...Departments In A Bank As soon as it becomes necessary, on account of volume of business, to divide the work in a bank into divisions, each employing a group of clerks, such division is organized into a department having a department head who is usually a teller, a head bookkeeper, or perhaps a junior officer. In the very large banks the executive staff is itself organized into groups, and there may be a vice - president and one or two assistant cashiers in charge of each important department. The work of a department in a large bank is nothing more nor less than the work of a single man in a small bank, apportioned among several men. For example, the receiving teller in a five-man bank will take the deposit, count the cash, examine the checks, assort them as to place payable, enter them upon the proper records and make a settlement or proof at the end of the day. In a large bank each of these operations is performed by a different man or group of clerks under the direction of the receiving teller, who is head of the department. It may be that he himself will do very little if any of the detail work. He becomes the manager. Frequently we find a department within a department, as for example, the money department within the paying teller's department. The ordinary departments, classified as to group, may be described as follows: Paying Teller's Department (Teller): Pays or certifies checks. In charge of the signature book or cards bearing the authorized signatures of all depositors...
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...unbanked, small businesses and farmers, micro and small industries and unorganized sector entities which do not have access to finance from the larger banks. The idea behind the payment bank is further financial inclusion by providing small savings accounts used by payments and remittance to migrant workforce, low income households, small businesses, at lowest costs. The payment banks, as the concept is more advanced and visionary, moreover having less risks in activities, will lead to rising competitive intensity (higher savings interest rates and service standards) in the banking system, particularly for PSU banks in non-urban centres. It could be uneconomical for traditional banks to open branches in every village but the mobile phones coverage is a promising low-cost platform for quickly taking basic banking services to every rural citizen. The impact on private sector banks will be minimal because they have already made strong investments in technology. But there could be an impact on small and medium public sector banks as incremental deposit growth and market share will see some impact from payment banks, especially in the rural and semi-urban areas. Moreover, the public sector banks are also seeing their current and savings account (Casa) deposit share slowing...
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...manual system Account Information System of their students. The information are stored and compiled in some sort of filing cabinets and may take a long time to retrieve the data and information especially when the account is for old students of the school. In all it can take minutes finding the relevant account information of the students. Students Account Information System manages student records and account information. A SAIS may handle student’s information system, payments information, accounts and balances. They can be use to run complex enrolment reports, admissions, examinations schedules and student payments with the help or via SMS Support. A SAIS helps the institutions manage various operations including student information and administrative. A SAIS allows for the quick and more accessible flow of information. A SAIS provides the accounting department specially bookkeeping staff with useful tools to automate the daily routine of simple task. In this system, a desktop application design for the use of the institution to minimize the work and burden of the accounting department. To optimize and configure accomplish specific information handling operation, such as computation, processing and storage of information. By implementing a SAIS to manage daily student’s accounts, accountant and bookkeeper can save time and have immediate access to a variety of student data. A SAIS allows a quick and easy way to communicate and notify about their children accounts and balances...
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...Andrew Dang ACTG440 Case 3 1. a. The auditor would have identified the defalcation through review of operational procedures. By reviewing the operational procedures, he/she would have noticed that there was no segregation of duties when it came to receiving and recording the income earned. b. The auditor would have most likely detected the defalcation when confirming accounts receivable with a large statistical sample. He/she probably would have performed a cash trace and noticed the receipts not matching up with accounts receivable postings. c. A control procedure that would have been effective in preventing this defalcation is having segregation of duties. By having another employee record the income earned from the city’s pension fund, the treasurer would not have been able to divert any of the funds for himself. 2. a) The auditor would have identified the risk that led to billing schemes through analysis of financial results. b) The defalcation most likely would have been detected by the auditor when going through the financial statements and identifying the fluctuation in sales. He/she would probably verify that the vendor was real and noticed the defalcation. c) A control procedure that would have been effective in preventing or detecting this defalcation is to implement authorization controls on approval of purchase orders. Authorization of purchase orders would include detective controls such as investigating orders to see...
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...State of the Economy and Prospects CHAPTER 1 While India's recent slowdown is partly rooted in external causes, domestic causes are also important. The strong post-financial-crisis stimulus led to stronger growth in 2009-10 and 2010-11. However, the boost to consumption, coupled with supplyside constraints, led to higher inflation. Monetary policy was tightened, even as external headwinds to growth increased. The consequent slowdown, especially in 2012-13, has been across the board, with no sector of the economy unaffected. Falling savings without a commensurate fall in aggregate investment have led to a widening current account deficit (CAD). Wholesale price index (WPI) inflation has been coming down in recent months. However, food inflation, after a brief slowdown, continues to be higher than overall inflation. Given the higher weightage to food in consumer price indices (CPI), CPI inflation has remained close to double digits. Another consequence of the slowdown has been lower-than-targeted tax and non-tax revenues. With the subsidies bill, particularly that of petroleum products, increasing, the danger that fiscal targets would be breached substantially became very real in the current year. The situation warranted urgent steps to reduce government spending so as to contain inflation. Also required were steps to facilitate corporate and infrastructure investment so as to ease supply. Several measures announced in recent months are aimed at restoring the fiscal health...
