Chapter 3—THE BASICS OF ADJUSTING ENTRIES Study Objectives—after studying the chapter‚ you should be able to: 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain why adjusting entries are needed. 4. Identify the major types of adjusting entries. 5. Prepare adjusting entries for deferrals (prepayments). 6. Prepare adjusting entries for accruals. 7. Describe the nature and purpose of an adjusted trial balance. 8. Prepare adjusting
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Introduction: An internal control system refers to the process by which organizations maintain environments that encourage incorruptibility and deter fraudulent activities by managements and employees. Internal control systems are evaluated during the planning phase of an independent financial statement audit. This is the system is also known as detection and prevention of fraud in an organization. The “Questionnaire Method” is one of various techniques to measure internal control system of any organization
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14-28 (Controls over cash receipts processing at a church) You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review‚ you have prepared the following comments relating to the collections made at weekly services and recordkeeping for members’ contributions: 1. The church’s board of trustees has delegated responsibility for financial management and audit of the financial records to the finance committee. This group prepares the annual
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OUTSTANDING REVENUE AS WEEKS BILLING OUTSTANDING By SACHIN GHOGLE Introduction Financial management focuses in finding the value in accounts receivable by emphasizing on improving the collections process and hence accelerating the cash flow. ‘Revenue Outstanding’ is the amount due from the customer as a result of an organisation’s normal business operation‚ that is‚ it is the amount that has been billed by organisations and is due‚ but which has not been collected. The management of ‘Revenue Outstanding’
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Neish ACTG 440 Case 2 – Application Controls a) A sales person should not be able to change the selling price of products without management authorization. Each time a product’s price is reduced beyond its sales price the manager should have to physically come up to the register and authorize the transaction. If the company implemented this segregation of duties control the salesperson could not get away with reducing the price of products to increase gross sales. b) A manager or someone else
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A sale is the act of selling a product or service in return for money or other compensation.[1] It is an act of completion of a commercial activity. The seller or salesperson – the provider of the goods or services – completes a sale in response to an acquisition or to an appropriation[citation needed]or to a request. There follows the passing of title (property or ownership) in the item‚ and the application and due settlement of a price‚ the obligation for which arises due to the seller’s requirement
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DETAILED JOB DESCRIPTION Operations Officer Acts as OIC in the absence of Store Supervisor Sales floor management and customer engagement As a sales ambassador ‚ organize/orchestrate floor management by ensuring achievement of prescribed store service index. Facility Management accomplishment of store grooming checklist including delivery of third party services. People Management Cascades and disseminates information pertaining to updates
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Chapter 1 Discussion Questions 1‚ 3‚ 5‚ 7‚ 9 Pages 28-29 Week/Session 1 Questions for Review 1. What are the four basic activities that comprise the management process? How are they related to one another? " The four basic activities that comprise the management process are as follows: Planning and Decision Making‚ Organizing‚ Leading‚ and Controlling. Managers engage in these activities to combine human‚ financial‚ physical‚ and information resources efficiently (using resources wisely and in a
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Control of Cash Disbursements Control of cash disbursements is important for companies as most large thefts occur from payment of fictitious invoices. One key to controlling cash disbursements is to require all expenditures to be made by check. The only exception is small payments made from petty cash. Another key is to deny access to the accounting records to anyone other than the owner who has the authority to sign checks. A small business owner often signs checks and knows from personal contact
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Exercises E14-2‚ E14-3‚ E14-5‚ E14-18 E 14–2: Determine the price of bonds in various situations LO14–2 Determine the price of a $1 million bond issue under each of the following independent assumptions: 1. Interest for 100‚000 @ 5.65022 is $565‚022 Principle 1M @ 0.32197 is 321‚970 PV would be 886‚992 2. Interest for 50‚000 @ 11.46992 is $573‚496 Principle 1M @ 0.31180 is 311‚800 PV would be 885‚296 3. Interest for 60‚000 @ 12.46221 is $747‚733 Principle 1M @
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