Premium Essay

Sample Purchase Order

In:

Submitted By mogenikevin1
Words 1598
Pages 7
PURCHASE AGREEMENT[1]

ASSET PURCHASE AGREEMENT (the “Agreement”) entered into this ___ day of April, 2013, between Flyer International Corp., a Delaware corporation (“Buyer”), and Hill Universal Inc., a Delaware corporation (“Seller”). Capitalized terms used in this Agreement and not otherwise defined shall have the meanings set forth in Article 1.

RECITALS

WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, the Assets (as hereinafter defined), in each case in accordance with the terms and subject to the conditions of this Agreement;

WHEREAS, Buyer and Seller (collectively, the “Parties”) desire to enter into this Agreement for the purpose of setting forth their mutual understandings and agreements with respect to the foregoing;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE 1
DEFINITIONS

For purposes of this Agreement, the following terms (and variations thereof) have the meanings specified or referred to in this Article 1:

“Assets” means all owned tangible property (including, without limitation, machinery, equipment, furniture, automobiles, __________) used in operating the Facility and the Equipment as currently operated;

“Best Efforts” means the efforts that a prudent Person desirous of achieving a result would use in similar circumstances to achieve that result as expeditiously as possible; provided, however, that a Person required to use Best Efforts under this Agreement will not thereby be required to take actions that would result in a material adverse change in the benefits to such Person of this Agreement and the transactions contemplated hereby or to dispose of or make any change to its business, expend any

Similar Documents

Free Essay

Audit

...are for goods and services actually received Completeness Discuss segregation of duties with personnel and observe activities. Trace entries in the acquisitions journal to related vendor’s invoices, receiving reports and purchase orders Perform a search for unrecorded liabilities The auditor should also examine open vouchers, receiving reports, vendor’s invoices, and statements received for a period after year-end as part of the search for unrecorded liabilities 2. Independent reconciliation of the monthly bank statements Completeness Existence cash disbursements are recorded Accuracy Recorded cash disbursement transactions are stated at the correct amounts Proof of Cash Disbursement Examine file of completed bank reconciliation. The bank statement and bank reconciliation. Reconcile recorded cash disbursements with the cash disbursements on the bank statement 3. Use of prenumbered voucher packages, properly accounted for Completeness Existing acquisition transactions are recorded Account for a sequence of voucher packages. Trace from a file of vendor’s invoices to the acquisitions journal. Rights and Obligations The auditor should review a sample of voucher packages for the presence of the purchase requisition, purchase order, receiving report and vendor invoice to verify that the accounts payable are owed by the Pinnacle Manufacturing. 4. Use of prenumbered checks, properly accounted for Completeness Existing cash disbursement transactions...

Words: 667 - Pages: 3

Free Essay

Misser

...STANDARD INTERNAL AUDIT PROGRAMME ----- I. SALES: 1 To study the system for approval and acceptance of orders and to give suggestions for improvement. 2 To check the order acceptance with price list, if any, and to report the financial impact of sales below the price list. 3 To compute the percentage mix of sales made to new parties developed during the period under review and also compute the opportunity loss due to non-development of prospective parties as customers. To identify the reasons for non – development of these parties into customers. This may, further, be correlated with the expenses incurred during foreign tours conducted by the marketing personnel. 4 To study the system of order acceptance and invoicing and to report deficiencies in internal control, if any, along with suggestions for improvement. 5 To check the complaints and rejections during the period under review. Following aspects are to be checked in details: a) Nature of various complaints and percentage thereof. Reasons for frequent complaints of similar nature to be looked into. b) To study the role and follow up done by the Quality Assurance Department in respect of various complaints received during the period. c) To check whether there has been any major rejection, both, in domestic and overseas market, identify the reasons for the same and follow up action taken in this respect. d) To study the various reports prepared for monitoring...

Words: 3428 - Pages: 14

Premium Essay

Accounting Information System

...ACT 564 Homework Problem 1.1 Information technology is continually changing the nature of accounting and the role of accountants. Write a two-page report describing what you think the nature of the accounting function and accounting information system in a large company will be like in the year 2020. When thinking about the future of accounting and the accounting function and accounting information system, it is hard to imagine what it will be like in the future. We have come so far in such a little time technology wise. The year 2020 isn’t that far off into the future if you actually think about it and so much is bound to change! Though as a side note, if I started thinking about the Mayan calendar and how they believe the world will end on December 21, 2012. If this is true, will there even be the year 2020 to look forward to? I can remember my cousin, who is an accountant, doing all her work on paper and in a book. She always stayed late to make sure she wouldn’t get behind on her work. Now ten years later ninety percent of her work is all on the computer. Not only does this save her time but it can also make things easier when automated. In the next eight years, I believe that ninety-eight percent will all be done on the computer. The only thing that will need to be hands on or on paper will be backup copies in case something happens to the computer database. I expect large companies will only need maybe two accountants once everything is almost automatic...

