Account Receivable - 1140 Words
Week 3 Lecture Summary
Accounting for Receivables
Receivables are amounts due from other persons or entities. Receivables are highly
liquid, which means it is expected that they will be converted into cash quickly, and are
classified as current assets.
Types of Receivables
Accounts Receivable: amounts due from customers for sales on credit.
Businesses sell to customers on credit in an attempt to increase their sales. Also called
1,140 Words | 10 Pages
Accounts Receivable - 341 Words
Background of the Project
The company was founded on February 11, 2009 with the Mission: To change the riding culture of a sports motorcycle enthusiast, and Vision: To become the number one sports motorcycle distributor in the country.
With Filipino sports motorcycle enthusiasts’ desire and with VAMA’s realization, the company is using its engineering skills to make sports motorcycles reachable and affordable for everybody.
Inspired by its Mission and Vision and supported by its engineering...
341 Words | 1 Page
Account Receivable - 583 Words
The Accounts Receivables has been in the 70-80 days range for several months now and has even reached above 100 days this month. Marysville General reaches its optimum cash flow when Accounts Receivables is at 55 days. As discussed at the meeting, there are several things that can be done by the medical staff, business office and the clerical department.
To start, the hospital can pull a credit line to help make payroll since Marysville only has enough cash on hand to meet payroll once....
583 Words | 2 Pages
Accounts Receivables - 1004 Words
Accounts receivable is a legally enforceable claim for payment from a business to its customer/clients for goods supplied and/or services rendered in execution of the customer's order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that...
1,004 Words | 3 Pages
All Accounts receivable Essays
Accounts Receivable - 298 Words
There are several controls in accounts receivable. A thorough audit should be daily comparing the checklist and the system records in customers’ accounts. This is to ensure the payment received is applied to the right customer. A second control is to check if customers’ balances in record are true. One simple way is to send current statements to customers monthly. Customers can help identify if there is any discrepancy between their record and the account statement....
298 Words | 1 Page
Confirmation Procedure of Account Receivable
Steps In Confirmation Process
The steps in the process of confirming receivables follow:
Step-1. Obtain Aged Schedule of Accounts Receivable
The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule:
Determine that totals are correct.
Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger.
Investigate credit balances....
1,221 Words | 4 Pages
Accounts Receivable and Joan Miller
Topic: Journal Entries
Posting Journal entries into a worksheet
ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in
Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many other subjects.
The following are the balances in the accounts for Joan Miller Advertising Agency as of January
953 Words | 9 Pages
Accounts Receivable Turnover - 545 Words
Accounts Receivable Turnover = Net Sales/Average Net Account Receivables
Accounts receivable turnover ratio measures the effectiveness of a company in extending credit and collecting debts. It is an activity ratio that measures how efficiently a firm uses its assets.
31, 053/988 = 31.43
16,842/1,282.5 = 13.13
5,160/618 = 8.35
32,722/1,042 = 31.4
18,657/937 = 19.91
5,858/494 = 11.86
In this table you see the accounts receivable turnovers...
545 Words | 3 Pages
Accounts Receivable and Information - 6172 Words
accounting information systems: An overview
Suggested Answers to Discussion Questions
1.1 The value of information is the difference between the benefits realized from using that information and the costs of producing it. Would you, or any organization, ever produce information if its expected costs exceeded its benefits? If so, provide some examples. If not, why not?
Most organizations produce information only if its value exceeds its cost. However, there are two...
6,172 Words | 22 Pages
Accounts Receivable and Trial Balance
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,000.
363 Words | 2 Pages
Total Accounts Receivable - 2282 Words
ACL Case Study
This paper contains the summary of the details and results of the audit tests on
Bradmark’s Revenue and Expenditure Cycles. The audit tests were performed
through the ACL Program.
Rachelle Cultura | Trixia Ebol | Christine Fonseca
Mary Rose Samas | Nadaine Tongco
Ross & Specter Co.
October 24, 2012
1 | P a g e
Assessment of Internal Controls over the Revenue Cycle
The assessment of Bradmark’s internal...
2,282 Words | 8 Pages
Accounts Receivable and Cash Discount
1. The two major sources of short-term financing are
a) a line of credit and accounts payable
b) accounts payable and accruals
c) a line of credit and accruals
d) accounts receivable and notes payable
2. Tangshan Mining was extended credit terms of 3/15 net 30 EOM. The cost of giving up the cash discount, assuming payment would be made on the last day of the credit period, would be(assume that working days are 365 days)
3. 1/15 net 30...
268 Words | 1 Page
Accounts Receivable Audit Program
AP-3: ⇒Audit Program for Accounts Receivable
Company Balance Sheet Date
| The company has the following general ledger accounts that are classified in the accounts, notes, or other receivables captions of the |
6,391 Words | 37 Pages
Term Paper on Accounts Receivable
THE PROBLEM AND ITS APPROCH
Effective management of accounts receivable present important opportunities for companies. The primary objective of accounts receivable management is to collect money due and to assist in meeting cash requirement. An effective accounts receivable function can assist in achieving the desired cash flow out come through the timely collection of out standing debts.
All companies have an objective of continually improving customer...
