...Motor Vehicle Bill of Sale BE IT KNOWN, that for payment in the sum of $, the full receipt of which is acknowledged, the undersigned (Seller) hereby sells and transfers to (Buyer), the following described motor vehicle (Vehicle): Make: | Model or series: | Year: | Color: | VIN #: | Style: | Odometer reading: | Title #: | The sale is subject to the following conditions and representations: Seller acknowledges receipt of $ in down payment for the Vehicle, full payment from the Buyer and title transfer to take place within days. Seller allows the Buyer days to have the Vehicle inspected by an independent mechanic, and agrees to cancel the sale if the inspection is unsatisfactory to the Buyer. Seller certifies to the best of the Seller's knowledge that the odometer reading listed in the vehicle description above reflects the actual mileage of the original Vehicle engine. The Vehicle's odometer was not altered, set back, or disconnected while in the Seller's possession, and the Seller has no knowledge of anyone doing so. Seller warrants to Buyer that Seller has good and marketable title to said property, full authority to sell and transfer said property, and that said property is sold free of all liens, encumbrances, liabilities, and adverse claims of every nature and description whatsoever. Seller has no knowledge of any hidden defects in and to the Vehicle, and believes to the best of the Seller's knowledge that the Vehicle being sold is in good operating...
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...PGXPM - 11 Date: 12-Mar-2015, Thursday Assignment Questions & Solutions: 1. Describe the due bill controversy and how do you resolve it? Proposed Solution: a. Due Bills controversy: Introduction: Due Bills controversy is an example of intra department priorities that dilutes the focus away from organizational goals. Chemical Bank was the 6th largest U.S. commercial bank in 1983. Chemical Bank was organized into three main profit centres: Personal and Banking Services World Banking Group Treasury Group The Due Bill was an acknowledgement (transactional evidence) that The bank had sold securities to a customer His/her’s account has been charged If requested, securities would be delivered when they become available Upon maturity, Chemical bank would pay principal plus interest at a specified rate Due Bills Lifecycle at Chemical Bank is described below: Due Bill was a product designed, marketed and sold by the Treasury group, which was responsible for generating continual funding of $25 Billion for Chemical Bank at the lowest possible costs highly profitable product for Chemical Bank sold in majority by the Metro division of Personal & Banking Group that processed Due Bill requests on demand from the customers Processed and administered by Trust & Investment division of Personal & Banking Group. Events that lead to decline of profits earned due to Due Bills: Introduction of goal system in Metro division, to evaluate performance of employees based...
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...Sales order, billing and AR department |Sales order |Billing |AR Department | |The function of the sales order department |The sales order department sends the copy |The sales department sends the sales order | |is to takes the order from customer and |of a sales order to the billing department.|to receivable department and it then entry | |places it into a specific format. | |it to the account receivable subsidiary | | | |ledger. | |This department stores information such as |When it receives the shipping notice and |As payment suggestions are received, they | |the name of customer, address, a/c no, |the stock release document, then it starts |are noted down to the customer’s account in| |quantities, and units of each product, |preparing the sales invoice. |the account receivable subsidiary ledger. | |discount, etc. | | | |Sometimes, it also helps in determining the|The sales invoice is the bill of the | | |possible shipping date. |customer which charges them for shipping | ...
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...Case Study: Chemical Bank * Sunil Rabertson Chikkala PGXPM11 1) Describe the due bill controversy and how do you resolve it? Below Four divisions of Chemical Bank involved in Due bill controversy: * Treasury Group * Metropolitan Division * Trust and Investment Division * Finance Division Treasury Group was responsible for investing Due Bill funds in greater interest generating markets and for trading in secondary market. Metro Division sells Due bills to customer; Trust & Investment division involved in setting up Due bills accounts and in providing Data processing services. Finance division was responsible for Cost and profit allocation between divisions. There were two reasons led to conflict between Treasury division and Metro division: a) Inappropriate allocation of costs and profits between Treasury division and Metro division. It’s clear from Exhibit 4 below : Due bills T & I administrative expenses were completely charged to Metro division and there was no fee revenue share. Due to this Metro division was losing $26.50 with every T-Bill sale of ~$10000 with 180 day maturity period. As a result, Metro Division seen this product as loss making even though Due bills was significant contributor to Treasury division and overall company profit Margin. To increase division bottom line, Metro division proposed fee increase of $5 to an existing fee $25 dollars, ~70% fee revenue share of proposed fee (i.e. $20) and 50% of T&I...