Words: 1663 - Pages: 7

Premium Essay

Accounting

...CHAPTER 2 Overview of Business Processes SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 1. Three different types of information exist in Table 2.1: 1. Internally-generated financial data 2. Internally-generated operating data 3. Externally-generated data. Internally generated financial data would be captured directly on source documents that are processed by the AIS and would be reported in traditional financial statements. Internally generated operating data can be captured in two ways. Some of this data (e.g., time worked) would be captured on source documents. Other data (e.g., employee skills) would traditionally be captured and stored by an information system that is not part of the AIS itself. The AIS, however, should be redesigned so as to integrate this data with the other transaction-oriented data. Some of the data (e.g., information on market share and customer satisfaction) must come from external sources. The AIS should be designed to store this data in an integrated manner with internally generated data. 2.2 The fact that all documents are prenumbered provides a means for accounting for their use and for detecting unrecorded transactions. Thus, a missing check indicates a meal for which a customer did not pay. Since each server has his or her own set of checks, it is also easy to identify which server was responsible for that customer. This policy may help to deter theft (e.g., serving friends and not requiring...

Words: 2433 - Pages: 10

Free Essay

Inventory

...VENDOR INFORMATION MANUAL Revised: March 21, 2011 For more information contact Supply Chain Services or your Category Manager The North West Company 77 Main Street Winnipeg MB R3C 2R1 Canada Phone: (204) 943-0881 Fax: (204) 934-1495 Visit our Internet Web Site at www.northwest.ca NWC Vendor Information Manual Table of Contents Introduction....................................................................... 7 Merchandising.................................................................... 8 Displays......................................................................................................................................8 Price Increases ...........................................................................................................................8 Production Information Changes ...............................................................................................8 Vendor Agreements ...................................................................................................................8 Invoicing...................................................................... 9-12 Distribution Centre Invoice Procedures .....................................................................................9 Direct Ship Invoice Procedures ...............................................................................................10 Additional Invoicing Requirements ..............................................................

Words: 13416 - Pages: 54

Premium Essay

Conflict in the Workplace

...Chapter 7 Audit of the Purchases and Payment Cycle 1. Objectives 1.1 To describe the documents and records that are usually found in the purchases and payment cycle. 1.2 To state the general audit procedures for the test of internal controls of this cycle. 1.3 To mention the substantive tests used for the trade creditors. [pic] 2. Documents and Records 2.1 Purchase requisition (請購單) – a form detailing the request for goods or services by an authorized employee of the user department and it is then passed from the user department to the purchase department. For example, order of materials by a factory/storeroom supervisor. [pic] 2.2 Purchase order (訂購單) – a document from a company to the supplier recording the description, quantity and amount of the goods or services ordered and it should be properly authorized by the company. [pic] 2.3 Goods received note (收貨單) – a document prepared by the supervisor of the storeroom/receiving department at the time the goods are received. It shows the description, quantity, condition and date of the goods received. [pic] 2.4 Purchase invoice – a document received from vendor which indicates the date, description, quantity and the total amount of goods and services the company has received. 2.5 Purchase journal and ledgers (a) A journal (day book) for recording the purchases of goods or services. (b) Vendors’ accounts in the purchase ledger will also be updated with the remittance advice/receipts...

Words: 5526 - Pages: 23

Premium Essay

Everready

...Re Table of Contents COMPANY LETTER HEAD ......................................................................................................................... 2 INSTITUTE CERTIFICATE .......................................................................................................................... 3 ACKNOWLEDGEMENT ............................................................................................................................. 4 EXECUTIVE SUMMARY ............................................................................................................................ 5 1 Company Profile:............................................................................................................................. 6 1.1 1.2 1.3 1.4 Introduction ............................................................................................................................ 6 A Brief History ......................................................................................................................... 6 Milestones:.............................................................................................................................. 7 Vision....................................................................................................................................... 7 Companionship: .............................................................................................................. 7 Tangible differentiation: ..................

Words: 5535 - Pages: 23

Premium Essay

Cost Accounting Objectives

...be arrived under different alternatives. Such a comparison has only been made possible with the help of Cost Accounting information. * Identification of profitable and unprofitable products to imp profitability. * Preparation and submission of quotations and tenders with the help relevant information. * Detection and prevention of "wastage, leakage and inefficiencies operation. * Control over inventory-raw material, work-in-progress, finished goods consumable stores. PURCHASING PROCEDURES IN A CENTRALIZED DEPARTMENT * Initiating purchase requisition : The stores department prepares indents for the purchase of materials and forwards the same to the purchase department. Every department will make the specification of required material. This will be helpful for purchase department to identify that material. * Inviting Tenders and Quotations :For saving money and placing the order to best vendor, purchase department will invite the...