298 Words | 2 Pages
Accounts Receivable Crisis - 893 Words
Week 2 You Decide Assignment
Accounts Receivable Crisis
Instructor: Eric Oestman
After conducting a meeting with the medical staff, various clinical departments, Health Information Management, and Business office personnel regarding Accounts Receivable issues within our facility, it was determined that many different areas of concern needed to be addressed. This includes problems with patient admission and registration...
893 Words | 3 Pages
ACCOUNT RECEIVABLE MANAGEMENT - 3656 Words
ACCOUNT RECEIVABLE MANAGEMENT
The project deals in “account receivable management at Tata Steel”. Receivable management is one of the most important aspects of the organization, as it deals with the management of the outstanding. The profit of the company mainly depends on the accounts receivables. Therefore it needs a careful analysis and proper management.
Debtors occupy an...
3,656 Words | 19 Pages
Accounts Receivable and Correct Marks
Which of the following events involves an accrual?
Choose one answer.
| a. Recording interest that has been earned but not received | |
| b. Recording supplies that have been purchased with cash but not yet used. | |
| c. Recording revenue that has been earned but not yet collected in cash. | |
| d. A. and C. | |
Marks for this submission: 5/5.
Which resource provider typically receives first priority when resources are...
1,026 Words | 7 Pages
Accounts Receivable and Click Update
Create a partnership form of business Daily Express Supplies owned by you. The business started its operation January 2014 with its address at 111 Solchuaga St., Makati City, ZIP 1204, Philippines. Other details are Internet Ad - dailyexpress.com, Printing Header - Daily Express Supplies, Active Manager - Mr. Alfredo Salvador, Jr., Tel 1 -28401212, Tel 2 – 27400000, Fax - 27400000, Email - [email protected] Its main business is to supply school items for students.
3,592 Words | 17 Pages
Hershey's Account Receivables Analysis
HSY has slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients, McLane and Wal-Mart, its accounts receivable turnover is increasing. It means Hershey’s collection ability is good.
In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial
458 Words | 2 Pages
Aging Schedule of Accounts Receivable
ANSWERS TO QUESTIONS:
1. Table 1: Aging Schedule of Accounts Receivable
AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING |
0-15 days | $ 20,000 | 19.59 % |
16-30 days | 30,000 | 29.39 |
31-60 days | 40,000 | 39.19 |
61-90 days | 10,000 | 9.80 |
Beyond 90 days | 2,071 | 2.03 |
TOTAL | $ 102,071 | 100.0 % |
2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio, we turn to their average collection period (ACP) and aging...
1,408 Words | 5 Pages
Related Literature of Accounts Receivable
Review of Related Literature and Related Studies
Accounts receivable describes the amount of cash, goods, or services owed to a business by a client or customer. The manner, in which the collection of outstanding bills is handled, especially in a small business, can be a pivotal factor in determining a company's profitability. Getting the sale is the first step of the cash flow process, but all the sales in the world are of little use if monetary compensation...
647 Words | 2 Pages
Accounts Receivable and Check Voucher No.
June 1 Mr. Edgar Detoya opened a bank current account with Land Bank of the Philippines in the amount of P1,000,000 and invested merchandise inventory valued at P45,000 to start with his business.
Cash in Bank 1,000,000
Merchandise Inventory 45,000
E. Detoya, Capital 1,045,000
June 15 Purchased store furniture and fixtures for cash from Ayala de Cebu costing P150,000 plus VAT of 12%. Issued Check No. 48501 covered by Check Voucher No. 001.
1,197 Words | 7 Pages
Accounts Receivable and Franklin Company
The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary...
616 Words | 2 Pages
Accounts Receivable and Debit Credit
The trial balance of Sam Mitchell, CPA, P.C., is dated January 31, 2012:
During February, Mitchell or his business completed the following transactions:
Feb 4 Collected $4,000 cash from a client on account.
8 Performed tax services for a client on account, $4,600.
13 Paid business debt on account, $2,400.
18 Purchased office supplies on account, $900.
20 Paid cash dividends of $2,200.
21 Mitchell paid for a deck for his private residence using personal funds, $8,000.
631 Words | 8 Pages
Accounts Receivable and Increase - 2652 Words
Mark 0.00 out of 1.00
The effect on the accounting equation of the business buying a computer worth $900, paying $450 cash and owing $450 to be paid in 30 days' time is:
a. decrease the asset computers, increase the asset cash, decrease the liability accounts payable.
b. increase the asset computers, increase the asset cash, decrease the liability accounts payable.
c. increase the asset computers, decrease the asset cash, increase...
2,652 Words | 13 Pages
Accounts Receivable and Blades - 781 Words
1. Assuming that banks in Thailand issue a time draft on behalf of Sports Equipment Inc. and Major Leagues Inc., would Blades receive payment for its roller blades before it delivers them? Do the banks issuing the time drafts guarantee payment on behalf of the Thai retailers if they default on the payment?
ANSWER: No, Blades would not receive payment before it delivers roller blades to Sports Equipment Inc. and Major Leagues Inc. if banks in Thailand issue a time draft on the retailers’...
781 Words | 3 Pages
Jones: Accounts Receivable - 878 Words
Jones Electrical, though having more rapid growth and expected to increase in future would need more than 250,000 to meet his needs.
