...|Sr. No. |Area |Sub-area |Bud. Time |Act. Time |Name |Remarks | |1 |Legal requirements |Acceptance of Appointment | | | | | | |as to appointment |Communication with previous auditors in case of 1st year of audit. | | | | | |2 |Briefing by PIC | | | | | | |3 |Review of last |Business process | | | | | | |year’s file |General observations | | | | | | | |Critical issues of PY | | | | | |4 |Review of EDP system|INTERNAL CONTROL & INTERNAL CHECKS | | | | | | | |Understand the accounting software ...
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...reporting – GAAP allows a business to choose among various acceptable accounting methods - management interested in making business look successful and thriving Tax accounting – goal is to pay least amount of taxes as legally possible Accounting Periods – pg. 89 - tax year – period of time taxpayers use to calculate taxable income o may or may not be the same as the annual accounting period used for financial reporting purposes o no constitutional requirement that income be calculated on an annual basis 305 Permissible Methods of Accounting – pg. 97 - a business can usually adopt any method of accounting if it clearly reflects its income and the business regularly uses the method in keeping its books o Two most common methods Cash receipts and disbursements – actively or constructively receives it and deduct when actually paid Accrual – Required by GAAP – an...
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...FINANCIAL STATEMENT AND CASH FLOW ANALYSIS The three basic financial statement of significance to stake holders of an enterprise are balance sheet, profit and loss account and cash flow statement. BALANCE SHEET Balance sheet is the most significant financial statement. It indicates financial condition or the state of affairs of a business at a particular time. Balance sheet gives information about assets, liabilities and owners equity. The balance sheet let us say prepared on 31.03.11, reveals the firm’s financial position on a particular date. It provides snapshot of the financial position of the firm at the close of accounting period. Assets - Assets are valuable economic resources owned by the firm and measured in monetary terms. Assets represent a) stored purchasing power (e.g. cash), b) money claims (e.g. receivables and investments) c) tangible and intangible items which can be sold or used in business. Tangible items include land, building, plant, equipments, stocks and all other items which have physical substance. Intangible items do not have physical existence but they have value to the firm and include items such as patents, copyrights, trade names or goodwill. The assets are classified as: 1) current assets and 2) fixed (long term) assets. Current assets also sometimes called as liquid assets, are those resources of the firm which are likely to be converted into cash during the accounting period or operating cycle of the business. Operating cycle is...
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...CAPITAL DEFINITION OF WORKING CAPITAL Working Capital = Current Assets - Current Liabilities ❖ Current Assets are - ➢ Customer Outstanding ➢ FG Inventory ➢ WIP ➢ GIT ➢ Other Current Assets ➢ Vendor Debits. ❖ Current Liabilities are - ➢ Customer Advances ➢ Vendor Credits etc. ❖ +ve WC signifies requirement of money and vice versa ❖ Analogous to Cash Inflow – Cash Outflows Working Capital Budgeting/ Monitoring of Various Parameters Customer outstanding – Amount receivable from the customer for progress / pucca invoices raised including the retention money both for divisible and indivisible contracts. Tax deducted at source by the customer should form part of outstanding until customer issue TDS certificates. For divisible contracts, the outstanding represent gross amount of the invoices less pure advance and milestone payments received. For indivisible contracts, the outstanding represent gross progress bill amount less pure advance, milestone and progress payments received. Format for computation of customer outstanding |Month |April 01 |. |. |Mar2002 |Average | | |1 |2 |3 |12 ...
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...Preparation of Disbursement Voucher in favor of BAS PAYROLL FUND * Accounting Section processes for release to OD/OAD for approval of DV * From OD/OAD to Cashier for check preparation and inclusion to the ACIC then back to OD/OAD for approval of checks and back to cashier * Submission of Payroll Register and Diskettes prepared by ICTD to LBP * Deposit checks to BAS PAYROLL FUND for credit to each individual ATM. II. For BAS Central Office Casual employees and Job Orders Only * Preparation Cash Advance for release to RMS then to OD for signature of the Request of Cash Advance * From OD to Accounting for processing then back to OD/OAD for approval of DV * From OD/OAD to Cashier for check preparation and inclusion to the ACIC then back to OD/OAD for approval of checks and back to cashier * Withdrawal of wages of casual and job orders * Payment of wages b. Provides the preparation of checks for all mandatory and MOOE claims, issues Advices of Checks Issued and Cancelled (ACIC) I. Procedures in the preparation of checks * Encoding of DVs using the CPCS * Printing of checks * Recording of checks in the Warrant Register * Signing of checks * Segregation of carbonized duplicate * Releasing of checks to OD/OAD for approval II. Procedures in the preparation of Advice of Checks Issued and Cancelled (ACIC) * Encoding of checks using the ACICDES provided by the LBP * Creation of LBP and BTR Reports *...
