...Bank Accounting (FI-BL) Release 4.6C HELP.FIBL Bank Accounting (FI-BL) SAP AG Copyright © Copyright 2001 SAP AG. All rights reserved. No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP AG. The information contained herein may be changed without prior notice. Some software products marketed by SAP AG and its distributors contain proprietary software components of other software vendors. Microsoft , WINDOWS , NT , EXCEL , Word , PowerPoint and SQL Server are registered trademarks of Microsoft Corporation. IBM , DB2 , OS/2 , DB2/6000 , Parallel Sysplex , MVS/ESA , RS/6000 , AIX , S/390 , ® ® ® AS/400 , OS/390 , and OS/400 are registered trademarks of IBM Corporation. ORACLE is a registered trademark of ORACLE Corporation. INFORMIX -OnLine for SAP and Informix Dynamic Server Informix Software Incorporated. ® ® ® ® ® ® TM ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® are registered trademarks of UNIX , X/Open , OSF/1 , and Motif are registered trademarks of the Open Group. HTML, DHTML, XML, XHTML are trademarks or registered trademarks of W3C , World Wide Web Consortium, Massachusetts Institute of Technology. JAVA is a registered trademark of Sun Microsystems, Inc. JAVASCRIPT is a registered trademark of Sun Microsystems, Inc., used under license for technology invented and implemented by Netscape. SAP, SAP Logo, R/2, RIVA, R/3, ABAP, SAP ArchiveLink, SAP Business Workflow, WebFlow, SAP EarlyWatch...
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...Exercise 7-6 (Part level Submission) | | Gomes Company uses special journals and a general journal. The following transactions occurred during September 2014. Sept. 2 | | Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30. The cost of the merchandise sold was $420. | 10 | | Purchased merchandise on account from A. Pagan $650, terms 2/10, n/30. | 12 | | Purchased office equipment on account from R. Cairo $6,500. | 21 | | Sold merchandise on account to G. Holliday, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480. | 25 | | Purchased merchandise on account from D. Downs $860, terms n/30. | 27 | | Sold merchandise to S. Miller for $700 cash. The cost of the merchandise sold was $400. | Exercise 7-6 (Part level Submission) Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) GOMES COMPANY Sales Journal | | | | | S1 | Date | Account Debited | Invoice No. | Ref | Accounts Receivable Dr. Sales Revenue Cr. | Cost of Goods Sold Dr. Inventory Cr. | 2014 | | | | | | res_EAT_1354683923723_0_07795340332621592_002 | res_EAT_1354683923723_0_07795340332621592_009 | res_EAT_1354683923723_0_07795340332621592_015 | | 620 | 420 | res_EAT_1354683923723_0_07795340332621592_025 | res_EAT_1354683923723_0_07795340332621592_030 | res_EAT_1354683923723_0_07795340332621592_036 | | 800 |...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 609–618 American Accounting Association DOI: 10.2308/iace-50029 A Series of Revenue Recognition Research Cases Using the Codification R. Mark Alford, Teresa M. DiMattia, Nancy T. Hill, and Kevin T. Stevens ABSTRACT: This series of four short cases is designed to help students develop the skills to research the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification and other authoritative literature. It also is designed to help improve students’ ability to analyze and critique the complex issues that often surround the accounting for revenue recognition. The case scenarios describe transactions in which students must decide whether, when, and how much revenue to recognize. The issues analyzed involve bill-and-hold, multiple-element arrangements, gross versus net revenue reporting, and sales incentives. The cases are also designed to improve teamwork and communication skills. The sequence of cases is intended for use in an intermediate accounting class that covers revenue recognition, or in a capstone class that emphasizes critical thinking and research skills. Keywords: revenue; recognition; codification; research. INTRODUCTION evenue recognition is one of the top causes for financial statement restatements (Whitehouse 2010). In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment...