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...state of New York has created a bill that will further make guns harder to obtain and own. The bill expands the ban of assault rifles to also include semiautomatic weapons with detachable magazines. In addition the bill will decrease magazine clips to 7 rounds instead of 10 rounds and would require gun licenses to be renewed every 5 years. With these restrictions the bill requires all dealer to provide background checks and it also creates a data base for gun permit and a registry for ammunition sales. The most controversial part of the bill is it would allow a medical professional to declare that someone is harm to themselves of others leading to a seizer of their guns. While this part of the law is still being discussed if it is approved this part of the bill could go against doctor-patient confidentiality. If the federal government used New York‘s bill as a model they can decrease gun involved accidents or massacres by limiting the amount of ammo, and providing a way to track gun sales and permits. In both the Newtown and Aurora massacres automatic weapons were used and the killers stockpiled ammunition. In the New York gun law it will decrease the amount of rounds in a weapon and also notify authorities of odd and large purchases of ammunition. If successful this system can help authorities track down and prevent tragic events like these from occurring. The ability to track the sale of ammunitions could help track down illegal sales. No avid gun user unless in the...
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...include sales org 1, 2,3 Select DZ in the sales unit in the sales org1 tab Save Message: Material XPEN089 created Create material price ex 134 Retail RE, Don’t worry about WH S2 create customer similar to Rushmore Follow exercise 131 Message: Customer number 0000000774 Procure Xpen * Procure 3000 units of Xpen @ 0.7 per piece from premier pens (PO no. 4500001710) S3 Procure XPen Send purchase order Message: Standard PO created under the number 4500003189 Receive goods MIGO: Message: Material Document 5000003205 posted Create invoice MIRO: Document Number 5105603314 created Make payment F-53 – Document 1500000032 was posted in company code C089 2. Normal sales order Normal Sales Order (VA01, exercise 144) * 5 days ago: sales order from Writewell for 10 doens of Xpen @ 12 per Dozen * 3 days ago: you deliver the goods * 2 days ago: u send the bill * Today: u receive pymt. S1: Create sales order (ex 144) Message: Standard Order Number 534 has been saved S2: Create delivery note (ex146) Message: Outbound Delivery 80000549 has been saved Picking material on delivery note (ex 148) Message: Outbound Delivery 80000549 has been saved Post goods (ex 149) Message: Outbound Delivery 80000549 has been saved S3: Bill Customer (ex 151) VF01 – Message 90000433 has been saved S4: Post Receipt of customer payment (ex 152) Document 1400000001 was posted in company code C089 Part Delivery 1 * 5 days ago: sales order...
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...Doyin Ogunbajo's Ultimate Golf Journal January 2011 Trans # 53 Type Invoice Date 1/2/2011 Num 2 Adj Name Yanov, Tamara Yanov, Tamara Yanov, Tamara Yanov, Tamara State Board of Equ... Memo -MULTIPLE-MULTIPLE-MULTIPLECA Sales Tax Account 1200 · Accounts Re... 4020 · Clothing Sales 1120 · Inventory As... 5000 · Cost of Goo... 2200 · Sales Tax P... Debit Credit 600.54 559.94 80.00 80.00 40.60 680.54 54 Invoice 1/2/2011 3 Costini, Maria Costini, Maria Costini, Maria Costini, Maria Costini, Maria State Board of Equ... Golf Clubs: S... -MULTIPLE-MULTIPLE-MULTIPLECA Sales Tax 1200 · Accounts Re... 4030 · Equipment S... 1120 · Inventory As... 5000 · Cost of Goo... 4010 · Accessory S... 2200 · Sales Tax P... Golf Clubs: ... Golf Clubs: ... Golf Clubs: ... CA Sales Tax 1200 · Accounts Re... 4030 · Equipment S... 1120 · Inventory As... 5000 · Cost of Goo... 2200 · Sales Tax P... Golf Bags -MULTIPLE-MULTIPLEGolf Clubs: Ir... CA Sales Tax 10% Discoun... 1200 · Accounts Re... 4010 · Accessory S... 1120 · Inventory As... 5000 · Cost of Goo... 4030 · Equipment S... 2200 · Sales Tax P... 6130 · Sales Discou... 1,034.64 750.00 362.50 362.50 214.70 69.94 1,397.14 55 Invoice 1/2/2011 4 Hammar, Azar Hammar, Azar Hammar, Azar Hammar, Azar State Board of Equ... Invoice 1/2/2011 5 Palm Springs Scho... Palm Springs Scho... Palm Springs Scho... Palm...