Words: 522 - Pages: 3

Premium Essay

Auditing and Professional Practice

...Scenario One: (500 Words) You are an audit senior in an accounting firm and you asked the audit partner about the ‘audit expectation gap’. The audit partner provided his opinion on the issue as follows: There is a so called ‘audit expectation gap’, and it is associated with unreasonable expectations of users. They want all fraud found, and a guarantee that the company will continue forever! This is quite unreasonable and not what the audit is designed to do! Perhaps we could do more on these issues, but it would be more work, cost more, and I doubt whether the companies would be prepared to pay anyway. Required Discuss the views of the audit partner. Scenario Two: (500 Words) Eric, a young CPA and one of the audit team members for ABC Pty Ltd, has developed very good insights into the company’s systems in the last 12 months and was asked by his partner, John, to draft a report on the reliability of internal control at ABC for review. The report is to be used as a part of a due diligence assurance engagement for ABC’s prospectus. ABC wants to be listed on Australian Securities Exchange by coming June. In carrying out the review, Eric finds a number of matters that concern him. He notices that the controls over inventory requisitions are very poor, leading to numerous complaints from customers about delays and wrong deliveries, and cancellations. Moreover, the inventory records do not show the history or the values of the inventory, so that estimates were used to arrive...

Words: 2949 - Pages: 12

Premium Essay

Xxxxx

...TRACO CABLE COMPANY LIMITED 4th Floor, KSHB Office Complex, Panampilly Nagar, COCHIN – 682 036, KERALA. Phone: 0484-2314847, 2311851. Fax: 0484-2312744 Email: mail@tracocable.com and aiyyah@yahoo.co.uk Web site : www.tracocable.com TENDER NOTICE No.82 / APW / 18.04.2011. Sir, Sub:- Tender for the supply of wooden packing materials at our Irimpanam / Thiruvalla unit. Ref :- Tender No. 82 / APW / dtd 18.04.2011. Sealed tenders are invited in the prescribed form for regular supply of seasoned /soft wooden packing materials & iron materials to our factory at Irimpanam, Thripunithura and Chumathra, Thiruvalla on contract basis for the period from 15.05.2011 to 31.05.2012. Tender documents, drawings and annexure can be down loaded from our website. Due date and time for : 3.00 pm on 5.05.2011. submission of tenders. Date and Time for opening : 3.30 pm on 5.05.2011. of tenders. E M D : Rs. 25,000.00 Thanking you, Yours faithfully, For TRACO CABLE COMPANY Ltd. Sr. Manager (Materials) From, ...

Words: 2694 - Pages: 11

Premium Essay

Manajemen Operasi

...CHAPTER 13 THE EXPENDITURE CYCLE: PURCHASING AND CASH DISBURSEMENTS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 13.1 In this chapter and in Chapter 12 the controller of AOE played a major role in evaluating and recommending ways to use IT to improve efficiency and effectiveness. Should the company’s chief information officer make these decisions instead? Should the controller be involved in making these types of decisions? Why or why not? There are several reasons why accountants should be involved in decisions about investing in IT and not leave such decisions solely to IS professionals. First, the economic merits of proposed IT investments need to be subjected to the same kind of detailed analysis as any other major capital investment (e.g., plant expansions). Accountants are skilled in making such analyses. Second, the operational feasibility of IT investments must also be evaluated. How will the investment affect daily operating procedures? Will the system be able to adapt as the company changes the nature of its operations? As one of the major users of the information system, accountants need to participate in these analyses. Third, what is the long-run viability of the proposed supplier? Here again accountants...

Words: 8842 - Pages: 36

Premium Essay

Auditing Program Design Part Ii

...and payment cycles. These test and procedures are with intent to attest operating effectiveness of internal controls of Apollo Shoes on the basis of documentation provided. It is with the understanding that with the performing of test and procedures an opinion can be formed but management of Apollo shoes is responsible for the maintenance and assessment internal controls of over financial reporting. The design of test of controls of the sales and collection cycle follows. Sales and Collection Cycle Tests of Controls Sales Cycle: The review of the revenue and collection cycle manual of Apollo Shoes provides the improper record keeping of sales orders and that sales orders are not numbered which may affect the accuracy of pricing on invoices so steps. The test of controls for sale cycle to determine accuracy will be: 1. Examine sample 1004345 for Anglonesia Rehabilitation and Reprogramming Institute invoice to review unit prices of merchandise listed. 2. Compare unit prices on invoice for merchandise to these shoe types from inventory status report of 2007. 3. Verify unit prices on invoices are correct. Collection Cycle: A review of balance confirmation from customers provides a customer of Apollo Shoes Neutralizer’s account balance was understated by $ 1,388.75, which prompts testing of existence of collections. With that information, the test of controls of existence of collections will be: 1. Determine if bank reconciliation has been performed. 2. Request bank...