First of all he has to repay his ex partner after buying him out. Jones bought Dave Verdent, his former business partner out for $250,000. 00. His repayment plan was a $2000.00 per month with 8% interest per annum. The interest rate he is paying is relatively high and this means it will take Jones over ten years to repay this loan with an interest...
878 Words | 3 Pages
Accounts Receivable and Merchandise Inventory
P5-4A J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April.
General Journal J1
|Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit...
486 Words | 7 Pages
ACCOUNTS RECEIVABLES MANAGEMENT - 5846 Words
Accounts Receivable Management
• Goals of Receivable Management
• Credit Management
• Optimum Credit Policy
• Credit of Account Receivable
Accounts receivable represent the amount due form
customers (book debts) or debtors as a result of selling goods
on credit. “The term debtors is defined as ‘debt’ owned to the
firm by customers arising from sale of goods or services in the
ordinary course of business.” The three characteristics of...
5,846 Words | 44 Pages
Accounts Receivable and Acquisitions Journal
Acquisitions Substantive Tests of Transactions |
TRANSACTION-RELATED AUDIT OBJECTIVES | SUBSTANTIVE AUDIT PROCEDURES |
Occurrence | * Compare prices on vendor invoices with approved price limits established by management. * Review the acquisitions journal, general ledger, and accounts payable master file for large or unusual amounts. |
Completeness | * Trace a sample of receiving reports to the acquisitions journal. * Trace from a file of vendors'...
319 Words | 2 Pages
Accounts Receivable Management - 11531 Words
AN EVALUATION OF ACCOUNTS RECEIVABLE MANAGEMENT BY MANUFACTURING FIRMS IN NAKURU MUNICIPALITY
RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE IN BACHELOR OF COMMERCE (ACCOUNTING OPTION)
SCHOOL OF BUSINESS
This research project is our original work and has not been presented for the award of any diploma or degree in any other university or college or any other institution of...
11,531 Words | 54 Pages
General: Accounts Receivable and Cash
Use the information in each of the following separate cases to calculate the unknown amount:
a. During October, Shandra Company had $97,500 of cash receipts and $101,250 of cash disbursements.
The October 31 Cash balance was $16,800. Determine how much cash the company had
at the close of business on September 30.
b. On September 30, Li Ming Co. had a $97,500 balance in Accounts Receivable. During October,
the company collected $88,950 from its credit customers. The October 31 balance...
600 Words | 2 Pages
Accounting: Accounts Receivable and Voucher
Unit 5 Assignment
Indicate whether each of the procedures of internal control represents: (1) a strength or (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk.
For each letter A through H you should have at least a one paragraph answer.
a. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
I think that this would be weak internal control because...
892 Words | 3 Pages
Accounts Receivable and Sales Return
a. What is account receivable?
Credit sales, sales on account
b. How do accounts receivable differ from notes receivable?
Notes Receivable arises when the seller asks for a note to replace an Accounts Receivable when the customer requests additional time to pay a past-due account. A promissory note is a written promise to pay a specific amount of money, usually including interest, at a future date.
c. What is a contra asset?
An account which offsets another account. A contra-asset...
435 Words | 3 Pages
Accounts Receivable Management - 827 Words
Accounts Receivable Management
Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services. They are generally expected to be collected within thirty to sixty days and are the most significant type of claim held by a company. There are two costs associated with extending credit to customers:
1. The cost of the selling company not being able to deposit the monetary value of a completed sale in its bank that is, as a result of not collecting...
827 Words | 3 Pages
Accounts Receivable and Sales Orders
February 10, 2012
Santos Alarcon Jr.
To: Audit File
CC: Santos Alarcon, Jr.
From: B Team
Re: Apollo Accounting and Control Systems: Revenue and Collection Cycle
Details of Control Issues Encountered in the Revenue and Collection Cycle
Objectives: Apollo’s control procedures were tested to obtain control evidence about the validity, authorization, accuracy, and proper period recording of recorded sales. The accuracy of...
2,303 Words | 8 Pages
Study Guide: Accounts Receivable
True / False Questions
1. Credit sales transfer products and services to a customer today while bearing the risk of collecting payment from that customer in the future.
2. At the time of a credit sale, a company would record an increase in assets and an increase in revenues.
3. A sale on account is recorded as a debit to revenue and a credit to accounts receivable.
4. Accounts receivable represent the amount of cash owed to the company by...
14,932 Words | 105 Pages
Accounts Receivable and Factoring Transformation
‘Factoring – Transformation from nascent stage to growing stage in India
By Chandrima Das’
INC Faculty – Nagpur
Abstract :- A brief concept of factoring . Its Start up time, Its advantages and disadvantages .The reason for factoring gaining its importance day by day . Nascent stage of factoring in India, but slowly increasing its edge and importance .How the increasing competitive mindset helping factoring to spread its arm in the banking sector .A study on who are the players in...
451 Words | 2 Pages
chapter 9 accounts receivable
ACCOUNTING FOR RECEIVABLES
SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY
15,288 Words | 167 Pages
Accounts Receivable and Internal Control
Please note you have three assignments for this week. The case study, the weekly assignment and continue working on the final draft for the individual research project.
