The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
Information may be updated at any time so long as the customer is able to provide their Customer ID, AccNumber and Password. Along with the customer registration form, an addition form is also filled in to start the billing of the account which is shown in figure 2. This form records the typing of billing whether paper or email, payment method, Billing Address, etc. A Customer representative is responsible for logging both the ARF and billing form into the system so that account expenses can be calculated and billing to each account maybe added accordingly. Every month after billing cycle, a billing report of all expenses of each account is created and delivered to the DT Head office to be analysed, after that, the billing report is separated into the individual invoices where it is sent off to each customer depending on their billing method and delivery method.
It is the responsibility of Retail Banking to ensure that payment for expense is processed in the first instance and that secondly an adjustment allocation is charged back to both Commercial Banking and Financial Planning cost centres for the expense. The cost allocation basis that is utilised is calculated on the amount of floor space that is allocated to each department which also has a direct correlation to the number of full time equivalent staff. The cost allocation is agreed prior to each financial year by the stakeholders namely the Heads of Retail Banking, Commercial Banking and Financial Planning and is reviewed annually. Once agreement has been reached the outcome is communicated to relevant parties prior to the reporting period. The allocation of space and staff numbers for the reporting period 1st July 2013 to 30th June 2014 are detailed below.
Financial Reporting Problem - Part II ACC/290 Abstract This week’s essay is a continuation of last week’s topic: Financial Reporting of Wal-Mart Corporation. The topics covered will analyze the information contained in Wal-Mart’s balance sheet and income statement and discuss Wal-Mart’s assets listed under the company’s current assets list and whether or not they them in the proper order. Also covered is how these assets get classified. Breaking down these documents into the cash equivalents, the company’s total current liabilities at the end of its most recent annual reporting period compared to their total current liabilities at the end of the previous annual reporting period. By placing further consideration on
Cash flows statement is a summary pertaining to cash flow and outflows in detail of specific transactions within time periods. Classifying Transactions An individual account requires that either a debit or credit is recorded for each accounting transaction. Each
Executive Summary Ashley Gould, Sabrina Mcmiller, Rick Lopez, Letitia Miller ACC/280 September 13, 2011 Aaron Mitchell Executive Summary Introduction An executive summary is based upon organization of information provided from data gained in a company. PepsiCo is the company chosen to summarize. The data gathered is from the most recent annual reports found within the 2011 year. This data was broken down into 14 different parts where we identified much of the most important information gathered in different sheets used in the accounting departments. The basis from our information comes from the balance sheet, income statement sheet, and the cash flow statement sheet.
MULTIPLE CHOICE 1. In the accounting cycle, the last step is a. preparing the financial statements b. journalizing and posting the adjusting entries c. preparing a post-closing trial balance d. journalizing and posting the closing entries ANS: C DIF: Moderate OBJ: 04-01 NAT: AACSB Analytic | AICPA FN-Measurement 2. Which one of the following is not a difference between a retail business and a service business? a. in what is sold b. the inclusion of gross profit in the income statement c. accounting equation d. merchandise inventory included in the balance sheet ANS: C DIF: Moderate OBJ: 05-01 NAT: AACSB Analytic | AICPA BB-Industry 3. Net income plus operating expenses is equal to a. cost of merchandise sold b. cost
ACCT 304 Week 1 to 7 Quizzes Click Link Below To Buy: http://hwcampus.com/shop/acct-304-week-1-7-quizzes/ Question 1. Question : (TCO 1) Which of the following has the authority to set accounting standards in the United States? FASB IRS SEC AICPA : 1 Question 2. Question : (TCO 2) SFAC No.5 focuses on: objectives of financial reporting. qualitative characteristics of accounting information.
Hazard, incident and injury reports * Check reporting within 24 hours of occurrence or observation. * Check corrective actions are submitted (where relevant) within one week of notification. * Check corrective actions are completed on time and closed in RiskWare. 3. Emergency preparedness * Allocate responsibility for coordinating emergency response.
Moreover, Small Fries Inc. should not report the repairs and maintenance in their balance sheet as aggregate cost but instead designated the expense to each facility as each expense is incurred. According to 210-10-S99 SEC materials, Accumulated depreciation, depletion, and amortization of property, plant and equipment. The amount is to be set forth separately in the balance sheet or in a note thereto. It should be recorded in the year when it is happening and make notes to the financial statement to that