12.6. Create a questionnaire checklist that can be used to evaluate controls for each of the four basic activities in the revenue cycle (sales order entry, shipping, billing, and cash collections). A.) For each control issue, write a Yes/No question such that a “No” answer represents a control weakness. For example, one question might be, “Are customer credit limits set and modified by a credit manager with no sales responsibility?” B.)
* c. The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the * (1) human resource function from the controllership function. * (2) administrative controls from the internal accounting controls. * (3) authorization of transactions from the custody of related assets. * (4) operational responsibility from the record-keeping responsibility. 20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of transactions procedures often
Identify four main points that would be included in a contract of employment. If possible, use an example contract to support your answer (feel free to obscure any confidential information). • Employers name • Employees name • Salary • Date of commencement of work 2a) List three key points of legislation that affect employers in a business environment. • Health and safety • Data Protection • Pay and pensions 2b) List three key points of legislation that affect employees in a business environment. • Pay • Pensions • Employment rights and responsibilities 3.
The existence assertion is to make sure that the client and accounts exist, the completeness is to make sure that all of the balances are recorded, and the valuation is to make sure that the balances are recorded at the correct amount. It is important that the auditor obtains a confirmation from a third party for the information in accounts receivables. After communicating and obtaining the information, the auditor is to evaluate the information (SAS No. 67, AU Section 330.11). The audit objectives auditors use to perform year-end sales cutoff tests are to determine if the information they obtained by the confirmation reduces the audit risk level.
Inquire of Apollo management about the existence of new leases during the year. | | | Completeness 1. Examine receiving reports. Determine that all items have been recorded in the correct time period (Rittenberg, Johnstone, & Gramling, 2010); 2. Examine vendor’s invoices of closely related accounts such as repair and maintenance account, as well as the lease expense account, to determine whether some items should have been capitalized; 3. Review lease and rental agreements.
In the accrual basis method, transactions are always recorded immediately. This is true even for transactions where cash is not received or paid right away. In some businesses, supplies are bought or sales are made on credit. Sales made on credit typically are entered into an accounts receivable (when cash is owed to the company) or into an accounts payable (when cash is owed by the company). The accrual method works best for these businesses because revenues and expenses can be balanced at the end of every reporting period.
Section 1 – Know the employment rights and responsibilities of the employee and employer 1. Identify four main points that would be included in a contract of employment. If possible, use an example contract to support your answer (feel free to obscure any confidential information). Company name and place of work For example: Asda, Newgate lane Pay rate and hours worked for example: £6.80 p/h 20 hours p/w Holiday entitlement and sick leave Confidentiality and disciplinary procedures 2a) List three key points of legislation that affect employers in a business environment. Health and safety Data protection pay 2b) List three key points of legislation that affect employees in a business environment.
Identify four main points that would be included in a contract of employment. If possible, use an example contract to support your answer (feel free to obscure any confidential information). Both parties full names Job Title Duties and responsibilities Hours of work 2a) List three key points of legislation that affect employers in a business environment. Pay and pensions Health and safety Data protection 2b) List three key points of legislation that affect employees in a business environment. Employment rights and responsibilities pension rights pay rights 3.
Level 2 Certificate in Principles of Business and Administration Unit one: Principles of personal responsibilities and working in a business environment Section 1: Rights and responsibilities at work 1. Identify four main points that would be included in a contract of employment. If possible, use an example contract to support your answer (feel free to obscure any confidential information). [1.1] Four main points that would appear in a contract of employment are: 1. Name of the employer and the employee 2.
The vertical analysis of the income statement reports amounts as a percentage of sales. The restated amounts are known as a common-size income statement, horizontal analysis concentrate more on the reported numbers on the financial statements over the past years. The Balance Sheet and the Statement of Income are very important, but they don’t provide enough information for a financial management. The Ratio Analysis in financial statements is to analyze progress of the business. Ratio Analysis enables managers to compare its performance and condition with the average performance of similar businesses in the same industry.