Case Study (Knapp book):
Dollar General Stores
Textbook (Boynton book): Complete and submit the following questions for grading:
14-26 (Analytical procedures) the following data was taken from the production and accounting records for...
1,485 Words | 10 Pages
Accounts Receivable and Income Statement
Based on the analytical procedures calculated in parts a. and b., summarize your observations about Pinnacle's business, including your assessment of the client's business risk.
d. Go to the Pinnacle link on the textbook Web site (prenhall.com/arens) and open the Pinnacle income statement, which is located in the Pinnacle Income Statement worksheet of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use...
265 Words | 1 Page
Detailed List of Accounts Receivable
SCAN DETAILED LIST OF ACCOUNTS RECEIVABLE (4).
4. Scan the detailed list of trade accounts receivable and investigate
significant unusual items (e.g., credit balances and zero
Done by Date
When scanning the detailed list of accounts receivable (aged by
customer, if practicable), the auditor should be...
384 Words | 2 Pages
Compute Net Accounts Receivable
For each of the following independent situations, compute net accounts receivable.
a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts.
b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging...
383 Words | 3 Pages
Receivables - 653 Words
Receivables are one of the three primary components of working capital, the other being inventory and cash. Receivables occupy second important place after inventories and thereby constitute a substantial portion of current assets in several firms. The capital invested in receivables is almost of the same amount as that invested in cash and inventories. Receivables thus, form about one third of current assets in India. Receivables provide protection to sales from...
653 Words | 2 Pages
Accounts Receivable and Extermination Services Revenue
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2011.
December 31, 2011
Unadjusted Trial Balance
Accounts receivable 4,000
Allowance for doubtful accounts 828
Merchandise inventory 11,700
Accum. depreciation-Trucks -
Accum. depreciation-Equipment 12,200...
780 Words | 3 Pages
AP 15 Accounts Receivable And Sales
Form AP 15
Audit Program for Accounts Receivable and Sales
Legal Company Name Client:
Balance Sheet Date:
Instructions: The auditor should refer to the audit planning documentation to gain
an understanding of the financial reporting system and the planned extent of testing
for accounts receivable and sales. Modification to the auditing procedures listed below
may be necessary in order to achieve the audit objectives. [Note: Transfer of
receivables is not addressed in...
1,677 Words | 9 Pages
Pinnacle: Accounts Receivable and Master File
Pinnacle Manufacturing: Part V
A.B and C
|No. | Key Internal Control |Transaction Related Audit Objectives | Test of Control |Substantive Test of Transaction |
|1. |Segragation of the purchasing, receiving | Recorded cash payments are for goods and services actually |Adequate segragation of duties and |Trace the entries in the acquisitions journale to |
| |and cash payment...
811 Words | 5 Pages
Accounts Receivable and Debit Credit Balance
General Journal J1
Date Account Titles and Explanation Ref. Debit Credit
2014 Cash 101 20,000
May. 1 Common stock 311 20,000
(Issued shares of stock for cash)
3 Supplies 126 1,500
Accounts Payable 201...
385 Words | 4 Pages
Pinnacle: Accounts Receivable and Master File
Key Controls | Transaction-Related Audit Objective | Test of Control | Substantive Test of Transaction |
1. Segregation of the purchasing, receiving, and cash disbursements functions. | Job responsibilities are correctly divided amongst personnel (classification). | Employ different personnel and have sign offs to ensure that no one person is performing multiple functions to prevent any types of fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper...
1,166 Words | 5 Pages
Quiz: Accounts Receivable and Trial Balance
Instructions: This quiz consists of 3 problem sets. You will have one full hour for this test. Read each question carefully and answer what is being asked on the answer sheet.
Prepare an income statement, an owner's equity statement, and a balance sheet for the dental practice of Carl Craft, DDS, from the items listed below for the month of September.
Carl Craft, Capital, September 1 $40,000
Accounts payable 7,000
437 Words | 3 Pages
Accounts Receivable and Debt-to-equity Ratio
To: Audit partner
From: Sajan Shrestha (manager)
Subject: Identification of factors influencing risks and the relationship of risks to audit evidence
After performing preliminary analytical procedures and planning activities for Pinnacle Manufacturing, I have found several factors influencing inherent risks and acceptable audit risk. I have categorized the determinants of acceptable audit risk into three different factors: external users’ reliance on financial statements,...
1,251 Words | 5 Pages
Account Receivable and Dealer Information System
I- Project Context
Andi’s Fashion Boutique is a small shop that sells Fashionable clothes and retail shop. The Andi’s Fashion Boutique located at Sitio Tampoco Barangay Matatalaib in Tarlac City. The Area of Andi’s Fashion Boutique was in a public place at the front of the Magic Star grocery in Matatalaib Based. It was also a lots of different Business located near the Andi’s Fashion Boutique like Drugstore, Beauty Salon and Food House. It was the only boutique in...
5,415 Words | 16 Pages
Accounts Receivable and Tutor Marked Assignment
Bachelor’s Degree Programme (BDP)
Elective Course in Commerce ECO-02: ACCOUNTANCY–1
For July 2012 and January 2013 admission cycle
School of Management Studies Indira Gandhi National Open University Maidan Garhi, New Delhi-110 068
Elective Course in Commerce ECO-02: Accountancy–1 ASSIGNMENT – 2012-13
Dear Students, As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this Course. Assignment is given 30% weightage in the...
