What would you suggest as appropriate course of actions? 8. How would an external auditor perform his work in this company? 9. If you are appointed as the auditor to handle the work of this company‚ describe an appropriate audit programme on Trade Receivables of the company? 10. How should a professional member conduct himself/herself in commerce and industry? 11. What are the roles of professional accountants in relation to their compliance to the By-Laws of the Malaysian Institute of Accountants as
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charge as discount charges from the amount of the bill and balance is credited to customer account. Bill of exchange financing is the most liquid one from the banker’s point of view since‚ in time of emergencies‚ they can take those bills those bills to RBI for rediscounting. Even if the bill is dishonored‚ there is a simple remedy. The bank has to simply note and protest the bill and debit the customers account. Bills are always drawn with recourse. Despite many efforts of RBI to promote and develop
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Chapter 5 18. a. They should use the resistance of meeting auditing standards and contributory neglegence. Stuart Supply Company management is responsible for the fraud. The fraud was complicated and difficult to discover‚ but the steps recommended by Lauren Yost & Co made it possible. The president of Stuart Supply Company ignored the proposal to count the inventory on the same day‚ and was therefore responsible to breakdown of detecting the fraud due to his decision. Luckily‚ Lauren Yost & Co
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A/c (c) Consignees A/c (d) Consignors A/c | (3) | In the books of consignor the balance of the consignment stock account would be shown: | | (a) As an asset in the balance sheet. (T)(b) As liability in the balance sheet. (c) On the credit side of trading account. (d) On the debit side of consignment account. | (4) | On the dispatch of goods‚ the entry in the books of consignee would be: | | (a) Consignment A/c will be debited
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a) LOAN SYNDICATION – Rhodes 1996:13) defines a syndicated credit as a loan in which two or more banks (the syndicate) contract with a borrower to provide (usually medium term) credit on common grounds governed by a common document. One member of the group is normally appointed to act as the managing or lead bank for the syndicate and it is the role of this bank to coordinate all negotiations‚ payments and administration between parties once the contract has been executed.it is a multi - bank transaction
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financial resources. Based on the audit finding the records were not properly kept and no procedures and financial system were in place and lacked internal control. The auditors were not able to express a true & fair view on the accounts and recommended to qualify the audited accounts. Introduction It was July‚ 2006 when En Zayed engaged the external auditor Aziz & Co ( a Chartered Accountant)‚ introduced by his friend to perform the statutory audit for the period of 2003 to 2006. This was the first audit
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Module 2: Preparation of Books of Accounts Double Entry System • Double entry system was introduced to the business world by an Italian merchant named Lucas Pacioli in 1494 A.D. According to J.R.Batliboi “Every business transaction has a two-fold effect and that it affects two accounts in opposite directions and if a complete record were to be made of each such transaction‚ it would be necessary to debit one account and credit another account. It is this recording of the two fold effect of every
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International Research Journal of Finance and Economics ISSN 1450-2887 Issue 49 (2010) © EuroJournals Publishing‚ Inc. 2010 http://www.eurojournals.com/finance.htm The Relationship between Working Capital Management and Profitability: A Vietnam Case Huynh Phuong Dong Faculty of Accounting‚ Danang University of Economics‚ Vietnam E-mail: pdong2000@gmail.com Tel: +84989392392 Jyh-tay Su Assistant professor at Southern Taiwan University‚ No.1 NanTai St Yong Kang City‚ Tainan County‚ Taiwan R.O.C
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an aging schedule of accounts receivable that shows estimated uncollectible accounts of $5‚200. Before journal entries‚ the Allowance for Doubtful accounts has a debit balance of $300 and Accounts Receivable has a balance of $85‚000. 2. On July 5‚ Morrison was notified that Sperry Ltd has declared bankruptcy and Morrison writes off its A/R of $800. 3. On September 12‚ Sperry notifies Morrison that it can pay its $800 debt and includes a cheque for the entire amount. Date Account Debit Credit Calculations:
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Working capital management : I t involves managing the relationship between a firm’s short-term assets and its short-term liabilities. The goal of Working capital management is to ensure that the firm is able to continue its operations and that it has sufficient cash flow to satisfy both maturing short-term debt and upcoming operational expenses. Management of working capital Guided by the above criteria‚ management will use a combination of policies and techniques for the management of working
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