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...TO: Wendy Geiger FROM: Erik D Vazquez, President Vazquez & Sons Accounting, Analysis Department SUBJECT: Recommendation for Alternative Accounting Practices DATE: April 24, 2012 The Accounting Analysis department of Vazquez & Sons has come up with an alternative method for consideration in reference to Wendy Geiger’s accounting methods. This department would recommend that Wendy Geiger incorporate special journals into the business that would consist of a Sales Journal, Purchase Journal, Cash Payment Journal, and Cash Receipts Journal. Use of these Journals would expedite the amount of time it requires to record all sales on account, all purchases made on account, all disbursements of cash, and all receipts of cash. Having the option of only writing the amounts in these types of Journals will alleviate writing the specific account name every time as required by the current practice of using the general journal entry process. Furthermore, only the amounts will have to be recorded which will also save valuable time that is needed for other duties and responsibilities. With this system of special journals incorporated as the standard, it will not require posting to the general ledger separately which results in the amount columns being totaled at the end of the business day and then posted to the general ledger. We would hope that strong consideration is given to this alternative method due to the fact your company has seen a substantial increase in...
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...entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13. Under the double-entry system, revenues must always equal expenses. 14. Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts. 15. Business documents can provide evidence that a transaction has occurred. 16. Each...
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...Review: Key Research Sources Journal of Cotemporary Accounting and Economics The Journal of Contemporary Accounting & Economics is committed to issuing high quality manuscripts that thoroughly apply economics and legal theory to accounting and auditing with an emphasis on realistic research. Although there is a special focus on issues relevant to the Asia-Pacific region, the Journal of Contemporary Accounting & Economics also encourage proposals from countries outside the Asia-Pacific region in the following major areas associated with accounting and auditing issues: financial contracts, corporate governance, capital markets, financial institutions and economics of organizations. The International Journal of Accounting The journal assists in the comprehension of the present and potential capability of accounting to support in the recording and understanding of international economic transactions. These transactions may be within a profit or nonprofit environment. The journal purposely encourages an extensive view of the origins and development of accounting with an emphasis on its functions in an increasingly interdependent global economy, and uses relevant documentation that helps explain current international accounting practices, with related theoretical justifications, and identify issues of current practice. Accounting, Organizations and Society Accounting, Organizations & Society is a major international journal that focuses on all aspects of the...
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...entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13. Under the double-entry system, revenues must always equal expenses. 14. Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts. 15. Business documents can provide evidence that a transaction has occurred. 16. Each...
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...Gregory S., and V.G. Narayanan. "Accounting Standards and the Globalisation of Indian Businesses." The Chartered Accountant (July 2005): 50-52. Narayanan, V.G., Ananth Raman, and J. Singh. "Agency Costs in a Supply Chain with Demand Uncertainty and Price Competition." Management Science 51, no. 1 (January 2005). Narayanan, V.G., and Ananth Raman. "Aligning Incentives in Supply Chains." Harvard Business Review 82, no. 11 (November 2004). Kraiselburd, Santiago, V.G. Narayanan, and Ananth Raman. "Contracting in a Supply Chain with Stochastic Demand and Substitute Products." Production and Operations Management Journal 13, no. 1 (spring 2004). Narayanan, V.G. "Activity Based Pricing in a Monopoly." Journal of Accounting Research 41, no. 3 (June 2003): 473:502. Narayanan, V.G., and Lisa Brem. "Case Study: Customer Profitability and Customer Relationship Management at RBC Financial Group." Journal of Interactive Marketing 16, no. 3 (summer 2002): 76-98. Narayanan, V.G., and Steven Huddart. "An Empirical Investigation of Tax Factors and Mutual Funds' Stock Sales Decisions." Review of Accounting Studies 7, nos. 2-3 (June-September 2002): 319-341. Narayanan, V.G., and Ratna G. Sarkar. "The Impact of Activity-Based Costing on Managerial Decisions at Insteel Industries - A Field Study." Journal of Economics & Management Strategy 11, no. 2 (summer 2001). Kaplan, Robert S., and V.G. Narayanan. "Measuring and Managing Customer Profitability." Journal of Cost Management (September/October...
