2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable‚ inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable‚ the sales and billing processes are an area that would require attention. With the inventory representing a large portion of the assets at Apollo
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credit what goes out [Real Account] Real Accounts – All tangible assets like cash‚ car‚ furniture and intangible assets like goodwill‚ patents (2) Debit the Receiver & Credit the giver [Personal Account] Personal Accounts – Jose‚ cyndie or any other person or any company’s account in business (3) Debit all the Expenses and losses & Credit all the Incomes and gains. [Nominal Account] Nominal Accounts – All Income‚ Expenses‚ Profit‚ Losses Accounts Note:- (1) Debit if there
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APPENDIX D EXAMPLE OF ANNUAL REPORT ET HANDBOOK NO. 407 TAX PERFORMANCE SYSTEM ANNUAL REPORT APPENDIX D EXAMPLE OF REPORT The example shown on the following pages is not a mandatory format. It can be modified to suit individual State’s needs‚ For example‚ some States‚ based on their organizational structure‚ may find it necessary to add additional sections or combine sections to fit their management arrangement. Reviewers should have discussions with management prior to report
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ISPAHANI Ltd. was selected as a sample and my topic was working capital management. For gathering more about my requirements I have scheduled my time in various departments‚ such as Department | Days | Executive Officer | 07 | Finance & Accounts | 15 | Marketing & Sales | 05 | Purchase | 05 | Import & Export | 05 | Administration | 03 | Methodology of the Study: In order to accomplish the term paper report in the light of specific objectives of the study‚ both secondary
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organization issued shares of stock to stockholders for $20‚000 cash 2. The organization bought $5‚000 machines on account with $1‚000 paid in cash accruing a balance of $4‚000 3. The organization paid $750 for materials 4. The organization receives $4‚100 of cash in return for services provided‚ together with charging $5‚400 from 5. The organization paid $1‚500 with cash on accounts payable. 6. The organization paid a $2‚000 dividend. 7. The organization paid $800 for this month rent. 8. The
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reported as cash. 1.Checking account balance $925‚000; certificate of deposit $1‚400‚000; cash advance to subsidiary of $980‚000; utility deposit paid to gas company $180. $ 2‚325‚000 Cash balance of $925‚000. Only the checking account balance should be reported as cash. The certificates of deposit should be reported as a temporary investment‚ the cash advance to subsidiary should be reported as accounts receivable‚ and the utility deposit should be identified as a receivable from the gas company.
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controller of Stern Corporation had ascertained the changes in accounts receivable and the allowance for doubtful accounts in 1998‚ a similar analysis was made of property‚ plant‚ and equipment and accumulated depreciation accounts. Again the controller examined the December 31‚ 1997‚ balance sheet [see Exhibit 1 of Stern Corporation (A)]. Also reviewed were the following company transactions that were found to be applicable to these accounts: 1. On January 2‚ 1998‚ one of the factory machines was sold
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implemented which can give immediate effect in order to avoid devastating FCB reputation as well as allowing FCB remained as the nation’s leading air cargo carrier. Issue Uncollectible debts‚ improper sales transaction‚ incorrectly recorded debtors’ account and abnormal transaction had caused Air Flat Cargo involved the possibility of fraud in a financial audit engagement. Problem Identified in Flat Cargo Berhad In 2006‚ during a routine financial audit‚ the auditors identified several suspicious
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Lecture 6 Receivables 1. Types of receivables (1)Accounts receivable: the amounts owed to the firm by customers on account from the sale of goods or services (2)Notes receivable: the amounts owing to the firm outside normal trade for which formal instruments of credit are issued evidencing the debt‚ and on which interest is generally payable (3) Other receivables include non-trade receivables such as interest receivable‚ loans‚ advances and GST receivable. 2. Accounting for A/R Accounts receivables are
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Effective Business Intelligence for SME As smaller firms face competition and grow‚ it’s imperative they make good decisions based on even better information When asked what business intelligence (BI) tools are used to measure their organizational performance‚ the common response by entrepreneurs might include Excel spreadsheets‚ report writers and canned reports. BI can be defined as the ability to extract actionable insight from data available to the organization‚ both internal and external‚
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