...is also a fully integrated convention city, which offers direct access to hotel rooms, retail stores, restaurants and region’s newest centre for performing arts, Esplanade – Theatres on the Bay. Suntec Singapore’s vision is to be recognized as the world’s best host. And they live by their mission statement that rises readily to all challenges with a professional attitude. Job Description I am being put under the Finance Department, guided by a few seniors, mainly two Account Executives. There are two categories under the Account Payable (A/P) Department, and they are Sundry and Food and Beverages. Account Payable – Sundry The purpose of preparing an Account Payable Reconciliation is to check if there are any differences and if there are, the reason were Payment in Transit, Invoice in Transit, Invoice in Aging but not Statement and Price Discrepancies. Besides that, also on the following up on the status of suppliers on long outstanding invoices and Credit Notes. Account Payable – F&B The purpose of importing of all F&B invoices into the GPS System is to record all invoices for future payment by Suntec Singapore. All F&B are ordered by kitchen for event usage such as Banquet Dinner, Lunch Reception, Cocktail, etc. Casting of invoices by daily batch is to be done daily. The total casting amount for each batch is to be tally with the daily receiving summary amount. As all the invoices...
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...2011 Kudler Accounting System Kudler wants to incorporate an SQL database that contains the fields found in the company's Chart of Accounts. Add a balance field and create a query that will display all of the fields of the database and run a report totaling the balance field using test data added to the database. Kudler's Chart of Accounts is currently a Microsoft Excel spreadsheet and they want the Chart of Accounts upgraded to the SQL database. The new database will be used to facilitate decision making at the store and department levels. The processes of Kudler Fine Foods include inventory, payroll, accounts payable and accounts receivable. Using a new accounting information systems, will improve these processes from the old system. Key features Intergrading the new accounting system at Kudler Fine Foods has made the company gain new key features along with adding the old key features, such as; It allows the company to keep track of customer purchases. Each time a customer creates a purchase it will register to the new accounting system main computer, and shows what items were purchased along with the price paid. This new system shows the accounts receivables, this show the money being received, and the money going out. The current system at Kudler could be improved through the automation. The objective of accounts payable processing is to pay vendors at the optimum time, taking advantage of cash discounts offered and avoiding late fees. When money gets spent...
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...Professional Profile An enthusiastic and professional CSR who enjoys being part of, as well as leading, a successful and productive team. Quick to grasp new ideas and concepts, and to develop innovative and creative solutions to problems. Able to work well on his own initiative and can demonstrate the high levels of motivation required to meet the tightest of deadlines. Even under significant pressure, possesses a strong ability to perform effectively. Objective Now looking to build on his extensive range of technical skills within a suitably challenging role. Keen to achieve further professional development. Opportunity to gain a competitive position in customer care, finance or administration with a bright future in a professional growing, knowledge sharing environment in reputable organization. Education &Key Technical Skills B.Com (2005-2006) Punjab University Lahore, Pakistan Power Pack IT: (with MS Office, & MS Windows). Lahore, Pakistan Call Centre trainings: MPS CALL CENTRE Lahore, Pakistan Career Summary As a Customer Relationship Officer (June 2008-Till Date) MAJOR REPONSIBILITIES • Taking inbound calls. • Handling Customer Queries & their resolution • Maintaining of KPI’s with high focus • Product information to customers...
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...Current Asset/Current Liability =$3794.9/$2075.8=1.83 13. Net income before tax/sales-1811.1/11700.4=0.15 14. Debt to equity ratio=Total liabilities/Total Equities=2973.1/4387.3=0.68 15. Return on owner’s ratio=Net Income (After-tax) / Average Total Assets =1245.7m/($7,360.4+ $6,385.9)/2=1245.7/6874.9=0.18 16. Quick Ratio (Acid Test Ratio)=Quick Assets / Current Liabilities=($1148.7+$855+$47.6+$386.5)/$2075.8=2437.8/2075.8=1.17 17. ROE (Return on Equity)=Net Income / Average Owners’ Equity=$1245.7/[($4,387.3+ $3,682.3)/2]=$1245.7/$4034.8=0.31 18. Receivable Turnover Ratio=Total Revenue / “Average” Account Receivable=$11700.4/[($386.5+$302.7)/2]=11700.4/344.6=33.95 19. Inventory Turnover Ratio= Cost of Sales / Average Inventory=$4949.3/($965.8+ $543.3)/2=4949.3/754.55=6.56 20. Account Payable Turnover= Cost of Sales / Average Account...