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...Subsidiary Ledgers and Special Journals In accounting, every journal has its separate place. There are four special journals in accounting that has special advantage. These journals are sales journal, cash receipts journal, purchases journal, and payments journal. The sales journal secures all transactions that belong to sales for the business. This includes sales of possessions and the service provided by a business. The sales journal produces a thorough image of the history of all sales for the establishment and reveals the activity in a consecutive manner that allows for an easier way to examine the data. The Cash Receipts Journal secures all items that contain a receipt of funds, which includes cash sales for goods and collections of accounts receivables. The sales, Receipts, and Purchases journals decrease the number of items recorded to the General Ledger. The Purchase Journal contains each purchase of goods for an industry. The journal entry debits products or supplies and credits accounts payable for supplier. This journal includes all the debits that are combined for each period for the General Ledger. This allows for the Purchase Journal to act as the sole source of detailed information about purchases. The Cash Payment Journal includes disbursements and also followed by pre-numbered system of checks. This journal also keeps the General Ledger clean and free of untidiness and acts as the only source for the payment made by the...
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...history of American capitalism and had a major impact on financial markets by causing significant losses to investors. Enron was a company ranked by Fortune as the most innovative company in the United States; it exemplified the transition from the production to the knowledge economy. Many lessons can we learn from its collapse. In this paper we present an analysis of the factors that contributed to Enron’s rise and failure, underlying the role that energy deregulation and manipulation of financial statements played on Enron’s demise. We summarize some lessons that can be learned in order to prevent another Enron and restore confidence in the financial markets, as well as in the accounting and auditing professions. Keywords: Enron, Corporate Ethics, Corporate Bankruptcy, Creative Accounting. Introduction T he rise and fall of high profile businesses like Enron, WorldCom, Parmlat and Tyco has been a subject of great debate and research among regulators, investors, government and academics in the recent years. Enron, for one, was the greatest failure *Professor-investigator Florida International University. E-mail:Elisa Moncarz: moncarze@fiu.edu Raúl Moncarz: moncarzr@fiu.edu **Professor-investigator Facultad de Química, Universidad Nacional Autónoma de México. E-mail: acr2001mx@yahoo.com.mx ***Professor-investigator U. S. Department of Commerce, Bureau of the Census. E-mail:moncarzb@hotmail.com No. 218, enero-abril 2006 Elisa S....
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...BAO1107 Accounting Information System School of Accounting & Finance Faculty of Business and Law Revision from Topic Four Special journals Special ledgers General ledgers Current Assets and Internal Control Reading & References Textbook Chapter 7 and 11 PowerPoint presentation by Anne Abraham,University of Wollongong ©2009 John Wiley & Sons Australia, Ltd Current Assets and Internal Control Learning objectives Define the term cash as it is used in accounting ; Explain internal control procedures relevant to the control of cash receipts and cash payments; Identify the purpose and control features in maintaining a bank account and prepare a bank reconciliation statement; Explain the purpose of a petty cash fund, understand how one operates, and account for petty cash; Identify the purpose and control features of a cash budget and prepare a cash budget; Explain the essential principles of cash management; Understand and interpret measures of cash adequacy Contents Internal Control Cash and Cash Control Bank Reconciliation Petty Cash Fund Internal Control Internal Control is a means to enhance the reliability of the accounting information to be used by dependent users in making economic decisions. Hoggett & Edwards (1996, pp. 353) define Internal Control as a system that “…consists of all measures employed by a business to safeguard its resources against waste, fraud and inefficiency; promote the reliability of accounting...