825 Words | 3 Pages
Accounts Receivable and Acceptable Audit Risk
1. Explain why decisions about acceptable audit risk, inherent risk, the preliminary judgement about materiality, and performance materiality should be made early in the audit during the planning phase.
The purpose of assessing risks early is to help auditor plan the audit by deciding which parts of the audit to emphasize and the extent of testing. It helps auditors to understand the nature, timing, extent of the accounts, therefore plan a right procedure and the appropriate evidence to...
468 Words | 2 Pages
Accounts Receivable and Balance Debit Credit
Recording Business Transactions
1. The three categories of the accounting equation are assets, liabilities, and equity. Assets include Cash, Accounts Receivable, Notes Receivable, Prepaid Expenses, Land, Building, Equipment, Furniture, and Fixtures. Liabilities include Accounts Payable, Notes Payable, Accrued Liability, and Unearned Revenue. Equity includes Owner’s Capital, Owner’s Withdrawals, Revenue, and Expenses.
2. Companies need a way to organize...
5,609 Words | 170 Pages
Receivables - 1382 Words
These represent amounts collectible from customers and others, most frequently arising from sales of merchandise, claims for money lent, or the performance of service. They may be interest bearing, collateralized, or billed.
1. Accounts Receivable
2. Notes Receivable
1. Advances to Officers and Employees, Affiliates and Others
2. Claims against Suppliers and...
1,382 Words | 6 Pages
receivables - 354 Words
The accounts receivable of FRANCO COMPANY were stated at P1,467,000 in a balance sheet submitted to a banker for credit. You are called upon to audit the report and, upon analysis, the asset was found to consist of the following items:
Due from customers on open account P 1,125,000
Acknowledged claim for damages 22,500
Due from consignee at billed price – cost price
being P22,500 30,000
Investment in and advances to affiliated company...
354 Words | 3 Pages
Receivables - 2040 Words
THEME: ACCOUNTS PAYABLE
By John W. Day, MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured, non-interest bearing current liability, owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month, perhaps you need to set up an accounts payable system. Some...
2,040 Words | 7 Pages
ACCOUNT - 559 Words
Goods/Stock purchased or sold being returned is quite a common practice in business.
This may be on account of a number of reasons like defects in goods, quality not matching the requirement for which the buyer purchased it, the buyer not needing the stock, etc.
This happens both in case of goods purchased as well as goods sold by the organisation.
Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"...
559 Words | 2 Pages
Account - 727 Words
Kudler Fine Foods initial business plan was to hire a consulting firm to assist in the selection and installation of a comprehensive Retail Management System (REMS). A consulting firm named Smith Consulting Firm was selected for the contract and after an in-depth analysis of the RMS; a modular and scalable RMS was selected. The REMS was installed in the first and subsequent Kudlers retail stores.
An accounting system is very important to a business because the company needs to know...
727 Words | 2 Pages
Accounting: Accounts Receivable and Straight-line Depreciation Method
Comprehensive Problem 1
c) Notes to the Financial Statements:
1. The company uses the straight-line depreciation method. The rental equipment is estimated to have a useful life of eight years. Thus, the monthly depreciation of the rental equipment is 240,000/96, or $2,500 per month.
2. The note payable to Rent-It is good for one year. $100,000 and the accumulated interest are due on November 30, 2012. The account payable for office supplies is due in thirty days, or January 2, 2012. The...
262 Words | 1 Page
account - 647 Words
The Accounting Cycle
Accounting Cycle is an accounting process that involve a series of procedures in collection, processing, and communication of financial information. There are 7 basis steps of accounting cycle which comprise of source documents, prima entry, ledger, draft trial balances & financial statement, adjustments, adjusted trial balance & financial statement and closing entries.
At first source documents, are things like invoice, credit note, debit note, cash...
647 Words | 2 Pages
The Best Ways to Prevent Overdue Accounts Receivable and Accounts Payable
The best way to prevent overdue accounts receivable is to ensure that all current debtors are current with their individual payments. This can be done in several ways. One option is to have the customer setup an auto payment plan, allowing the company to receive the monies owed automatically over a predetermined length of time. This method usually entails offering the customer a line of credit and is slowly gaining popularity. Another way is to have the customer pay for the entire amount at...
698 Words | 2 Pages
Accounts Receivable, Inventory, Long-lived Assets, Bonds
(Accounts Receivable, Inventory, Long-lived Assets, Bonds)
1. GNC has the following information regarding the inventory of its Super Mega, a multivitamins. Assume GNC uses periodic inventory system each quarter and FIFO.
a. On July 1, GNC had 200 bottles of Super Mega in stock. Each bottle costs $3.
b. On July 15, GNC purchased 5,000 bottles of Super Mega for $25,000 from a supplier, paid $10,000 in cash and the rest was on credit.
c. On August 15, GNC purchased another 1,000 bottles of...
1,121 Words | 6 Pages
Receivables Management - 18050 Words
1. EXECUTIVE SUMMARY :-
The project deals in “Account Receivable Management with reference to the study of Colorlines Clothing India Pvt. Ltd”. Receivable management is one of the most important aspects of the organization, as it deals with the management of the outstanding. The profit of the company mainly depends on the accounts receivables. Therefore it needs a careful analysis and proper management.