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...company is listed on the Karachi and Lahore stock exchanges The address is following;International public company PO Box 167, S-33 Hawkes Bay Rd., SITE, Karachi, 75730, Pakistan ()92 021 256 7411, 92 021 256 4428 fax, http://www.wyethpakistan.com Primary SIC: Pharmaceutical Preparations, Primary NAICS: Pharmaceutical Preparation Manufacturing Description: Manufacturing: Manufacture and marketing of research-based ethical specialities and other pharmaceutical and agro-chemical products, including Tazocin, a highly-effective antibiotic for first-line treatment of hospital infections, Efexor, an anti-depressant, and Monotrate (isosorbide mononitrate), a cardiovascular product for angina pectoris Balance Sheet 2007 2008 |Cash & Bank Balance |496,118 |1,051,489 | |Stock in Trade/Inventory/Stores...
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...d it is an approach to record transaction of all larger businesses. Cash basis is an accounting method which revenues will only be recorded when received, and expenses to be recorded when paid to the creditor. Timing of revenues and expenses to be recognize had always been the main difference between accrual and cash basis. For example, let say you own a business that sell computers and you sell RM4800 worth of computers. Under accrual basis, the RM4800 is recorded as revenue as soon as the sales is made, even if you did not receive the money immediately. While for cash basis, the amount of the sales, Rm4800 will not be recorded until the day payment is made by the debtor. For accrual basis, if there is payment made in advance for services...
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...CITY UNION BANK LIMITED, CENTRAL OFFICE, KUMBAKONAM This booklet contains the following statements/certificates/reports to be issued by Statutory Branch Auditors. Sl. No.|Particulars of documents|Remarks|Page No.| 01.|Letter of Acceptance|To be submitted to Central Office, Accounts Department before commencement of audit...
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...died of mantle cell lymphoma. Andrew together with his brother were the ones who told the authorities about their father’s fraudulent activities. * March 6, 2015. David G Friehling, auditor who rubber stamped Bernard L Madoff's Ponzi scheme, was sentenced to a year of home detention and an additional year of supervised release. * August 12,2015. Irving Picard, the court-appointed trustee in the Madoff case, has reported these recent developments: * We have recovered or entered into agreements to recover approximately $10.895 billion; 100 percent of the recoveries will ultimately be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. * We have distributed approximately $7.244 billion from the Customer Fund to BLMIS accountholders with allowed claims, unless already fully satisfied. Through the first pro rata interim distribution, which commenced on October...
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...1.0 INTRODUCTION With introduction and use of money, credit also came into existence. Credit is created when one party (it can be person, group of people, firm or an institution) lends money to another party, the borrowers. The act of borrowing creates both credit and debit. Debt means the obligation to pay the finance borrowed and credit means the claim to receive this money payment from the other party. Every credit involves debt, that is obligation to pay money and therefore creates claim. 1.1 Definition of important terms 1.1.1 Credit is generally understood to mean the finance provided to others at certain rate of interest (Mudida 2003).The act of borrowing and lending and there by the creation of credit is a special type of exchange transaction which involves future payments of the principle sum borrowed as well as rate of interest on it. The lending and borrowing of money and institution of money lending came into practice since money was invited by man (ibid). 2.1.2 Commercial Bank is a business organization which deals in money, it borrow and lend money in with purpose of generating profit Ahuja 2008). 2.1.3 Central Bank, Reserve Bank or Monetary Authority is a public institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the nation's monetary base, and usually also...
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...I. EQUITY AND LIABILITIES (1) Shareholders’ funds Also known as net worth or stockholder’s equity. It is the amount by which company is financed through shares. (a) Share capital Also known as equity financing. It is the part of shareholder’s fund which is raised by issuing equity shares and preference shares. The amount shown in the balance sheet is the original amount which is initially issued to shareholders. Types : Authorised Share Capital : It is the maximum amount of capital which a company can raise through shares i.e. shared capital can be maximum up to the authorized capital and not beyond. Subscribed Share Capital - Subscribed capital : The amount of capital (out of authorized capital) for which company has received applications from the general public who are interested in buying shares. Issued Share Capital - The amount of capital (out of subscribed capital) which has been issued by the company to the subscribers and thus are now shareholders. Called-up Capital - The partial amount (out of issued capital) so asked by the company from the shareholders out of the total value of shares is called-up capital. Paid-up Capital - The amount of capital (out of called-up capital) against which the company has received the payments from the shareholders so far. (b) Reserves and surplus Future is full of uncertainties. There may be some expenses which can arise in the future. Thus, companies maintain reserves to meet these contingent liabilities...
