CHAPTER ONE INTRODUCTION PURPOSE OF THE INDUSTRIAL TRAINING THE ORGANISATION BRIEF HISTORY SERVICE PROVIDED AT THE BANK VISION STATEMENT MISSION STATEMENT SECTION/UNIT/DEPARTMENTS CHAPTER TWO DESCRIPTION OF THE NATURE OF WORKPERFORMED DETAILED ACCOUNT OF WORK PERFORMED BY STUDENT CHAPTER THREE NEW KNOWLEDGE/SKILLS ACQUIRED AND CHALLENGES CONTRIBUTION TO THE COMPANY GENERAL COMMENTS‚ OBSERVATIONS CHAPTER FOUR CONCLUTION RECOMENDATION PREFACE This report contains vivid information and
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revenue in cash. 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 uncollectable accounts Specific audit objectives for the revenue cycle are derived from the five categories of management ’s financial statement assertions.
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$48‚000 $66‚000 Δ Bad debt expense (on incremental sales only) Policy one 1.75% ($800‚000) (14‚000) New policy 2.0% ($1‚100‚000) (22‚000) Δ Investment in accounts receivable (incremental sales only) Policy one $800‚000 × 50/365 = $109‚589 Policy two $1‚100‚000 x 65/365 = $195‚890 Δ Opportunity benefit on investment in accounts receivable at 16% Policy one: $109‚589 × 16% = (17‚534) Policy two: $195‚840 × 16% = (31‚342) Total incremental change $ 16‚466 $ 12‚658
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$6‚340 Accounts Receivable Prepaid Insurance 700 Equipment 8‚000 Accounts Payable Property Taxes Payable 750 Common Stock Retained Earnings Service Revenue 7‚690 Salaries Expense 4‚200 Advertising Expense Property Tax Expense 900 $28‚580 Credit $2‚750 4‚100 5‚700 6‚000 1‚100 $19‚650 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit sides of Prepaid Insurance‚ Accounts Payable
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and the Cash Journal. The Sales Journal records all sales of merchandise on account‚ cash and credit sales not included. The advantage of the sales journal is that it is time saving and easy because not every transaction has to be singled out‚ total can be reported instead. From the Sales Journal the entries can easily be posted into the general ledger. The Cash Receipt Journal records all cash received in accounts receivables and sales. It is usually made out of numerous columns and very detailed
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Audit plan – Accounts Receivable and Notes Receivable Audit Procedures Audit Objectives W/P Ref. Initials Comments Accounts Receivable 1. Obtain an aged trial balance of individual customer accounts. Recalculate the total and trace to the general ledger control account. 2. Review the aging for large and unusual items. 3. Send confirmations to all accounts over $X. Select a random sample of all remaining accounts for confirmation. a.i.1.a.i.1.a. Investigate exceptions reported by
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applications are received. When applications are received‚ two accounts are introduced. Cash Trust and Application. The cash trust account is where the application money goes into when applications are received. It is put in a cash trust account rather than a cash account because the company does not legally own the money until shares are allotted or returned money if it was oversubscribed. Therefore the money must be kept in a separate bank account. Applications can be oversuscriped or undersubscribed.
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Statement of Academic integrity on page 2 of this exam. Question Marks 1 Cash Flow Statement /12 2 Statement of Financial Position /20 3 Statement of Changes in Equity /14 4 Revenue Recognition /14 5 Accounts Receivables /12 5 Notes Receivables /8 TOTAL /80 1 Statement of Academic Integrity The Telfer School of Management does not condone academic fraud‚ an act by a student that may result in a false academic evaluation of that
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Profit and loss accounts‚ balance sheets Profit and loss accounts‚ balance sheets Two of the most important financial statements for a business are the Profit and Loss Account‚ and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e.g. 3 months‚ 1 year‚ etc. In contrast‚ the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time
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Accounting for Hospitality 2011 M6 Assignment 2 – Business Performance Review DEBI MARCHAND CONTENTS: 3.1) Source and structure of the trial balance PAGE: 3 3.2) Evaluation of a range of business accounts‚ adjustments and notes 3.3) Process and purpose of budgetary control TO 3.4) Calculation of variances with suggestions for appropriate future management action PAGE: 7 4.1) Calculation and analysis of ratios and consistent
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