Debtors occupy an important position in the structure of current assets of a...
18,050 Words | 68 Pages
Cash And Receivables - 1647 Words
Practical Accounting 1
Cash and Receivables
Assume the following facts for Kurt Company: the month-end bank statement shows a balance
of P40,000: outstanding checks totaled P2,000; a deposit of P8,000 is in transit at month-end; and
a check for Pf400 was erroneously charged against the account by the bank. What is the correct
cash balance at the end of the month?
The August 31 bank statement of K, Inc. showed a balance of P113,000. Deduction in...
1,647 Words | 14 Pages
Receivables Management - 10040 Words
UNIFLEX CABLES LIMITED appointed interns to study the receivables position of their company. I was asked to analyze the data of the past six months starting from October’08 to March’09. I had to analyze the debtors’ payment pattern for that period and find out the reasons why there was a delay in receiving payments from the debtors’.
OBJECTIVE OF THE STUDY:
• Compare Actual Date of Receipt from customers with the Payment Due Date.
• Find out the number of days...
10,040 Words | 38 Pages
Receivable Management - 24363 Words
A PROJECT REPORT ON
A STUDY ON RECEIVABLE MANAGEMENT SYSTEM OF ONLINE ADVERTISING BUSINESS OF
TIMES INTERNET LIMITED
A report submitted towards the partial fulfillment of the requirement of the two years full time Post-graduate Diploma in Management
Submitted By: MINAKSHI GUPTA
POST GRADUATE DIPLOMA IN MANAGEMENT
Roll No: 2K81A56
PGDM GENERAL (2008-2010)
Asia Pacific Institute of Management
3 & 4 Institutional Area, Jasola, Sarita Vihar,...
24,363 Words | 234 Pages
receivables management - 10318 Words
1.1. INTRODUCTION TO THE STUDY
A sale of credit is an evitable necessity in the business world of today. No business can exist without selling the units in credit. The basic difference between the credit sales and cash sales is the time gap in the receipt of cash.
Management of trade credit is commonly known as Management of Receivables. Receivables are one of the three primary components of working...
10,318 Words | 49 Pages
Receivables Management - 9171 Words
A STUDY ON RECEIVABLE MANAGEMENT WITH SPECIAL REFERECEN TO CALTEX LUBRICANTS INDIA LIMITED CHENNAI
BY J. ELANGOVAN REG NO : 35103077
A PROJECT REPORT SUBMITTED TO THE SCHOOL OF MANAGEMENT In the FACULTY OF ENGINEERING & TECHNOLOGY
In Partial fulfillment of the requirements For the award of the degree Of MASTER OF BUSINESS ADMINISTRATION
SRM SCHOOL OF MANAGEMENT SRM INSTITUTE OF SCIENCE & TECHNOLOGY DEEMED UNIVERSITY KATTANKULATHUR – 603 302 APRIL – 2005
i BONAFIDE CERTIFICATE...
9,171 Words | 31 Pages
Notes Receivable - 349 Words
CHAPTER 7: NOTES RECEIVABLE
* Notes receivable are claims supported by formal promises to pay usually in the form of notes.
* A negotiable promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or fixed determinable future time a sum certain in money to order or to bearer.
* Maker is the one who writes the promissory note promising to pay another person, known as the payee, a definite sum of money.
349 Words | 2 Pages
THE ACCOUNTS DEPARTMENT2222 - 570 Words
THE ACCOUNTS DEPARTMENT
5.0 CPL was formerly part of the Ashstead Plc but was the subject of a management buyout (MBO) from its previous owners six year ago by five directors-Greg Pearce, Jane Yip, Ruth Jones, Ahmed Khan and Susan Marther. Ashstead and in the everything from brick of the butter and it 2005 when the initial decision was made to move the business model away from being a conglomerate. It was decision that lead to MBO to Chic Paints Limited.
5.1 In early April 2013, Jane Yip,...
570 Words | 2 Pages
Transactions(Account) - 21822 Words
ing)C H A P T E R
Analyzing and Recording Transactions
Vancouver, BC—Rethink Advertising’s unique approach to marketing has attracted clients that include A&W, A&P, B.C. Automobile Association, Okanagan Springs Brewery, MJB Coffee, and Maclean’s. The owners—Grais, Shepansky, and Staples—established Rethink in 1999 and the company has since grown to 30 employees. When it comes to accounting, the owners agree that the hands-on approach they each learned in...
21,822 Words | 101 Pages
finance and accounts - 2087 Words
ACCOUNTING COMPETENCY EXAM
The accounting process does not include:
all of the above
statement of owner’s equity
both b and c
all of the above
This account does not appear on the income statement:
Expenses can be found in the:
balance sheet and journals
balance sheet and income...
2,087 Words | 37 Pages
Publish Account - 258 Words
Published Accounts Practice Question 1
The following trial balance was extracted from the books of Eavis plc on 31 December 2009:
Provision for depreciation:
Rent receivable 100
Trade payables 738
Issued share capital:
Ordinary £1 shares 3,125
Preference shares (treated as equity) 625
Share premium 250
258 Words | 2 Pages
sba accounts - 259 Words
I would like to thank all those who assist me in completing this project. I thank my family
members who gave me the best encouragement throughout this exercise. Finally, special thanks
to my teacher Miss Moulton who guide me throughout the completion of this project.