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...University of the Philippines Diliman Extension Program in Pampanga Claro M. Recto Highway, CSEZ, Angeles City, Pampanga BILL FRENCH CASE ANALYSIS Calamiong, Yna Marie Espejo, Jean Macabuhay, Minorka Salenga, Darlene Samia, Mark Valloyas, Hazel Marie BACKGROUND OF THE STUDY Bill French is a staff accountant at Duo Products Corporation. He has been doing routine types of analytical work and is reporting to his boss, Wes Davidson; a controller of the said company. French was a business school graduate and was considered by his associates to be quite capable and unusually conscientious. It was this latter characteristic that had apparently caused him to “rub some of the working folks the wrong way,” as one of his co-workers put it. French was well aware of his capabilities and took advantage of every opportunity that arose to try to educate those around him. Davidson’s invitation for Bill to attend an informal manager’s meeting had come as a surprise to others in the accounting group. However, when French requested permission to make a presentation of some breakeven data, Davidson agreed. Duo Products had not been making use of this type of analysis in its planning procedures. Basically, what Bill French had done was to determine the level at which the company must operate in order to break even. According to him, the company must be able to at least sell a sufficient volume of goods so that it will cover all the variable costs of producing and selling the goods...
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...Journal of Accountancy, October 1999; Vol. 188, Iss. 4; pg. 59, 5 pgs Abstract: SEC Chairman Arthur Levitt decried what he termed "accounting hocus-pocus" and called for coordinated efforts to uncover it. He targeted the practice by some companies of improperly boosting reported earnings by manipulating the recognition of revenue. Among the most common methods of doing this are the bill-and-hold transaction and a long list of sham transaction involving shipping, billing and/or related-party involvements. Both the SEC and the AICPA seek to increase independent auditors' awareness of problems associated with these practices. Full Text: | Copyright American Institute of Certified Public Accountants Oct 1999 | [Headnote] Where there's revenue-recognition deviation, there could be fraud. SEC Chairman Arthur Levitt decried what he termed "accounting hocus-pocus" and called for coordinated efforts to uncover it. He targeted the practice by some companies of improperly boosting reported earnings by manipulating the recognition of revenue. Among the most common methods of doing this are the bill-and-hold transaction and a long list of sham transactions involving shipping, billing and/or related-party involvements. Both the SEC and the AICPA seek to increase independent auditors' awareness of problems associated with these practices. Public companies feel pressure to report quarterly earnings that meet or exceed analysts' expectations-after all, failure to meet those expectations...
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...place to their agents in another at the risk of the principals for the purpose of sale. Goods so sent are known as "consignment". The sender of the goods is called the consignor. Generally the manufacturers or producers are consignors. The person to whom goods are forwarded for the purpose of sale is known as the consignee. The consignment can be classified as: 1. Outward consignment. 2. Inward consignment. It is called "outward" when the dispatch of a quantity of goods from one country to another is made for the purpose of sale and is called "inward" when the receipt of the quantity of goods is made for the purpose of sale. Goods sent on consignment do not become the property of the consignee. He has not bought them. The ownership remains with the sender or the consigner. If the goods are destroyed, the receiver (consignee) is not responsible. The loss will fall on the consignor. The consignee tries to sell the goods according to the instructions of the consignor. When the goods have been sold, he will deduct his expenses, commission, etc., from the sale proceeds and the balance is remitted to the consignor. The relationship between the consignor and the consignee is that of principle and agent. The consignee is the agent. The consignee acts entirely on behalf of the consignor. The consignee is entitled to his remuneration which is generally fixed on the basis of a commission of sales. The expenses incurred by the consignee must also be reimbursed by the principal....
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...Bill of Exchange 8 G LEARNING OBJECTIVES After studying this chapter, you will be able to : • state the meaning of bill of exchange and a promissory note; • distinguish between a bill of exchange and a promissory note; • state the advantages of bill of exchange; • explain the meaning of different terms involved in the bill transaction, • record bill of exchange transactions in journal; • record transactions relating to dishonour, retirement and renewal of bill; • describe the uses of bill receivable and bill payable book; • state the meaning and use of accommodation bill. oods can be sold or bought for cash or on credit. When goods are sold or bought for cash, payment is received immediately. On the other hand, when goods are sold/bought on credit the payment is deferred to a future date. In such a situation, normally the firm relies on the party to make payment on the due date. But in some cases, to avoid any possibility of delay or default, an instrument of credit is used through which the buyer assures the seller that the payment shall be made according to the agreed conditions. In India, instruments of credit have been in use since time immemorial and are popularly known as Hundies. The hundies are written in Indian languages and have a large variety (refer box1). Box 1 Hundies and its Types There are a variety of hundies used in our country. Let us discuss some of the most common ones. Shahjog Hundi: This is drawn by one merchant on another, asking the latter...
