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?
New York: McGraw-Hill Company. Retrieved February 1, 2009 from University of Phoenix, Resource MBA/502 Managing the Business Enterprise. Turban Efriam, Rainer, Kelly R. & Potter, Richard E. (2003). Introduction to Information Technology. [University of Phoenix Custom Edition E-Text].
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. From here, customers are able to make payments to their bill which gets deducted on the
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. This projection can be made for the entire period covered by the business plan but because the date from it is used for making the Balance sheet it is recommended to go gradually year by
BUS 620 Week 4 DQ 1 Purchase here http://chosecourses.com/BUS%20620%20/bus-620-week-4-dq-1 Description This paperwork of BUS 620 Week 4 DQ 1 shows the solution to the following point: The Role of Pricing Mohammed, R. (2012). J.C. Penney’s risky new pricing strategy. Harvard Business Review. Retrieved from ProQuest. Review the article: Is your own buying behavior influenced by coupons and sales?
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.
This essay analyzed the information contained in Wal-Mart’s balance sheet and income statement and determined that the assets listed under the company’s current assets list were listed in the proper order. Also contained in this essay is how these assets are classified and how they are separated into the cash and cash equivalents. A comparison of the company’s total current liabilities at the end of its most recent annual reporting period with the total current liabilities at the end of the previous annual reporting period showed the continued growth of Wal-Mart. Finally, attention was placed on all the information within these documents and shown how this information is utilized by potential creditors, current investors, and prospective employees to seek out opportunities within the Wal-Mart
The risk of bad debts must be minimised to enable the company to carry on being profitable. The directors are very aware of the need for computer security and all IT systems are backed up twice each day and passwords are changed every three months. After a thorough review of the credit control function there are a number of weaknesses that have been recognised. Computer System The computer system that is used at the moment is not fit for purpose as the data has to be transferred manually each month causing extra work and a greater risk of error during the transfer. The staff are spending a lot of time each month transferring data in order to be able to produce the financial reports needed.
Retrieved from http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175820927509&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007). Intermediate accounting (12th ed.). Retrieved from The University of Phoenix eBook Collection. Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2005). Financial accounting theory and analyses.
Whitbread PLC is led by a chief executive officer, along with the Group Finance Director and the Company Secretary they form the Main Board Committee, which in addition to the non-executives of the Board, form the ultimate decision making authority within the management structure. Reference: http://www.whitbread.co.uk/ Profit and Loss account A profit and loss account shows how much profit or loss that a business has made over a reported period of time. It measures a company’s sales revenue and expenses over a period, providing a calculation of profits and losses during that time. The uses of a profit and loss account The main use of a profit and loss account