SECTION I 1.1 Introduction Nowadays‚ data processing uses one or more database at one or more certain organizations. Databases are use in transaction processing where information are stored‚ retrieved and transmitted at certain time it is needed. Examples of transaction processing systems are airline reservation systems‚ billing system‚ payroll system‚ library system‚ online marketing and online transaction processing. Handling business is not an easy thing to do. In order to have a successful
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("Advantages of Subsidiary Ledgers").) | | | | Points Received: | (not graded) | | Comments: | | | | 3. | Question : | A purchase of equipment with cash is recorded in the | | | Student Answer: | | cash receipts journal. (The cash receipts journal would be used only if cash is received.) | | | | purchases journal. (purchases journal is used only to record a purchase on account.) | | | | cash payments journal. (Correct! The cash payments journal is used
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Hernandez "Purchasing & Payables " 03. Material‚ Goods and Services Receipt "Ensure that materials and services are correctly paid according to requisition. " "Incomplete or incorrect services or materials are paid to vendors. " 3.03 Open POs (Key) "User/warehouse verifies that the amounts and prices in each invoice match with the quantities and prices in the PO. If the information is correct‚ they perform the receipt in SAP. " "Ask for a list of Purchase Orders. Take a sample and trace
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Suggest five different ways in which India could improve its image as an exporter in international markets‚ explaining why? Ans. In India‚ the various procedures that are followed in the process of export of goods start right from the time of receipt of an indent from abroad till the shipping documents are negotiated and sales proceed is realised. The various procedure usually followed for the export of goods at different stages are as follows: 1. Quotation and Indent An exporter gives a quotation
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1. Discuss the circumstances in which an auditor would prepare a proof of cash. (6 marks) Auditors would prepare a proof of cash when the client has material internal control weakness in cash. If all cash receipts were deposited and all deposits were recorded in the accounting records‚ all recorded cash disbursements were paid by the bank and all amounts that were paid by the bank were recorded. 2. What should be audited on an interbank transfer schedule? (5 marks) The following should be audited
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a special event. It includes an estimate of expected cash receipts (cash flows in) and expected cash payments (cash flows out) along with a running cash balance. A Cash budget reflects whether the entity is expected to generate sufficient expected cash inflow to meet expected cash outflows as they fall due. Expected cash inflows include: - cash revenues‚ receipts from debtors (from accounts receive bale) and other receipts (i.e. long term loans‚ bank overdrafts and additional funds
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company keep with its Trust Receipt Plan in order to maintain 25% growth rate. Options: 1. Sell receivables to a third party at a discount rate to receive cash. 2. Issue preferred equity to help finance retailers in holding higher Inventory levels 3. Reduce growth rate to a sustainable Recommendation: In order to maintain the 25% growth‚ we need to first of all‚ abandon the trust receipt plan which causes sales growth
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Balance of payment Most of exports and imports involve finance i.e. receipts and payments in money. An account of all receipts and payments is termed as Balance of Payments (BOP). According to Kindle berger‚ "The balance of payments of a country is a systematic record of all economic transactions between the residents of the reporting country and residents of foreign countries during a given yeriod of time". The balance of payment record is maintained in a standard double-entry book-keeping
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for us to figure out when dealing with two questions: firstly‚ whether Ron’s exclusion clause on the receipt or the sign is effective based on the fact that Winston does not know that existence of exclusion clause. Secondly‚ whether Winston accepts Ron’s exclusion clause at the right time and whether it can exclude Ron for liability. (a) Whether Winston is bound by the words on the receipt or the sign? As we can see in the case introduction‚ Ron has manufactured poor quality paint due to
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Procurement 4 and Payment Process Procurement process Procurement process – the organization acquires the basic materials that it uses to produce goods and services. MM Menu Options in the SAP System Procurement Process Magal and Word | Integrated Business Processes with ERP Systems | © 2011 Procurement Process - Steps 1. Determination of requirements (Requisitions) – By user - The user department responsible can pass a requirement for materials to the Purchasing department manually
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