TEST OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe
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journals‚ including GST • prepare a Statement of Receipts and Payments • record a GST settlement and a GST refund in the cash journals. CHAPTER 6 CASH ACCOUNTING FOR SERVICE BUSINESSES KEY TERMS After completing this chapter‚ you should be familiar with the following terms: • service business • cash surplus • journal • cash deficit • Statement of Receipts and Payments • GST payable • single-entry accounting • GST receivable • Cash Receipts Journal • GST refund. • GST settlement
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the ordinary course of business. It must also be examined from the recipient ’s perspective. On the other hand‚ capital receipts are non-business income and it arises independently‚ that are not considered as business income and treated as capital gain. For instances‚ realisations from long term investment or personal assets are capital transactions. Such gains are capital receipts. Moreover‚ Commonwealth laws provided that the income source is not necessarily of one which is expected to be continuously
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Opinion No. 19‚ Reporting Changes in Financial Position‚ and requires a statement of cash flows as part of a full set of financial statements for all business enterprises[ii] in place of a statement of changes in financial position and classify cash receipts and payments according to whether they stem from operating‚ investing‚ or financing activities and provides definitions of each category. FASB Statement No. 102 (FAS 102) amends FAS 95‚ to exempt from the requirement to provide a statement of cash
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Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Solution of Practising Problems 14-4 BestSellers.com could integrate its online ordering system with its inventory system so that a book shipment is made only after the customer’s credit card company approves the customer’s purchase. Because credit card issuers often transfer funds electronically almost immediately after a sale‚ BestSellers.com could also set up their system to
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Office also receipts payments through FRS for University departments receiving revenues and ensures proper allocation to the accounting systems. Payments are received via mail‚ phone and delivered in person to cashier windows. Forms of payments are currency‚ cashier check‚ money order‚ business check‚ personal check and credit card. IV. ISSUES AND RECOMMENDATION A. Statement of Condition: The University does not have procedures in place to control the numerical sequence of receipts issued by
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of sale (POS) systems are a central mechanism of transactions that take place in a trading environment. The system is typically used to calculate the price of an item based on its measurement‚ then display it to the customer and finally generate a receipt‚ label or other printout. POS systems are now consistently assessed against the necessary requirements in NMI M 7 so that they provide clear and accurate information for the business and customer. Verification of POS systems also ensures that
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According to ASC 230-10-45-12‚ “All of the following are cash inflows from investing activities: • a. Receipts from collections or sales of loans made by the entity and of other entities’ debt instruments (other than cash equivalents and certain debt instruments that are acquired specifically for resale as discussed in paragraph 230-10-45-21) that were purchased by the entity • b. Receipts from sales of equity instruments of other entities (other than certain equity instruments carried in a
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Property Accountability in the COE Course Summary 1 Property Accountability Course Summary Takeaway Introduction Welcome to the Property Accountability in the Current Operating Environment lesson summary. This printable takeaway will review many of the key training points presented in the course. Classes of Supply The Army uses a multitude of different items on a daily basis‚ each of these items falls into one of ten classes of supply. Commanders use the different classes of supply
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5. Understand internal control and design appropriate tests of controls and substantive tests of transactions for cash receipts. 6. Understanding the accounting and controls for write-offs of uncollectible accounts. 1. Introduction to Transactions (Figure 14-1‚ p. 442 of text) The accounting for these transactions should be familiar. Sales and cash receipts are examined simultaneously because they are interrelated‚ and both affect accounts receivables. (Tests applied to each
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