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...The essential facts/rules/regulations the NRIs must know NRI Guide 2012 2012 A Comprehensive Guide for Indians residing outside India Prakash Nair Prakash@yourownadviser.com www.yourownadviser.com . 1|Page NRI GUIDE (Ver 1.00) (A Comprehensive Guide for Indians residing outside India) Prepared by Prakash Nair Prakash@yourownadviser.com www.yourownadviser.com 2|Page NRI Guide 2012 www.yourownadviser.com PREFACE This NRI guide has been compiled with the help of information available in official website of various government departments like Reserve Bank of India, Income Tax Department, Government of Kerala and other reliable sources. I have taken adequate care to provide current and authentic information. This NRI Guide is intended to serve as a ready reference book to guide NRIs on various matters affecting their financial and other related subjects. This does not purport to be a legal document. So I am not sure that, any errors occurred while compiling this reference guide. In case of any variation between what has been stated in this NRI Guide and the relevant Act, Rules, Regulations, Policy Statements, Government Orders/Circulars etc., the latter shall prevail. Kindly note that, rules related to NRIs are subject to change. Errors and omissions are expected. Ver.2 of this NRI Guide will be published soon with more useful information. Prakash Nair Prakash @yourownadviser.com www.yourownadviser.com Date : 12-Jan-2012 Your suggestions,...
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...than in current account. 2. What rate of Interest is paid by banks on savings bank accounts? With effect from October 25, 2011, saving bank deposit interest rate stands deregulated. Accordingly, banks are free to determine their savings bank deposit interest rate, subject to the following two conditions: (a) First, each bank will have to offer a uniform interest rate on savings bank deposits up to Rs.1 lakh, irrespective of the amount in the account within this limit. (b) Second, for savings bank deposits over Rs.1 lakh, a bank may provide differential rates of interest, if it so chooses, subject to the condition that banks will not discriminate in the matter of interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date, at any of its offices. Further, Banks may ensure that interest rate is applied, as stated above, on the end-of-day balances of all domestic savings deposits accounts and no discrimination is made at any of its offices. Prior approval of the Board / Asset Liability Management Committee (if powers are delegated by the Board) may be obtained by a bank while fixing interest rates on such deposits. 3. Whether banks can pay interest on savings bank accounts quarterly? Banks can pay interest on savings bank accounts at quarterly or longer rests. 4. How is the computation of interest on savings bank deposits done by banks? With effect from April 1, 2010 payment of interest on savings bank accounts by scheduled commercial...
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...ECONOMIC SURVEY 2014-15 STATISTICAL APPENDIX STATISTICAL APPENDIX : ECONOMIC SURVEY 2014-15 1. National Income and Production 1.1 1.2 1.3 A1 1.3 A2 1.3 B1 1.3 B2 1.4 A 1.4 B 1.5 1.6 1.7 A 1.7 B 1.8 A 1.8 B 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.25 1.26 1.27 1.28 Gross National Income and Net National Income .................................................................................................. Annual Growth Rates of Gross National Income and Net National Income ...................................................... Gross Value Added at Factor Cost by Industry of Origin (at Constant Prices) ................................................... Gross Value Added at Basic Prices by Industry of Origin (at Constant Prices) ................................................... Gross Value Added at Factor Cost by Industry of Origin (at Current Prices) ...................................................... Gross Value Added at Basic Prices by Industry of Origin (at Current Prices) ...................................................... Annual Growth Rates of Real Gross Value Added at Factor Cost by Industry of Origin (Per cent) ................ Annual Growth Rates of Real Gross Value Added at Basic Prices by Industry of Origin (Per cent) ................ Gross Domestic Saving and Gross Capital Formation (at Current Prices) .......................................................... Gross Domestic...
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...Singapore 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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...I. Key Issues Overview When Cartwright Lumber Company was originally founded, it was owned by both Mark Cartwright and Henry Stark. However, Cartwright bought out Stark’s interest for $105,000 and became sole owner of the company. To finance this payment, Henry took out a $70,000 loan with an interest rate of 11% secured by land and buildings payable over 10 years at a rate of $7,000 each year. was located in a suburb of a large city in the Pacific Northwest; its operations were limited to the retail distribution of lumber products in the local area. In 1994, Cartwright Lumber Company was established as a partnership by Mark Cartwright and his brother-in-law Henry Stark. However, in 2001, Cartwright brought out Henry’s interest for $105,000 and incorporated the company. About 55% of the total sales of Cartwright Lumber Company were made in the six months from April through September. There were no sales representative; orders were taken exclusively over telephone. Sales volume had been largely on the basis of successful price competition, made possible by careful control of operating expenses and by quantity purchases of material at substantial discounts. Besides, good relationship with suppliers and high loyalty of employees contributed to its success. Cartwright Lumber Company’s financial status was promising; from 2001 to 2004, they experienced an average sales increase rate of about 29.7% yearly. However, debt existed. In order to buy off Stark’s interest, Cartwright...