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...Financial and Accounting (F & A) Systems Team A Business Systems – BSA/310 May 13, 2013 Current Challenges Riordan Manufacturing is using different business systems throughout their branches. These different systems are causing difficulties, which produces errors in reporting and argument between these branches. San Jose has a license for a fully integrated Windows system without application source code. Michigan has a vendor software application that is no longer supported due to the vendor no longer being in business. To compound the issue, Georgia’s software is from a different vendor than Michigan’s vendor. A company that uses multiple systems will run into numerous difficulties, which can be prevented or resolved by planning and integration of a single business system that was designed and configured for all braches to access and use. Each of the department’s data are collected from different sources, some data is stored on hard copies that need to be reentered into the other system so that it is digitally available, which other branches are currently using. As a result of all the time it takes to transfer all existing data currently on hard copy, a lot of manpower hours are being wasted during this process. With the use of multiple codes on the many business systems that are currently in place, data needs to be converted to the proper code before each system can recognize the data. The above mentioned two issues, data that is hard copied and multiple...
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...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). Required * 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. For each Yes/No question, write a brief explanation of why a “No” answer represents a control weakness. Sales Order Entry 1. Are there data entry application controls in place? The answer is no which represents the weakness in that you risk inaccurate or incomplete customer orders. Shipping 2. Is there a separation of shipping and billing functions? This answer no represents weakness in that there a risk of sending wrong merchandise, wrong quantities, and wrong addresses. Billing 3. Are there adequate data entry checks? This answer no represents a weakness in that it errors in billing. Cash Collection 4. Is there a periodic reconciliation of bank statements with records by someone not involved in cash receipts processing? 5. Is there a segregation of duties? The answer no to either of these questions represents a threat in that there is a higher risk of fraud or theft. 13.5. Use Table 13-2 to create a questionnaire checklist that can be used...
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...A contingent liability is a liability incurred as a result of a loss contingency. Kieso, Weygandt & Warfield defines a contingency as an “existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur.” Liabilities are contingent on one or more future events to confirm the potential loss, payee, date payable or even existence of the loss. FASB identifies three categories to define the likelihood of losses that include probable, reasonably possible and remote. Liabilities that are probable and can be reasonably estimated should be accrued including pending litigation. The company should disclose the information that it has about the case including the probability of a favorable outcome and similarities to other cases. Kieso, Weygandt, & Warfield. (2012). Intermediate Accounting. 14th ed. Hoboken, NJ: John, Wiley & Sons. (a) Warranty costs are expensed as incurred under the cash-basis method. The costs are charged in the period in which the seller or manufacturer complies with the warranty. No liability is recorded for the future warranty costs and charges are not recorded at the time of sale. This method is normally used when the costs are immaterial or the warranty covers a short period. The cash-basis must be used when a liability is not probable or cannot be reasonably...
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...$5,000 | | | |#7 $3,000 | | |#8 $2,000 | | | | | Total $3,300 | | |Common Stock | |Balance $30,000 | | | |Account Receivable | | |Balance $15,000 | | | |#4 $13,000 | | #6 $9,000 | | | Total...
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...3-4(a) A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. | ------------------------------------------------- Assets | = | ------------------------------------------------- Liabilities | + | ------------------------------------------------- Stockholders' Equity | | | ------------------------------------------------- Cash | + | ------------------------------------------------- Accounts Receivable | + | ------------------------------------------------- Supplies | + | ------------------------------------------------- Office Equipment | = | ------------------------------------------------- Accounts Payable | + | ------------------------------------------------- Common Stock | + | ------------------------------------------------- Retained Earnings | | | | | | | | | | | | | | | ------------------------------------------------- Rev. | - | ------------------------------------------------- Exp. | - | ------------------------------------------------- Div. | | 1. | $20,000 | | | | | | | | | | $20,000 | | | | | | | Com. Stock | 2. | -1,000 | | | | | | $5,000 | | $4,000 | | | | | | | | | | 3. | -750 | | | | $750 | | | | | | | | | | | | | | 4. | 4,400 | | $5,400 | | | | | | | | | | $9,800 | | | | | Serv. Rev | 5. | -1,500 | | | | | |...
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... | | | | | | Net Income | | | |by operating activities | | | | | | | | Depreciation | | | | | | | | Cash provided (used) by current assets and Liabilities | | | | | Accounts Receivable | | | | | |(6,500) | | Inventories | | | | | | | | Accounts Payable | | | | | |2,000 | | Accrued Liabilities | | | | | |(16,000) | |Net cash provided (used) by Operating Activities | | | |($9,000) | | | | | | | | | Additions to property, plant, and equipment | | | ...
