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?
4. (TCO 6) Discuss the role of intermediaries in B2B. Distinguish between buy-side and sell-side intermediaries. (Points : 35) The major role of intermediaries in B2B transactions is to make sure that buy-side and sell-side conditionals coincide. Buy-side transactions focus on one buyer purchasing goods/services from many different sellers.
The income statements of service business normally have separate sections for operating revenues, operating expenses, and other income (expenses). In contrast, those of retailers, wholesalers, and manufacturers disclose sales revenue, followed immediately by cost of goods sold and gross margin. Operating expenses are listed next followed by other income (expenses). 4. The basic difference falls in the area of inventory.
The next is the order line table. In this table are details on items appearing on the order. With every order, there is an order line. This order line referenced the description, quantity and price of an item being purchased. This is the detailing part of items ordered.
The external source documentation can serve as the confirmation of the internal documentation. 7-28 1. Review the accounts receivable with the credit manager to evaluate their collectability. Inquiries of the client. 2. Compare a duplicate sales invoice with the sales journal for customer name and amount.
Department managers are responsible for maintaining inventory levels, forecasting sales, and obtaining the best prices and quality of the products. Department managers rely on historical sales data to determine what their future sales will be as well as inventory forecasting. The director of administration and human resources is responsible for ensuring that the stores employee a diverse staff, by ensuring the staff is diverse this helps ensure the products offered are catered to a diverse clientele. Kudlers Fine Foods uses an outside accounting to ensure that accounting practices fall within federal guidelines. They also have a lawyer on retainer for legal advice if
The organizational structure used in Huffman trucking company is a functional structure because the company has certain tasks for certain departments. Huffman Trucking is also a producer of services and has stations nationwide with locations in Cleveland, Las Angeles, Bayonne, and St. Louis so the functional structure works more in their favor. Within the business, people are being organized or assigned duties and are to be reporting to a supervisor. With the organized departments of the business, more specialized people can be utilized in their areas of expertise. For instance in the business, there is an accountant and finance department, within that department people are organized into categories such as: accounts receivables, payables, costs, financial analyst, and an accountant analysis.
6. Customer receives products from the store in exchange for money 2 a) List the specific items of information that are usually gathered at the POS (Point of Sale terminal or cash register) and recorded when a customer checks out (excluding obtaining the identity of the customer which is covered in Q3)? Transactional Information * Transaction number * POS transaction ID * Payment method (credit/debit/cash) * Purchase date and time * Purchase receipt Product Information * Kind of product (Apparel/Equipment) * Size of the Apparel * ID of the product * Price of the product * Brand of the product Staff Information * Name of vendor * Vendor ID * Rank of the staff member * Department that the staff member is allocated to b) What are two important uses of this information at the store by the technician and by headquarters management – a total of four uses? (use a table) (It is important that you give different responses/uses for store manager and HQ) Uses of Information by Store Manager | Uses of Information by Management at HQ | * Depending on the product information the store manager is able to identify which products are sold more often and which are remaining in inventory. This
P1 – Describe the structure and organisation of the retail sector Organisation What is retailing? Retailers provide a service to customers at a profit. They are able to do so since the aspects of retailing – operating from an appropriate location, offering attractive product assortments, ensuring enough stock is available to meet demand – add value to the products bought from suppliers and eventually sold to customers. Retailers cut their bulk deliveries from suppliers so individual customers can buy the quantity they require – very often a single item. Different types of stores: Type of retailer | Example | Department Stores | John Lewis Partnership, Debenhams, House of Fraser | Multiple Chain | WHSmith, Mothercare, Boots the Chemist | Independents | Spar, Londis | Supermarkets | Sainsbury’s, Tescos, Morrisons | Specialist Outlets | PC World, Waterstones | Catalogue Stores | Argos | Membership Clubs | Matalan | Discount Stores | Superdrug, Currys | Internet Stores | Amazon | Internet Auction | eBay | Emerging Stores – Hybrid Stores A Hybrid Store is a shop which has another store usually a franchise within the store for example, in the UK and there is a Waterstones with a Costa Coffee within the shop.
The first function starts when the source of the supply is transferred to the producers of the product for the transformation process. Once the producers are finished, a distributor then process orders and prepares items for shipment after a review from the retailer. Retailers then receive the orders placed to put into inventory so that the consumers are able to purchase product. The order processing and management category is designed to offer consistent, objective and auditable inventory assessments for financial reporting purposes for the retailers to be able to compete in labor-intensive industries nationally, customary costing approaches help generate the most accurate collective values for the cost of goods sold and ending inventories (Lockarmy III & Smith,