2012‚ the following summarized events occurred: a. Issued additional common shares for $200‚000. b. Borrowed $120‚000 cash from the bank and signed a 10-year promissory note. c. Built an addition on the factory for $200‚000 and paid cash to the contractor. d. Purchased equipment for the new addition for $30‚000‚ paying $3‚000 in cash and signing a note due in six months for the balance. e. Returned a $3‚000 piece of equipment‚ from (d)‚ because it proved to be
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Q i) Expalin in detail five basic accounts along with their types and examples Five basic Acounts 1. Assets 2. Liabilities 3. Capital/Owner Equity 4. Revenue/Income 5. Expenses Assets Assets are the resources owened by a business and are expected to give benefit for future operation Example: If you buy a land and it will give benefit in the future operation then it is your asset . if the land which you buy And in future you have to sell only then this is not your asset. If you built
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RUNNING HEAD: Internal Control for Inflows Internal Control for Inflows ACC/ 544 Internal Control for Inflows Internal controls are important to a business. The internal controls provide a safeguard against errors in the accounting system as well as the detection and prevention of fraud. With the inflows of the company come many risks that need to be considered. The ways in which cash‚ sales‚ accounts receivable‚ inventory‚ and production are handled within the company are different for
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Policy and Procedures for CASH DISBURSEMENTS Cash Disbursements‚ via the University of Maryland College Park Foundation‚ are requested by the specific account holder in various schools and departments at College Park. Please use the Disbursement Request Form in Appendix H. Control Objectives: To ensure that cash is disbursed only upon proper authorization supported by the appropriate documentation‚ is for valid business purposes‚ and is properly recorded‚ all disbursements must: •
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Public Sector Accounting System in Nigeria: A Comparative Study of Cash-Basis and Accrual-Basis of Reporting By Cletus .O. Akenbor (Ph.D) Faculty of Management University of Port Harcourt‚ Choba Rivers State‚ Nigeria E-Mail: akenborcletus@yahoo.com Tel:+2348033364528 And Tennyson Oghoghomeh Director – Finance and Accounts Office of the Deputy Governor of Delta State Asaba‚ Nigeria oghoghomehtennyson@yahoo.com Tel: +2348035537037 ABSTRACT
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numbers‚ she remarked‚ "it’s sort of surprising that cash increased by $31677‚ but net income was only $19635. Why was that? Her friend replied‚ "A partial answer to that question is to look at an income statement for June. I think I can find the data I need to prepare one for you." In addition to the data given in the case‚ her friend found a record of cash reciepts and disbursements‚ which is summarized in Exhibit 1. She also learned that all accounts payable were to vendors for purchase of merchandise
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Identify Controls 18 points (2 points each) What control or controls would you recommend in a computer processing system to prevent the following situations? A. Working through the main control console‚ the night shift computer operator made a change in a payroll program to alter his rate of pay in his favor. -operator should not have access to program documentation (source code) -use password -console log should be reviewed for unauthorized activity B. A customer payment recorded
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Score for selected take: 40% (4/10) Time spent on selected take: 1. Your answer: Multiple Choice 15-1 Cash inflows from operating activities come from a. payment for raw materials. b. gains on the sale of operating equipment. c. collection of sales revenues. d. issuing capital stock. e. issuing bonds. 2. Your answer: Multiple Choice 15-2 Cash outflows from operating activities come from a. collection of sales revenues. b. payment for operating costs
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Dividends 5. Excess Cash 6. Source of cash to pay Capex and/or Dividends 7. Were working capital accounts other than cash and cash equivalents primary sources of cash or users of cash? 8.What other major items affected cash flows? 1991 1. Major sources of cash are cash received from customers and proceeds from the issuance of common stock. Major uses of cash are cash paid to suppliers and employees and increase of accounts receivables. 2. CFO is greater
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Cash versus Credit Cards Americans should handle their credit cards responsibly and should not become a part of that number of abusers. The Scott III (1999) website “The average Americans household has eight credit cards‚ which are used to charge almost $2 trillion in goods and services annually.” No one wants to be a part of the group of individuals who he or she can put his or herself at risk for acquiring a negative credit score‚ possible job rejections‚ rejections when trying to rent or lease
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