Acquisition and Payment Cycle – Audit Program Design Part II Acquisitions General: 1.) Review purchase and expenditure procedures with accounts payable personnel‚ receiving personnel‚ cashier‚ and vice president of finance department. 2.) Examine general ledger for large and unusual disbursement amounts. 3.) Determine whether purchases greater than $5‚000 have additional approval. Audit Objective: Recorded acquisitions are for goods and services received. 1.) Examine documents in
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Risks • Cash transactions may not be recorded accurately • Cash may not exist Steps 1. Confirm selected bank accounts and special arrangements Select bank accounts for confirmation in order to obtain a moderate to low level of assurance that the aforementioned audit objectives are achieved. Bank confirmations should be sent to all banking relationships to identify accounts not included in the general ledger. Confirmation requests should be sent under our control and‚ second requests
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2010 and 2012 are both over 2.0‚ which is larger than the miscellaneous manufacturing company (1.64). This means in liquidity Mattel did better than average of manufacturing industry. 2.2 Quick Ratio |Year |Cash+Marketable Securities+Accounts Receivalbe/ Current Liabilities | |2010 |($1‚281‚123+$1‚146‚106)/$1‚350‚282=1.79 | |2011 |($1‚369
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cash. b. The classes of transactions in this cycle for a merchandising company are sales‚ sales adjustments‚ and cash receipts. The primary accounts affected by these transactions are sales‚ accounts receivable‚ cost of sales‚ inventory‚ cash‚ sales discounts‚ sales returns and allowances‚ bad debts expense‚ and allowance for uncollectible accounts 14-2. a. Specific audit objectives for the revenue cycle are derived from the five categories of management’s financial statement assertions
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demand deposits from public. (3) Banks can only accept time deposits from public. (4) Banks can accept both time and demand deposits from public. (5) Banks can accept demand and time deposits from Government. 3). Interest Payable on savings bank account is (1) Not regulated by RBI (2) Regulated by State Governments. (3) Regulated by Central Government (4) Regulated by RBI (5) Regulated by Finance Minister. 4). Which among the following is the correct statement ? (1) State Bank of India is
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of America b. List three facts about savings account options at the bank or credit union you chose. (3 sentences. 1.0 points) Regular Savings is for a standard savings account‚ it’s good if you’re just starting a savings account. Personal Savings is if you want to earn more interest with your balance amount. A custodial savings is if you want to begin saving for your child’s future. c. List three facts about checking account options at the bank or credit union you chose. (3 sentences
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Introduction Banking can be defined as the business activity of accepting and safeguarding money owned by other individuals and entities‚ and then lending out this money in order to earn a profit. However‚ with the passage of time‚ the activities covered by banking business have widened and now various other services are also offered by banks. The banking services these days include issuance of debit and credit cards‚ providing safe custody of valuable items‚ lockers‚ ATM services and online
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in the following accounts; i) Fixed or time deposit account:-Money is deposited in this account for a fixed period. The depositors get a fixed deposit receipt. The receipt contains the name of the depositor‚ the amount deposited‚ the rate of interest and the period of deposit. This receipt is not transferable. If the depositor needs money before the completion of the deposit time period‚ then bank refunds the money after charging some discount. The money deposited in this account earns maximum interest
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customerservice@carterbankandtrust.com 1800-868-5762 Credit Union Central Virginia FCU – 800/335/0069 Checking Accounts: Type of Checking Accounts Available Minimum Balances required Fees College‚ Personal‚ small business‚ way to save checking‚ $25‚000 minimum for business‚ $25-$50 for personal checking‚minium 50 for college All fees are waived if accounts have minium balance required in any of the accounts each month. Lifetime free checkinging‚ Commercial Checking‚ Interest checking Lifetime free checking
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Aug. 1 Merchandise Inventory 6‚000 Accounts Payable—Abilene 6‚000 Purchased goods on credit. 4 Accounts Payable—Abilene 100 Cash 100 Paid freight for Abilene. 5 Accounts Receivable—Lux 4‚200 Sales 4‚200 Sold goods on credit. 5 Cost of Goods Sold 3‚000 Merchandise Inventory 3‚000 To record the cost of August 5 sale. 8 Merchandise Inventory 5‚540 Accounts Payable—Welch 5‚540 Purchased
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