and one or more copies are retained. The sales invoice is the document for recording sales in the accounting records. c. The credit memo is a document indicating a reduction in the amount due from a customer because of returned goods or an allowance granted. It often takes the same general form as a sales invoice‚ but it reduces the customer’s accounts receivable balance rather than increasing it. d. The remittance advice is a document that accompanies the sales invoice mailed to the
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1-D Calculated cash discounts should be identical with the amounts by the client company. In most cases‚ this calculated discount figure will be equal to the difference between the sales invoice total and the cash remittance. Discounts may be incorrectly recorded to hide cash shortages or as a step in stealing cash funds from the company. Also‚ the company may be allowing customers to take discounts that have not actually been earned. Allowing these reductions
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remittance list should be consistent with the invoice and the invoice slip. Customers should be encouraged to include the amount of payment on the invoice slip as a further control procedure. Because of the discount‚ the auditor may want to perform this step in connection with the discount computation in step 1-d. The cash may have been stolen‚ or someone in the company may be engaged in lapping. 1-D Calculated
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towards trade and consumers. The different sale promotion techniques are discount and deals‚ increasing industry visibility Price-based consumer sales promotions and attention-getting consumer sales promotions. Each sale may be uses in different ways but they all have the same common goal to increase sales. Whether the technique increases the awareness of the item by advertising on the television or newspaper or put on discount inside the store‚ the goal is to increase sales. In 2008 the Coca-Cola
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COMPENSATION AND BENEFITS ASSIGNMENT DONE BY‚ ASHWINI.RAO Roll no. 21184 Batch “E” COMPANY Assuming this scenario in “INFOSYS”‚ which is employing both Management and Engineering graduates‚ is experiencing an acute retention problem. View of Compensation and Benefits Payroll department in the company believe compensation and benefits plans should support a company’s mission and drive the outcomes and behaviours which will contribute
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disbursements 3. Purchase returns and allowances and purchase discounts ©2008 Prentice Hall Business Publishing‚ Auditing 12/e‚ Arens/Beasley/Elder 19 - 3 Accounts in the Acquisition and Payment Cycle Cash in Bank Accounts Payable Cash Acquisitions disbursements of goods and services Purchase returns and allowances Purchase discounts Raw Material Purchases Purchase Returns and Allowances Property‚ Plant and Equipment Purchase Discounts Prepaid Expenses ©2008 Prentice Hall
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Case study: Harvey World Travel Introduction: Harvey World Travel (HWT) is an international retail travel group that has a strong presence in Southern Africa‚ specifically Gauteng‚ South Africa. The group focuses primarily on leisure travel. Looking at the Pricing Objectives for Harvey World Travel Profit-oriented objectives generally has to do with pricing product to achieve a specified percent return on sales and investments. With regards to Harvey one of their pricing objectives is to maximise
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Question 11. 25 Your firm has been engaged to audit the financial statements of Haven Ltd. In obtaining an understanding of internal control relating to credit sales‚ the following questionnaire is used: 1 Does the company evaluate the customer’s credit history‚ and is amount of available credit checked before a sale is authorised? Select a sample of credit order and inspect credit history and other supporting documents. Review the policy/procedure for customer approval and setting of
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ETicket MakeMyTrip Booking ID NF2202748254426 Booking Date Tue‚ 13 Jan 2015 Itinerary and Reservation Details Spicejet SG 247 Departure Goa (GOI) Terminal GOI Sun‚ 22 Feb 2015 14:50 hrs Arrival Mumbai (BOM) Terminal 1B Sun‚ 22 Feb 2015 16:00 hrs Non Stop Flight Duration: 1hr 10m Refundable Fare Passenger Name Type Airline PNR ETicket Number Nipika Paul Adult UEH99E UEH99E Neha Das Adult UEH99E UEH99E Deepali Rath Adult UEH99E UEH99E Important Information
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Ch 1. Accounting Information and Decision Making Financial accounting: Measurement and communication‚ measures business activities of a company & communicate to external parties Managerial Accounting: methods accountants use to provide info to managers (acct 210) Who needs to make decisions about companies? Investors Creditors-lend money Customers-big customers (i.e. Apple buys memory chips from Samsung) Suppliers-ability to pay Managers-production/expansion Employees-employment opportunities
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