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...Small Business Management | | | | Table of Contents Question 1: 3 Full Absorption Costing: 3 Direct Costing: 3 Question 4: 6 ACCION USA Small Business Loans: 7 Mississippi Capital Access Loan Program 7 Ohio Mini-Loan Guarantee Program 8 Iowa Target Small Business Assistance Program: 9 Montana Indian Equity Fund: 9 Question 3: 9 Bibliography 12 Question 1: In the field of accounting, there are two different ways of allocating production and other costs to products and services. Full Absorption Costing: It is a managerial accounting cost method of expensing all the costs to products and services. Under this approach, products and services are charged with all the prime costs as well as fixed overheads. All the fixed manufacturing overheads are divided amongst products and services based on number of units of products produced, number of units of labor used or amount of administrative expenses incurred on respective products/services. Generally Accepted Accounting Principles (GAAP) requires it for external reporting purposes. It helps in calculation of taxes and generating sales reports. It is an important technique to determine whether retail prices of a company reflect its full absorption costs. It is also important for such companies, which do not have deep pockets, and allocating all the overhead costs on products/services is extremely necessary to determine cost of their products. Direct Costing: It is a technique more suitable for internal...
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... | | | | | | Net Income | | | |by operating activities | | | | | | | | Depreciation | | | | | | | | Cash provided (used) by current assets and Liabilities | | | | | Accounts Receivable | | | | | |(6,500) | | Inventories | | | | | | | | Accounts Payable | | | | | |2,000 | | Accrued Liabilities | | | | | |(16,000) | |Net cash provided (used) by Operating Activities | | | |($9,000) | | | | | | | | | Additions to property, plant, and equipment | | | ...
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...Riordan Manufacturing BSA/500 September 9, 2013 Riordan Manufacturing This document considers the impact of external influences on Riordan’s business; assesses the current financial state of Riordan Manufacturing, using standard tools to analyze the income statement, balance sheet and cash position; examines the financial and accounting systems in use, and their efficacy; and, recommends potential improvements to these systems and their integration to other systems. These improvements include additional accounting software modules to facilitate reporting, internal and external audits, and regulatory compliance. Influences Riordan Manufacturing is a corporation that has several influences affecting business processes and its financial state. Most organizations are affected by economic, government, and legal influences to varying degrees. The key economic influences affecting Riordan Manufacturing are real GDP growth, inflation, labor cost, interest rates, global monetary values, and fuel prices. These economic influences have an effect on the operational cost and liabilities of Riordan Manufacturing. Tax rates, environmental regulation, customs regulations, and employment regulations are some key government influences that affect Riordan's operational cost and income taxes paid. Riordan is a multi-national corporation, the government influences of each nation Riordan operates in have different affects. The key legal influences are tax laws, environmental...
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... — IT and technical obstacles — Increased pressure on human resources — Leadership challenges to upper level management Our major assumption is that the system will have to be used by staff that might otherwise spend more time trying to learn the system then doing their jobs. We intend to eliminate that issue before it begins. This memo outlines the scope of work you requested, including objectives, procedures, identification of responsibilities and estimated cost. OBJECTIVTIVE: Implement the Model 801 accounting system on the network. Install the Model 801 software, including implementation and setup, training, conversion assistance and support of accounts payable and receivables department. The success of this project depends not only on the software, but on your personnel’s skill, effort and willingness to work with each other as a team. SCOPE OF SERVICES 1. Procedures A. Assist in planning and implementation of the model 801 accounting system. B. Recommend steps required to successfully install the new system and assist in assembling setup information and accounting data used in this implementation process. C. Import the information to the Model 801 software. 2. Training and Testing A. We will work with you and your staff during installation and implementation to make sure you and your staff have a general understanding of the new system. B. We will train your staff in entry and posting...
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...by Produits Forestier Saguenay (PFS), whose goals were focused primarily on making money. Tension arose between management and employees, which resulted in the unionization of employees in 1997. Growing tension resulted in three consecutive years of losses for Materiaux Boisvert. In September of 2001, the Lachappelle’s purchased the company. The new owner of the company, Francois Lachappelle, is requesting a line of credit increase contrary to the commercial account manager’s forecast. Francois is calling for an increase in the company’s line of credit from $1.6 million to $2.2 million, whereas previous financial forecasts predicted that Materiaux Boisvert would only need $1.8 million. OFFER We propose that you, Yvan Martinault, should increase in the line of credit to $2 million with a 9% risk premium, deviating from Francois’s initial request for $2.2 million. In order for to grant this increase in their line of credit, three conditions must be met: that the money loaned will be used to reduce Materiaux Boisvert’s payable days from 93 to 65 days, that the loan will be secured by using the company’s receivables and inventory as collateral, and that Materiaux Boisvert will maintain a current ratio of 1.25. ANALYSIS SWOT Analysis (Exhibit 4): Materiaux Boisvert’s strengths lie in its emphasis on customer service, strong relationships with the bank and loyal clients, and their ability to take advantage of negotiated prices. The company’s weaknesses revolve around the company’s...
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