TEST OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe
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Chapter 2 How do you select a topic? 1. Identify the general purpose of your speech To inform: The giving of information is the aim of this general purpose. To describe‚ explain or demonstrate. To persuade: When your goal is to reinforce‚ to change‚ or to influence the attitudes‚ values‚ beliefs‚ or actions of your audience‚ you aim to persuade. To accentuate a special occasion: To entertain‚ to celebrate‚ or to commemorate is the aim of a special occasion speech. Create an idea bank
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3. The Revenue Cycle The revenue cycle is a set of four business activities: Sales order entry‚ shipping‚ billing and cash collections. To each of these activities there are related administrative organisational activities. It is all associated with providing the goods and services of a company to their customers and collecting the payments for these sales. Information about the revenue cycle activities also flows to the other accounting cycles which are: the expenditure cycle‚ the production
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PRICE ELASTICITY OF DEMAND (PED) & REVENUE Price elasticity of demand (PED) is particularly important to businesses‚ because of its effect on their revenue (income). Consider the following examples: 1) Mrs Robinson wants to increase her business’s revenue‚ but can’t decide whether she should increase or lower her prices. She currently charges £1 per unit and sells 1‚000 units. She knows that the PED for her product is (-) 0.4. What will happen to sales‚ sales revenue and profit if she: a) raises the
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The issue of revenue recognition practices is an area that has received a lot of attention from regulators. Whenever there is a report of financial restatements or negative earnings‚ regulators pay extra attention to review the financial statements in order to verify that that there are not any indications of financial fraud or that the organization overstepped their boundaries in the area of managed earnings. The reason that regulators have taken a special interest in financial accounting and potential
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The revenue recognition principle is a foundation of accrual accounting and one of the main principles of GAAP. The revenue recognition principle is a set of guidelines that helps accountants to identify when a revenue event has taken place and how to appropriately record cash exchanges before‚ during‚ and after the revenue event. According to the revenue recognition principal‚ revenue must (1) be realized or realizable and (2) earned‚ in order to be recognized. According to the SEC revenue is realized
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examine carefully some time tested procedures and the challenges the Revenue Authorities faces when mobilizing revenue. Various scholars and administrative practitioners have put out a lot of theories‚ concerns and views on GRA’s ability to mobilize revenue and how these monies mobilized are spent. Among the reasons assigned by such concerns and opinions is‚ the challenges of the GRA administration is to be blamed on inadequate revenue mobilization‚ due to lack of mission or comprehensive functional
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Revenue allocation is the distribution of revenue‚ or total income‚ through a business‚ corporate or government structure. It often involves a complex process of determining how and where to funnel revenues in order to best maintain the viability and operating structure of an organisation. The present formula gives the Federal Government 52.68 per cent‚ state governments 26.72 per cent and local governments 20.6 per cent. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllll- llllllllll
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HISTORY OF TAXATION IN GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment
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Timberland Company. Retrieved November 17‚ 2005‚ from http://www.hoovers.com/timberland/--ID__12390--/free-co-factsheet.xhtml?cm_ven=PAID&cm_cat=BUS&cm_pla=CO1&cm_ite=The_Timberland (5) McGhee‚ Tom (6) Pressler‚ Margaret Webb.(2005 November 19). It ’s Shoe Love‚ Pumping Up Sales. Washington Post. Retrieved November 23‚ 2005‚ from http://www.washingtonpost.com/wp-dyn/content/article/2005/11/18/AR2005111802436.html?nav=rss_business (7) PRZOOM (8) The Timberland Company. 2005. Timberland. Retreived November
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