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...Journal of Economic Perspectives—Volume 17, Number 2—Spring 2003—Pages 3–26 The Fall of Enron Paul M. Healy and Krishna G. Palepu F rom the start of the 1990s until year-end 1998, Enron’s stock rose by 311 percent, only modestly higher than the rate of growth in the Standard & Poor’s 500. But then the stock soared. It increased by 56 percent in 1999 and a further 87 percent in 2000, compared to a 20 percent increase and a 10 percent decline for the index during the same years. By December 31, 2000, Enron’s stock was priced at $83.13, and its market capitalization exceeded $60 billion, 70 times earnings and six times book value, an indication of the stock market’s high expectations about its future prospects. Enron was rated the most innovative large company in America in Fortune magazine’s survey of Most Admired Companies. Yet within a year, Enron’s image was in tatters and its stock price had plummeted nearly to zero. Exhibit 1 lists some of the critical events for Enron between August and December 2001—a saga of document shredding, restatements of earnings, regulatory investigations, a failed merger and the company filing for bankruptcy. We will assess how governance and incentive problems contributed to Enron’s rise and fall. A well-functioning capital market creates appropriate linkages of information, incentives and governance between managers and investors. This process is supposed to be carried out through a network of intermediaries that include professional...
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...PATRICK EVANS ACCT290 WEEK 4 REVERSING ENTRIES JOAN GAPP Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one account is debited, while another account is credited. A reversing entry is a journal entry that inverts a previously recorded "regular" entry. The use of reversing entries is optional, but it offers certain advantages, making them very popular in the accounting world. When you reverse an entry made in a prior period, you prevent duplication of revenues or expenses, which improves accuracy. For example, you made an entry to recognize a phone expense last month as part of the closing of the month process. Now the bill has been entered in the accounting system, and an expense was again recognized. The reversing entry will zero out the expense, correcting the situation. Reversing entries related to period closing always are paired with entries from the past. You can enter a journal entry in January and reverse it in February to avoid duplication in February. You don't normally go back to January to reverse an entry done in February. Reversing entries is a simple process that can be performed by any employee without much knowledge of accounting. Basically, the account originally debited is now credited and vice versa. There's no need to research or conduct any calculations -- all you need to do is reverse the original entry using...
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...Journal Entries in an ERP This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP Journal Entries in an ERP This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP ProductSAP ERP GBIRelease 6.04LevelUndergraduateGraduateBeginnerFocusAccounting Entries in Manual and Automated SystemsIntegration of Accounting JournalsAuthorsJim MenschingNancy JonesContributorsPatti BrownVersion1.0 | MOTIVATIONThis assignment is a review of general financial accounting principles and procedures. In the first part of the assignment, you will create general journal entries for a series of transactions in Excel. For the last part of the assignment you will enter your “manual” journal entries into the SAP ERP system. The SAP system will then be used to produce a set of financial statements (balance sheet and income statement). Primary learning objectives are: * Review the concepts of the beginning financial accounting course * Review the accounting cycle * Work with a manual accounting information systemSecondary learning objective: * Review basic Excel skills | | PREREQUISITESBefore you use this case study, you should be familiar with navigation in the SAP system...
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...Accounting Cycle Nelson L Romeu ACC/421 University of Phoenix March 5, 2012 Prof. Dawn Brauer Accounting Cycle The accounting cycle is a logical process used to help achieve the basic function of accounting, which is to identify, record, and correspond information. A business or organization may have its own unique way of performing its accounting cycle, but each must perform the task in one way or another. ADCON (Administration and Accounting) is a small-operated business with a very simplified description of the accounting cycle. The company began and has been operated for most of its 15 years with a couple of individuals and has expanded into a respected company. Gradually over time the accounting cycle has evolved much like business has evolved; the multiple steps have been reduced as technology has simplified the process, “today, most companies use accounting software that processes many of these steps simultaneously” (“What is the accounting cycle?” 2007, para. 3). The accounting cycle consists of: identifying, journalizing, posting, trail balance, adjusted entries, adjusted trial balance, preparing financial statements, closing, post-closing trial balance, reversing entries, and financial statements (Kieso, Weygandt, & Warfield, 2007, Chapter 3). Identifying a transaction or event is the first step in the cycle; businesses engage in various activities on a daily basis, as a result, determining when to record and activity is crucial...
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