The aims hoped to achieve are:
To allow for the application of accounting principles learnt.
To get a “hands on” experience in recording, analyzing, interpreting and communication accounting information....
259 Words | 2 Pages
Ledger Account - 1538 Words
(Also known as "T" Account and Account)
Having passed the double or journal entries, the next step is to post these double or journal entries into Ledger accounts. Ledger account or an account is simply the classification of double entries which we have made in General Journal or any other journal. In an account we bring together all similar entries in one place. For example a company has purchased goods on 4th and 7th January, we...
1,538 Words | 25 Pages
uncollectible accounts - 553 Words
November 17, 2014
Charity care in a health care environment gives patients reduced or even free services to those who have low incomes. The idea of charity care was associated to the way hospitals helped low- income families. The write-offs and potential costs that are provided to the patients are determined before anything is done. It is up to the discretion of the hospital if any or all...
553 Words | 2 Pages
Account Payable - 1083 Words
Perform accounting and clerical tasks related to the efficient maintenance and processing of accounts payable transactions.
Main Job Tasks and Responsibilities
▪ review invoices and check requests
▪ sort and match invoices and check requests
▪ set invoices up for payment
▪ process check requests
▪ prepare and process accounts payable checks, wire transfers and ACH payments
▪ reconciliation of payments...
1,083 Words | 5 Pages
Financial Accounts - 260 Words
a Stewart invested $100,000 and became the sole shareholder.
Assets + Expense = Liabilities + Incomes Asset named Cash Balance created and Liability Shareholder's Capital gets created
100000 + 0 = 100000 + 0
b Purchased inventory on account for $200,000.
Assets + Expense = Liabilities + Incomes Asset named Inventory created and Liability Vendor payable gets created
200000 + 0 = 200000 + 0
c Sold inventory for...
260 Words | 2 Pages
Account Balances - 495 Words
For many purposes, it is necessary to determine the balance in an account. This is accomplished by adding the debits, credits, and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely, an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as...
495 Words | 2 Pages
demat account - 950 Words
Q1.Explain process involved in opening demat a/c of any bank
In India, shares and securities are held electronically in a Dematerialized (or "Demat") account, instead of the investor taking physical possession of certificates. A Dematerialized account is opened by the investor while registering with an investment broker (or sub-broker). The Dematerialized account number is quoted for all transactions to enable electronic settlements of trades to take place. Every...
950 Words | 7 Pages
Chart of Accounts - 1768 Words
Assignment # 1
1. What is chart of accounts?
Chart of accounts (COA) is a list of the accounts used by an organization. The list can be numerical, alphabetic, or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements, profit and loss accounts followed by...
1,768 Words | 7 Pages
Account Titles - 1893 Words
The Chart of Accounts
The increases and decreases in accounting element as affected by a business transaction are recorded in a device called account name, account title or account. Each accounting element is composed of several accounts which describe the related economic transactions and events. To maintain uniform account name, the business must have a listing of all the accounts it uses to record economic transactions. This listing of all accounts is called “Chart of Accounts.”
1,893 Words | 8 Pages
Case Cash and Receivables - 1037 Words
Case Chapter 7 Cash and Receivables
1. Petty Cash (10 min.)
The petty cash fund of $200 for Walsh Company appeared as follows on December 31, 2008:
Petty cash vouchers
Freight in $21.40
Balloons for a special occasion 18.00
1. Prepare the journal entries required to establish the petty cash fund.
2. Prepare in general journal form the entry to replenish the fund.
3. On December 31, the office manager gives...
1,037 Words | 7 Pages
Receivables & Bank Reconciliation - 3068 Words
Introductory Financial Accounting
Lecture Week 5
Summer Semester 2014
At the end of the lecture, students should
Be able to apply the revenue recognition principle to determine the accepted
time to record sales revenue for typical retailers, wholesalers,
manufacturers and service companies.
To understand the recording and management implications of credit sales,
including the offering of sales discounts and...
3,068 Words | 47 Pages
Design a Proposal for Appropriate Controls to Cover Cash, Sales, Accounts Receivable, Inventory, and Production.
Controls for Outflows
November 12, 2012
Controls for Outflows
Small, midsized, and large businesses need effective controls to ensure that the business has the lowest risk rate possible. The lower the risk, the less likely that fraud would occur. In this analysis, Learning Team B will provide a proposal for appropriate controls to cover cash, sales, accounts receivable, inventory, and production. The team will discuss some prevention techniques to reduce these risks and make...
1,546 Words | 5 Pages
Receivables Turnover Ratio - 314 Words
Receivables Turnover Ratio interpretation
Receivables Turnover Ratio is one of the efficiency ratios and measures the number of times receivables are collected, on average, during the fiscal year. Receivables Turnover Ratio formula is:
Receivables Turnover Ratio formula
Receivables turnover ratio measures company's efficiency in collecting its sales on credit and collection policies. This ratio takes in consideration ONLY the credit sales. If the cash sales are included, the ratio will...