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...Google’s Cash Management Google Inc., the world’s largest searching engine operator, has huge cash amount during operation. According to the news on Bloomberg, the company wants to keep money on hand in order to be able to invest quickly when needed, (2013). On Feb 28th, Patrick Pichette, Chief Financial Officer of Google, disclosed the company’s strategy to retain its “strategic ability to pounce” at a Morgan Stanley conference. In general, Google wants to maintain the ability of quick acquisition in cash to make the investment more sufficient, just like the $12.5 billion acquisition of Motorola in 2011(Pichette, 2013). At the end of 2012, Google had $48.1 billion in cash and short-term investment, and the number increased to $44.4 billion on Jun 30th, 2013(Yahoo, 2013). Patrick Pichette also mentioned that the accumulating money on hand might increase the pressure to return more to shareholder, but Google thought preparing for future investment was the best use of money for shareholders(2012). In addition, while the cash is increasing, Google keeps most of its cash overseas to reduce its tax bill, and in order to avoid large transfer fee, Google mostly uses the foreign cash outside the United States (Washington Times, 2013). Basically, Google’s cash management strategy shows the company’s stress on speculative purposes of cash, which enable the company to quickly take advantage of bargains, discounts, new investments, shifts in interest rates and...
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...Service sector in China * Structures, restrictions and recommendations University: Shanghai University – School of Economics Course: Service economics and Trade Tutor: Professor Dong Yinguo Author: Hake Feka Student ID: 13D62241 Abstract The result of the market-oriented reforms in China along with its opening up to the outside world were rapid industrialization and integration in international trade. The service sector has perceived a fast, continued development and has made huge contributions to the overall economy in terms of its share of gross domestic product (GDP) and employment. However, the development of the service sector has been inadequate and has lagged behind its overall stage of development according to international norms. Table of Contents 1. INTRODUCTION 2 2. THE IMPACT OF SERVICE SECTOR IN CHINA 2 3. DIFFERENCES AND GAPS 4 4. OBSTACLES AND RESTRICTIONS 6 5. RECOMMANDATIONS AND CONCLUSION 10 REFERENCES 12 1. INTRODUCTION The result of the market-oriented reforms in China along with its opening up to the outside world were rapid industrialization and integration in international trade. The service sector has perceived a fast, continued development and has made huge contributions to the overall economy in terms of its share of gross domestic product (GDP) and employment. The increasing of the service sector has caught up with the manufacturing sector, which indicates that China is moving into a new stage of development...
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...exercises to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data. Business Process Overview The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements. Chapter 04 Save Reset Print Chapter 03: Financial Accounting Exercise 03-02 Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow Invest in GBI View Account Balances Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent Exercise Deliverables Deliverables are consolidated into one answer sheet at the end of this exercise. For this exercise you will need the following deliverables. In the System: Journal Entries On Paper: Document numbers for each step. Answers to the Questions You may be assigned additional deliverables. Be...
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...18, 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...
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...ASEAN IN TODAY’S WORLD 2013 The Economic Structure and Employment of the Philippines This paper is written to accomplish the requirement of ASEAN Economics Studies of ASEAN Today’s World 2013 in Ateneo de Manila University, Philippines Lecturer: Prof. Victor S. Venida, Ph.D. Written by: Nur Isnaini Masyithoh Faculty of Economics and Business Universitas Gadjah Mada 2013 I. Background Sectorial Structures of World Economies According to World Bank, one way to determine the structure of economy is by analyzing its three main sectors; agriculture, industry, and services in the country’s total output and employment. Initially, the agriculture is the main sector of developing countries. The shift comes to industrialization and post-industrialization. Industrialization assumed to increase and replace the agriculture because modernization refers to specialization of economic function, monetization of transaction, and homogenization of goods and services (Venida, 2000). The homogenization is formed by the improvement and innovation in technology enhancing the agricultural products. As the requirement of productivity and quality in agriculture increases, the innovation and function of technology has become the obstacle of the growing industry. Source: World Bank (http://www.worldbank.org/depweb/beyond/beyondco/beg_09.pdf) As the income rises, goods become immaterial. People no longer rely on materials since needs are already satisfied. Instead, they will concern about services including...
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