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...Study of Overall Finance Department at BHEL, Bhopal SIP project report submitted in partial fulfilment of the requirements for the PGDM Programme Institute of Management Technology, Nagpur 2010-12 ACKNOLEDGEMENT I take this opportunity to extend my deepest gratitude to all those who have helped me in the completion of this project and my Summer Internship Program. First of all I wish to express my profound thanks to the management of the Institute of Management Technology, Nagpur for providing me a platform for industry exposure and training. I am thankful to Mr. Girish Shrivastava, GM HR, BHEL Bhopal, and Dr.G.L.Pradhan Coordinator, BHEL Bhopal, for showing trust in my abilities and providing me an opportunity to work and have a learning experience. I have put in my best efforts to justify this trust and to ensure that the value addition resulting from this project is mutual. I am extremely grateful to my Company Guide Mr. K.S. Mathur, Sr. DGM Finance, BHEL Bhopal, for providing the guidance and advice towards the completion of this project study. His constant support and valuable inputs from time to time helped me a lot in conducting this study. The resources and the documents provided by him also helped a lot. Guidance from my Institute guide, Prof Agam Nag, has played a significant role in the preparation of this report. His experience in academics contributed a lot to the conceptual framework discussed in the report. I would like to express my thanks to Prof...
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...BILL FRENCH Bill French picked up the phone and called his boss, Wes Davidson, controller of Duo-Products Corporation. “Wes, I’m all set for the meeting this afternoon. I’ve put together a set of break-even statements that should really make people sit up and take notice – and I think they’ll be able to understand them, too.” After a brief conversation, French concluded the call and turned to his charts for one last checkout before the meeting. French had been hired six months earlier as a staff accountant. He was directly responsible to Davidson and had been doing routine types of analytical work. French was a business school graduate and was considered by his associates to be quite capable and unusually conscientious. It was this later characteristic that had apparently caused him to “rub some of the working folks the wrong way,” as one of his coworkers put it. French was well aware of his capabilities and took advantage of every opportunity that arose to try to educate those around him. Davidson’s invitation for French to attend an informal manager’s meeting had come as a surprise to others in the accounting group. However, when French requested permission to make a presentation of some break-even data, Davidson acquiesced. Duo-Products had not been making use of this type of analysis in its planning procedures. Basically, what French had done was to determine the level at which the company must operate in order to break even. As he put it, The...
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...each year. They receive almost $392 million from private organizations, $306 million from non-governmental services, and $78 million from other revenues. The organization, which focuses on the health and wellbeing of women and children, in notorious for it’s supposed high abortion rates, despite the fact that abortion makes up only 2% of services the non-profit organization offers. Most of Planned Parenthood’s revenue consists of helping women’s contraception and the treatment of Sexually Transmitted Infections. 15% of what they do is also cancer screening and prevention. In July of 2015, The Center for Medical Progress, a Catholic based and funded organization, released a series of supposedly ‘harrowing’ videos, which showed the illegal sale of fetal tissue. The video, which featured the president of the Planned Parenthood Federation of America’s Medical Braren 2 Directors Council, Dr. Mary Gatter, showed the ‘bartering’ between her and an unknown buyer...
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...PBL in session 1 is related to the revenue cycle in which consists of sales to cash collections. Revenue cycle is a recurring set of business activities and related information processing operations associated with providing good and services to customer and collecting cash in payment for those sales. The primary objective of revenue cycle is to provide the right product in the right place at the right time for the right price. There are four basic revenue cycle business activities that are sales order entry, shipping, billing and account receivables also cash collection. Sales order entry process entails three steps that are taking the customer’s order, checking and approving the customer credit and checking inventory control. The second basic activity in the revenue cycle is by filling the customer orders and shipping the desired merchandise. It is entail two step that is picking and packing the order also shipping the order. The third basic activity in the revenue cycle involves billing customers and updating the account receivables. The last step in revenue cycle is cash collections in which involve handling the customer remittance and depositing remittance in the bank. Basically, this case is about an audit process made to our client in term of its process of sales and cash receipts document as well as in shipping and billing system. Based on this case, we had made an audit process on the sales order entry, cash receipt, shipping and billing of the client transaction...
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