Introduction 1. Chic Paints is a large Limited company. Chic Paints is a limited company formerly part of Ashtead PLC. Ashtead PLC had been a long standing manufacturer of everything from bricks to butter. In 2005 Ashtead PLC decided that its future was no longer viable and therefore decided to change Its business model‚ over the next few years Ashtead PLC started to sell off or close down those of its subsidiaries that were no longer considered a strategic fit within the organisation. CPL was
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Case Study1: And the Fraud Continues A business can not work out without an account system‚ which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls
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name of Prudential Enterprises. The following is the summarised version of the bad debts‚ doubtful debts and the A/Receivables accounts of his business start in 2011. (The accounting period of the business is similar to the normal calendar year) Year | Account Receivables | Bad debts already written off during the year | Allowance for doubtful debts (percentage of outstanding receivables) | 2011 | 395‚000 | 3‚500 | 1.5% | 2012 | 420‚000 | 6‚000 | 1.5% | 2013 | 500‚000 | 1‚000 | 1.5% | i)
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Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Inventory Accounts Payable Accounts Receivable Sales COGS Inventory Cash Accounts Receivable Accounts Payable Cash Misc. Expenses Cash Salaries Expense Cash Depreciation Expense Accumulated Depreciation Long-‐term loan Cash $
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Apollo Shoes Case Assignment Apollo Shoes Inc.‚ Anderson‚ Olds‚ and Watershed has enjoyed working with your company this year‚ and look forward for more to come. Enclosed are the item that your company has requested of us‚ while there are some improvements to be made‚ your staff has done a fantastic job in assisting us with our audit. We hope that we have assisted your company and answered any questions about improvements to be made. Team C Sales Internal Control Questionnaire for Apollo
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1. A NSF check should appear in which section of the bank reconciliation? (Points : 2) Addition to the balance per books. Deduction from the balance per bank. Addition to the balance per bank. Deduction from the balance per books. | 2. A consequence of separation of duties is that (Points : 2) theft by employees becomes impossible. operations become extremely inefficient because of constant training of employees. more employees will need
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SG&A and R&D. The President of AMT believes that sales will continue to grow at the same rate at 30% annually for the next 5 years. However‚ cost of goods sold and SG& A is growing at 45% and 40% respectively. In addition‚ accounts receivable has also continued growing at 96.75% over the last 2 years‚ and thus‚ the cash cycle time has also increased. The 2-year growth rate for R&D is high at 89.22%‚ which has led to a shortage in cash. All of these things have resulted in
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order. The 2nd issue is lack in trade receivable management whereby the figures on statement of the accounts sent to customer did not tied up with the balances in the accounts and it will lead to loss of future customers and sales. We recommend to always double check the account statement before send to customer to ensure the number tied up with the company record and reconcile the subsidiary accounts receivables with the general but the reconciliation should be done by another
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for 1991: The balance sheet was created by disregarding the fact that butler lumber company needs additional loan. Cash‚ accounts receivables as well as net property plant were computed based on the average % of sales of the 3 previous years. The same idea was used to determine the projected accounts payables and accrued expenses. Net worth of Butler Lumber Company was net worth from the previous year and net income from the projected income statement
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addresses transfers of receivables. The relevant codification section that addresses transfers of receivables is the following: FASB ASC 860-10-05-15. C. Provide definitions for the following: 1) Transfer: The conveyance of a noncash financial asset by and to someone other than the issuer of that financial asset. A transfer includes the following: selling a receivable‚ putting a receivable into securitization trust‚ and posting a receivable as collateral. A transfer
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