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...department of billing. Wanda Kay Medical Services provides institutional billing which deals with hospitals, skilled nursing facilities, and other institutions for outpatient and inpatient services including the use of equipment and supplies, laboratory services, radiology services, and other charges. We also have professional billing which is for work performed by physicians, suppliers and other non-institutional providers for both outpatient and inpatient services. The values of Wanda Kay is that it permits you to focus on patient care, quicker medical billing repayment, stable cash flow, faster follow-up on problem claims and quality support. WKMS offers the upkeep needed to function an effective practice. Our company stay updated on every shifting expertise on the medical billing claims process. Remaining present on guidelines and how they disturb the practice is our first priority, allowing for proper claims submission and stable money. Wanda Kay Medical Services are professionals who are certified and trained in medical billing. We are dedicated to directing our business practices with honesty, discipline, creativity and...
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...Advances in Technology through Federal Acts Michael Mason BIS/220 July 29, 2014 ALGIS BASIULIS Advances in Technology through Federal Acts The American government does its best to ensure the safety and peace of mind of its citizens. They pass laws and different acts in which they deem to be for the greater good of the populace. While most are hit or miss in present times, there has been some major benefits not only to the American people, but to the technology we use in our jobs today. The Electronic Funds Transfer Act and the Fair Credit Reporting Act are just two examples, however the technological advances brought about by these acts are still in great use today. The Electronic Funds Transfer Act or EFT was passed in 1978 and signed by President Jimmy Carter. It gave more freedom when it came to banking by making it more accessible while keeping you money safe. The standard writing of checks fell to the new wave of computerized wire transfers. Banks became a little less crowded as there was no need to go directly there to check your account balance. ATMs or Automated Teller Machines exploded across the country providing most of the services the bank provided. Point of Sale registers made business life easier and is still in use today all across the world. Having cash on hand became less and less popular through the introduction of debit cards which allowed you to carry one single card pre-loaded with funds to make purchases, in store or online. The EFT has had a dramatic...
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...BANGLADESH FINANCE AND INVESTMENT COMPANY LIMITED Baitul Hossain Building (2nd Floor), 27, Dilkusha C/A, Dhaka‐1000 Balance Sheet As at 31 March 2011 Provisional & Un‐audited Note PROPERTY AND ASSETS Cash Cash in hand Balance with Bangladesh Bank Balance with other Banks and Financial Institutions Inside Bangladesh Outside Bangladesh Money at call and short notice Investment in Securities Government Others Lease, Loans and Advances In Bangladesh Outside Bangladesh Fixed Assets including Premises, Furniture and Fixtures Other Assets Non Banking Assets Total Assets LIABILITIES AND CAPITAL Liabilities Financing (Borrowings) from other Banks financial Institutions and Agents Deposits and other Accounts Term Deposits Other Deposits Bills Payable Other Liabilities Total Liabilities Capital/ Shareholders' Equity Share Capital Statutory Reserve General Reserve Revaluation Surplus on Land & Building Retained earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity 3 ‐ 582,162,375 582,162,375 4 2,973,703,798 ‐ 2,973,703,798 199,507,329 637,734,997 ‐ 4,577,669,191 2,956,524,869 ‐ 2,956,524,869 200,670,584 116,267,219 ‐ 4,398,727,414 ‐ 489,369,077 489,369,077 31‐Mar‐11 Taka 31‐Dec‐10 Taka 1 40,477...
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...How to Manage Cash Account and Transactions in NGOs – NGO Financial Management Policy Cash payments need to be documented firmly by NGOs in their financial management policy. Since small sums of cash payments are common on a day-to-day basis, a certain procedure needs to be developed and mentioned in the policy manual. An example is given below: “3. Cash Handling 3.1 Cash Account and Transactions Cash transactions are to be resorted only for petty expenses and when /where banking facilities are not available. As per Income Tax Rules, no claim exceeding $______ should be settled through cash payments. These should invariably be by account payee checks only. As a matter of procedure and control, the attempt should be to minimize the number of cash transactions. 3.2 Daily Cash Balance The denomination of the closing balance of the cash should be entered below this and signed by the Accountant. This register has to be maintained from the beginning of the financial year. A fresh register has to be started at the beginning of every financial year. Maximum and minimum cash limits have been fixed as: maximum $______ and minimum $______. 3.3 Withdrawal of Cash from Bank a) The Cash Withdrawal Form/Money Indent to be filled up and signed by the staff handling cash. b) The cash balance available and the estimated expenses would need to be computed. c) The authorized persons must verify the requirement before signing the check for withdrawal of cash. d) The signature of the person presenting...
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