cashier to handle cash and different individuals should be assigned the duties of receiving cash‚ recording cash‚ and custody of cash. 2.The next principal is the segregation of duties. There are different individuals that receive cash‚ record cash receipts and hold the cash. The cashiers take the cash from the customers and the theatre manager records the cash and the bank holds the cash. 3.The next principal is documentation procedures. They use a locked roll of ticket slips and the other half goes
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FCT profit making scheme - FCT v Whitfords Beach Pty Ltd - FCT v Myer Emporium Ltd - Westfield Ltd v FCT - FCT v Cooling - FCT v Montgomer Intellectual information - Evans Medical Supplies Ltd v Moriarty - Rolls-Royce Ltd v Jeffrey Use of business receipt to acquire capital assets - G P International Pipecoaters Pty Ltd v FCT Property development and land dealing - Statham v FCT - Moana Sand Pty Ltd v FCT Trusts and Investment Companies - Charles v FCT (fiduciary duty) - London Australia Investment
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documents (given by us) and subsidiary journals applicable to the transactions given below: Indicate as either original or duplicate document. Transaction | Source Document | Subsidiary Journal | Cash received by us (e.g.) | Duplicate receipt | Cash Receipt Journal (CRJ) | 1. Electronic payments | | | 2. Sale of assets | | | 3. Credit Purchases | | | 4. Petty Cash Transaction | | | 5. Bank deposits | | | 6. Goods returned by us | | | 7
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the course website. • Click Download eBook on the left-hand side of the page. • Download Ch. 14 of Modern Auditing Prepare written answers for the following assignments: • Learning Check 14-4 • Comprehensive Question: 14-28 Controls over Cash Receipts Processing at a Church • Comprehensive Question: 14-30 Substantive Tests of Accounts Receivable ACC 492 Week 1 Assignments From the Text Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/a
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Misappropriation of assets is fraud that involves theft of an entity’s assets. Two examples are an accounts payable clerk issuing payments to a fictitious company controlled by the clerk‚ and a sales clerk failing to record a sale and pocketing the cash receipts. 11-3 Fraudulent financial reporting is an intentional misstatement or omission of amounts or disclosures with the intent to deceive users‚ while misappropriation of assets is fraud that involves theft of an entity’s assets. Frauds involving financial
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Page: 2 hbook1.doc Handbook of Accounting 6.6 Maintenance of Accounting Records 6.7 Computerised Accounting Systems 30 30 7 CORE ACCOUNTING PROCESSES AND CONTROLS 7.1 Accounting Policies and Procedures Manual 7.2 Internal Control 7.3 Receipts 7.4 Expenditures 7.5 Inter-entity Transactions and Other Adjustments 7.6 Project Accounting 7.7 Bank Reconciliation 31 31 31 32 32 35 36 37 8 OTHER FINANCIAL MANAGEMENT PROCESSES 8.1 Introduction 8.2 Cashflow Forecasting and Analysis 8.3
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Cash & Cash Equivalents Introduction: Cash & cash equivalents may constitute a significant proportion of the total assets of an entity. It is the most liquid asset found within the asset category of a company ’s balance sheet. It is an important criterion to evaluate the liquidity and the short term solvency of a business venture. Liquidity and short term solvency means the ability of the business to pay its short term liabilities. Inability to pay-off short term liabilities affects its credibility
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GLOBAL DEPOSITORY RECEIPTS IN INDIA Chapter - 1 INTRODUCTION OF FINANCIAL MARKETS INTRODUCTION The Indian economy is the second fastest growing economy in the world after China with a growth rate of 6.5%. India seems to have become an investor’s haven with high returns on investments for foreign Institutional investors. Indian companies are recording higher profits and are gaining global recognition because of operations in several countries. However‚ for international presence‚ Indian companies
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2. Why should all cash funds be counted at the same time? When cash is transferred from one person to another (even for a short period of time)‚ it should be counted in the presence of both parties. The amount should be recorded on a receipt‚ and the receipt should be signed by the person accepting custody. This is necessary for the purposes of establishing responsibility relating to a shortage. 3. What is “kiting”? What procedures do auditors use to detect kiting? Kiting is a form of check
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By: Dana Angeline F. Agao CASH FLOW STATEMENT OBJECTIVES: To provide information about an entity’s cash receipts and cash payments during a period. To provide information on a cash basis about its operating‚ investing‚ and financing activities. The statement of cash flows therefore reports cash receipts‚ cash payments‚ and net change in cash resulting from operating‚ investing‚ and financing activities of an enterprise during a period‚ in a format that reconciles the beginning
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