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?
It shows all costs and all revenues, divided into several categories. Monitoring the flow of funds is relation of the monitoring of changes in assets and liabilities, with the balance of cash flows for the everyday, conditioned state assets and liabilities of the past days and balance of planned giving and receiving days. Cash flow statement shows cash flows from operating activities, investing activities and financing activities. Company’s ability to generate cash is the most important indicator of its success. The main purpose of the cash flow statement is to allow external users to assess the solvency and profitability of the company, to ensure the safety of their investment decisions.
-Financial management ensures that a business is monitoring their finances. Financial management involves setting budgets and ensuring that departments remain on budget throughout the year. - The financial manager or credit controller There are several ways organisations maintain financial records. They include manual systems (hard copy) and computer-based (electronic) systems. How do computer and manual systems operate?
Which accounts have debit or credit balances. 4. The difference between cash-basis versus accrual-basis of accounting. 5. The meaning and implications of using FIFO, LIFO, and weighted average cost-flow assumptions.
The Reserve Bank planning and budget process provides a similar level of review and oversight for the Reserve Banks. On an annual basis, the Reserve Bank budgets are considered by the Board following review by the Committee on Federal Reserve Bank Affairs. .Staff of the Division of Reserve Bank Operations and Payment Systems support the Committee. Planning Background In 2001, working with the management of each division, the Staff Planning Group identified several ongoing trends that are reflected in this strategic plan: 1. consolidation, deregulation, and globalization trends, as well as creation
The description for this position is, Accountants within Fairway Management apply the principles of accounting in analyzing financial information for a portfolio of Fairway managed entities in order to prepare monthly financial statements. They prepare financial reports that are required by management and legal mandates for current reporting and future projections. Accountants also maintain and update records used in the financial management of the business. The responsibilities for this job are Preparing monthly financial statements for a portfolio of FWM properties according to established policy and procedures. Review financial summary reports and other reports as needed to accompany monthly financial statements.
Being with the company y for almost a year I can see the roles of a District Manager all the way down to my level as a Customer Service and Sales representative. The company acts not just as a bank but as a financial institution being able to serve almost all customers needs such a banking, insurance, credit, mortgages, loans, and more. Each individual from Tellers to CSSR’s to personal bankers and so are responsible for ensuring that customers know of all of their services that the bank offers and offering it to them as needed. The management team at the store level consisting of a store manager and a service manager are responsible that the sales of products and services are occurring when needed on every customer interaction whether it is form a teller or a CSSR or a personal
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
Extra observance by the internal auditor is given to payroll to maintain integrity in the transfer of funds to the general account to cover payroll expense. Payroll is authorized and collected through a time clock and authorized by supervisors. Personnel approve all new hires and payroll changes. After funds have been transferred from the general account to the employees’ account by electronic fund transfer, Mary Costain, the treasurer, compares the payroll register with the transfer
7. Derive the projected statement of cash flows from the projected income statement and the changes in the projected balance sheet amounts. Practical tips for implementing the seven-step forecasting fame