If sufficient funds are available in the account money is to be transferred from and the customer is authorized to transfer funds to the selected account, the changes to the account balances will be made and the transaction will be complete and the ATM card returned to the customer. If there are not sufficient funds in the account that the transfer is coming from then the customer will be notified and requested to select another amount. If the customer is not authorized to transfer funds to the specified account they will be notified and
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?
The year-end bank reconciliations are usually extensive audit and using analytical procedures are test for reasonableness of cash balances. Auditor will compare ending balances on bank reconciliation, deposits, any outstanding checks, and other reconciliation items. In order to audit any cash in the bank, the
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
This process requires some familiarity with the Debtor form, to access the Contact form, and with reports and letters, knowing which letter to schedule. There are many different kinds of Contacts that may be scheduled to create an event on an account. They deal with all the types of interactions you may have with a debtor. Some very common examples are a Letter, a Review, a Promise to pay, and a Phone call. From the Contact form, press F1 to see a complete description of each of the types of contacts you can schedule.
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.
Review cash receipts and disbursements for large changes or unusual amounts All notes are recorded? Account for sequence of notes Trace from note reports and interest payable to the journal Recalculate the interest for accuracy and trace to journal to ensure recorded
Record on daily cash and sales report. b. Remove the cash register tape. c. Reconcile the tape to the cash in the drawer, and investigate any differences. d. Remit the tape and the cash to central office.
B2 – Describe the information which needs to be shown on an employee pay slip The information on the pay slip keeps records for three different parties; the tax office, the company or employer, the employee being paid. The date This is the date the finances should be credited into the designated bank account. This is usually made by BACS transfer, although employee could also be paid in cash or by Cheque. Employee personal information The name of the employee being paid and sometimes a home address will be included on the payslip. National Insurance Every Employee should have an NI number to work in the UK.
Find the difference 3. Cutoff Each cash receipt should be entered in the cash Trace recorded cash receipts at the end of receipts journal the day it arrived. Cash receipts Financial statements period and at the cutoff should be internally verified. beginning of the next period to bank deposits on the bank statement 4. Realizable value Cash receipts records should be internally verified Evaluate whether the allowance is adequate With Prelisting of cash receipts including consideration of the