance Expense Credit Prepaid Insurance 1‚800 1‚800 6) Supplies‚ Beginning Supplies Purchased Amount Paid Supplies‚ End of the Year $0 $200 $150 $40 Supplies‚ Ending $160 Debit 7) Invoice $4‚500 Credit Cash $4‚500 8) Bond and Associates Accumulated Depreciation Accounts Payable Accounts Receivable Cash Equipment Land Mortgage Payable Prepaid Insurance
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expects that 9 percent of the new accounts will be uncollectible. Collection costs are 5 percent of new sales; production and selling costs are 78 percent; and accounts receivable turnover is five times. Assume income taxes of 30 percent and an increase in sales of $80‚000. No other asset buildup will be required to service the new accounts. a. What is the level of accounts receivable to support this sales expansion? Investment in Accounts Receivable: b. What would be Collin’s incremental
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to understand how accounts receivables and payroll affect a business. I think the hardest concepts for me in this course were stock transactions and dividends. So those will have to be a couple that I still need to focus on‚ as I feel they will be essential to having a successful business. Accounts receivables is a claim against the customer created by selling merchandise or services on credit and are classified on the balance sheets as a current asset. Accounts receivable is generally considered
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