314 Words | 2 Pages
Selling and Collection of Receivables - 464 Words
The ability to sell inventory and collect receivables is critical. In this topic, we discuss three ratios that measure this ability. Inventory Turnover. Companies generally strive to sell their inventory as quickly as possible. The faster inventory sells, the sooner cash comes in. Inventory turnover, measures the number of times a company sells its average level of inventory during a year. A fast turnover indicates ease in selling inventory; a low turnover indicates difficulty. A value of 6...
464 Words | 2 Pages
Introduction for Receivables Management - 393 Words
Trade credit arises when a firm sells its products or services as credit and does not received cash immediately. It is an essential marketing tool, acting as a bridge for the movement of goods through production and distribution stages to customers. A firm grants trade credit to protect its sales from the competitors and to attract the potential customers to buy its products at favourable terms. Trade credit creates accounts receivable or trade debtors that the firm is expected...
393 Words | 2 Pages
Pearson Accounts Receveible - 1167 Words
Headquartered in London, England, Pearson is an international company with businesses in education, business information and consumer publishing. Pearson education operations provide learning materials, technologies, assessments and services to educational institutions, corporations and professional organizations, as well as to teachers and students of all ages. In its business information division, Pearson operates FT Publishing, which includes the Financial Times, FT. com and a range of...
1,167 Words | 5 Pages
Sample Chart of Accounts - 1100 Words
This is a partial listing of another sample chart of accounts. Note that each account is assigned a three-digit number followed by the account name. The first digit of the number signifies if it is an asset, liability, etc. For example, if the first digit is a "1" it is an asset, if the first digit is a "3" it is a revenue account, etc. The company decided to include a column to indicate whether a debit or credit will increase the amount in the account. This sample chart of accounts also...
1,100 Words | 7 Pages
Introduction to Control Accounts - 1630 Words
Introduction to Control Accounts
• Trade receivables are reported as a current asset and trade payables are reported as current liability in the balance sheet at the end of an accounting period.
• It is important, therefore, that a business taken steps to ensure the accuracy of these figures.
• One such step is the preparation of Control account to confirm that the total of the sales ledger balances and the total of the purchases ledger balances are accurate
What is Control...
1,630 Words | 8 Pages
Control Accounts and Its Uses
CONTROL ACCOUNTS AND ITS USES
INTRODUCTION: As the business grows in size, more than one ledger is required for recording its transactions which have also expanded with the business. Since the bulk of the entries are made in the accounts of debtors and creditors, these two classes of accounts are taken out of the General Ledger and put in separate ledgers - the Sales Ledger for debtors' accounts and the Purchases Ledger for creditors' accounts. There may be more than three ledgers but for...
2,351 Words | 7 Pages
Consolidated Accounts Balance Sheet
Consolidated Accounts Balance Sheet
• Home Page»
• Business & Economy»
Consolidated Accounts Balance Sheet
UNIT 3: CONSOLIDATED BALANCE SHEET
Definition of a Group
Under IAS 27 Consolidated and Separate Financial Statements, a group exists where one enterprise (the parent) controls, either directly or indirectly, another enterprise (the subsidiary). A group consists of a parent and its subsidiaries.
Definition of Control
Under IFRS 3 Business Combinations,...
345 Words | 3 Pages
Preventing Over Due Accounts
1. Watch for new customers with a bad credit history. You can't expect that a company or a person with a history of bouncing checks or paying their bills late will change their ways when dealing with you. If you must do business with the chronically late, lay down your credit rules early and firmly and start the relationship off slowly. Keep the amount of product or services you offer a company with an iffy credit record to a minimum until they've proven themselves. And no matter how much you...
854 Words | 3 Pages
Chart of Accounts Merchandising Company
Nature of Merchandising Business
• Revenue activities of a merchandising business involve the buying and selling of merchandise. They purchase merchandise which is resold to customers.
• Comparison to Service Business
|Service Business |Merchandising Business |
|Fees earned |Sales...
1,748 Words | 17 Pages
Balance Sheet Ledger Accounts
Company A was incorporated on January 1, 2010 with an initial capital of 5,000 shares of common stock having $20 par value. During the first month of its operations, the company engaged in following transactions:
An amount of $36,000 was paid as advance rent for three months.
Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was recognized as a one year note payable with interest rate of 9%.
1,563 Words | 13 Pages
Receivable Management in Indian Automaker Space
RECEIVABLE MANAGEMENT OF INDIAN AUTOMAKERS IN A REVIVED SCENARIO
*P.Nageswari, ** E.Bennet, *** Dr.M. Selvam Abstract January 2010 marks a milestone in the automotive journey of the country with Maruthi Suzuki, Tata Motors, Mahindra & Mahindra and General Motors India reporting their highest ever monthly sales. A firm’s profitability is determined partly by way of its working capital management. An efficient management of working capital will yield significant results and its neglect can be...
5,412 Words | 17 Pages
Accounting: How To Reconcile An Account?
How do I reconcile an account?
Tuesday, August 31, 2010 at 5:58AM
Steven Bragg in Bookkeeping
When you reconcile an account, you are proving that the transactions comprising the account balance are correct. This means you can prove one of two assertions:
* That the transactions included in a revenue, expense, gain, or loss account belong in that account, and so should not be...
451 Words | 2 Pages