equation are assets‚ liabilities‚ and equity. Assets include Cash‚ Accounts Receivable‚ Notes Receivable‚ Prepaid Expenses‚ Land‚ Building‚ Equipment‚ Furniture‚ and Fixtures. Liabilities include Accounts Payable‚ Notes Payable‚ Accrued Liability‚ and Unearned Revenue. Equity includes Owner’s Capital‚ Owner’s Withdrawals‚ Revenue‚ and Expenses. 2. Companies need a way to organize their accounts so they use a chart of accounts. Accounts starting with 1 are usually Assets‚ 2 – Liabilities‚ 3 – Equity
Premium Accounts receivable Double-entry bookkeeping system Liability
the Solar-Electro division. This would increase the debt-to-equity ratio‚ which could generate concerns to investors. It is sensible to assess a low acceptable audit risk when the external users rely greatly on the financial statements‚ which is the case in this audit. Likelihood of financial difficulties Its 2012 current ratio and quick ratio are 1.93 and 0.75 respectively. Its 2013 current ratio and quick ratio are 1.75 and 0.69 respectively. This suggests the company is still healthy in terms
Premium Accounts receivable Balance sheet
audit during the planning phase. The purpose of assessing risks early is to help auditor plan the audit by deciding which parts of the audit to emphasize and the extent of testing. It helps auditors to understand the nature‚ timing‚ extent of the accounts‚ therefore plan a right procedure and the appropriate evidence to accumulate 2. Explain how the levels of acceptable audit risk and materiality you selected in this assignment might affect the remainder of the audit. Specifically‚ what effect would
Premium Accounts receivable Risk Auditing
J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20‚000 May. 1 Common stock 311 20‚000 (Issued shares of stock for cash) 3 Supplies 126 1‚500 Accounts Payable 201 1‚500 (Purchased supplies on account
Premium Accounts receivable Accounting software Accounts payable
contains the company’s unadjusted trial balance as of December 31‚ 2011. BUG-OFF EXTERMINATORS December 31‚ 2011 Unadjusted Trial Balance Cash 17‚000 Accounts receivable 4‚000 Allowance for doubtful accounts 828 Merchandise inventory 11‚700 Trucks 32‚000 Accum. depreciation-Trucks - Equipment 45‚000 Accum. depreciation-Equipment 12‚200 Accounts payable 5‚000 Estimated warranty liability 1‚400 Unearned services revenue - Interest payable - Long-term notes payable 15‚000 D. Buggs‚ Capital
Premium Accounts receivable Generally Accepted Accounting Principles Depreciation
assets. Your memo contained excellent conclusions‚ including inconsistencies in the useful life of real property‚ computer equipment‚ and production equipment. You noted inconsistencies in depreciation method for various asset categories based on Apollo Shoes accounting guidelines. Regarding R&D cost related to certain patents that had been capitalized‚ I agree with your conclusion that the patents should be expensed. You also had valid conclusions in your prepaid assets and other assets workpapers
Premium Depreciation Asset Liability
Case Chapter 7 Cash and Receivables 1. Petty Cash (10 min.) The petty cash fund of $200 for Walsh Company appeared as follows on December 31‚ 2008: Cash $93.60 Petty cash vouchers Freight in $21.40 Postage 40.00 Balloons for a special occasion 18.00 Meals 25.00 Instructions 1. Prepare the journal entries required to establish the petty cash fund. 2. Prepare in general journal form the entry to replenish the fund. 3. On December 31‚ the office manager gives instructions
Premium 1986 1970 1966
must submit assignment to the Coordinator of your study centre latest by 15th March Similarly for appearing in December Term-end Examination‚ you must submit assignments to the Coordinator of your study centre latest by 15th September Note : In case you receive the study material and assignments late‚ you can submit the assignment responses within one month after receiving the study material. 2 TUTOR MARKED ASSIGNMENT Course Code Course Title Assignment Code Assignment Coverage : : : :
Premium Accounts receivable Bookkeeping Invoice
fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper stakeholders approved the PO and if the order was fulfilled correctly. | 2. Independent reconciliation of the monthly bank statements | Compare accounts for discrepancies (posting and summarization). | Examine and ensure that all in house and bank data coincides to prevent and /or correct possible errors. | Obtain originals of the statements pertaining to six months of the audit period and reconcile
Premium Accounts receivable Cheque File system
Topic: RECEIVABLES I. DEFINITION These represent amounts collectible from customers and others‚ most frequently arising from sales of merchandise‚ claims for money lent‚ or the performance of service. They may be interest bearing‚ collateralized‚ or billed. II. COMPOSITION A. Trade 1. Accounts Receivable 2. Notes Receivable B. Non-Trade 1. Advances to Officers and Employees‚ Affiliates and Others 2. Claims against Suppliers and Insurance
Premium Accounts receivable Balance sheet 1966