Words: 2090 - Pages: 9

Premium Essay

Student

...CHAPTER 2 * Overview of Business Processes SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 2.1 Table 2-1 lists some of the documents used in the revenue, expenditure, and human resources cycle. What kinds of input or output documents or forms would you find in the production (or conversion) cycle? Students will not know the names of the documents but they should be able to identify the tasks about which information needs to be gathered. Here are some of those tasks: * Requests for items to be produced * Documents to plan production * Schedule of items to be produced * List of items produced, including quantity and quality</inst></para></question><question id="ch02ques02" label="2.2"> * Form to allocate costs to products * Form to collect time spent on production jobs * Form requesting raw materials for production process * Documents showing how much raw materials are on hand * Documents showing how much raw materials went into production * List of production processes * List of items needed to produce each product * Documents to control movement of goods from one location to another 2.2 With respect to the data processing cycle, explain the phrase “garbage in, garbage out.” How can you prevent this from happening? When garbage, defined as errors, is allowed into a system that error is processed...

Words: 4117 - Pages: 17

Free Essay

Go Live Checklist

...System Server Setup, OS Build, connections Setup and Test printers APO server setup; Optimizer Cache server setup Document server setup Printer Server Setup Coordinate activities between HR go live and other SAP go live related to hardware, dual clocks, etc. Engineering Drawing Package(s) Server setup Set batch jobs printers Hardware Purchased (PCs, Printers, Clocks, Labor Collection) CHECKPOINT: Hardware Is Installed, Time System Clocks Ready Mass Transport to Production (48 hrs) LOAD SETUP IN SAP PROD Open Client for Manual Numbers set Change customer number range to external Check various Number Ranges Add "plant" vendors Change vendor number range to external Manual - Number Range Batch Manual - Number Range Tranfer Requirement & Transfer Order Update table T185 as per SAP note 847810 Create Bin Numbers Set A/P Check Number Activate various conversion exit Change material number range to external APO-R/3 Basis connection settings Finance Setup Activate Material Ledger Activity Types Check FICO Number Ranges Co-PA activation Cost center hierarchy Cost element Groups Load Chart of Accounts Load Cost Centers Load Profit Centers Open MM Periods Primary and Secondary Cost Elements SET FI Periods APO & General Setup SETUP activate integration models create alert profiles Start Date Start Time Finish Time Finish Date Activity Production Go Live Checklist Dependency Status Responsible Group/ Person Comments create planning file entries Create planning ID's...

Words: 1397 - Pages: 6

Free Essay

Report Ontraining

...KYAMBOGO UNIVERSITY P.O.BOX 1 KYAMBOGO A REPORT ON THE INTERNSHIP/ PRACTICUM TRAINING CONDUCTED AT VISION GROUP (NEW VISION PRINTING AND PUBLISHING COMPANY HEAD QUARTERS), FINANCE DEPARTMENT, STORES UNIT BETWEEN 02ND OF JUNE 2014 AND 17TH OF JULY 2014. TO BE SUBMITTED TO THE SCHOOL OF MANAGEMENT AND ENTREPRENUERSHIP KYAMBOGO UNIVERSITY, DEPARTMENT OF PROCUREMENT AND MARKETING BY AMUNYO DENIS 11/U/13994/PLE/PE Email: deniskyu@gmail.com DECLARATION; 4 APPROVAL; 5 DEDICATION; 6 ACKNOWLEDGEMENT; 7 CHAPTER ONE 8 1.0 Introduction 8 1.1 Objectives of the practicum: 8 1.2 The scope of the practicum: 8 1.2.0 Content scope; 8 1.2.1 Geographical scope; 8 1.2.2 Time scope; 9 1.3 Organizational profile: 9 1.3.0 Background of the organization; 9 1.3.1 Organizational structure 11 1.3.2 Nature of the organization 13 1.3.3 Clients/stakeholders 13 CHAPTER TWO 14 2.0 Introduction: 14 2.1 The role of the procurement& disposal/store unit 14 2.2 Reporting and induction by the organization. 14 2.3 The department to which I assigned at the work place 15 2.3.0 Category of the department 15 2.3.1 Duties of the unit: 15 2.3.2 The title of the head of the stores unit; 16 2.3.3 The responsibilities that I was assigned: 17 2.3.4 Offices that I have worked with and what they do 18 2.3.5 Relationship with other officers in executing 18 2.4 The role of the site supervisor 19 2.5 The role of the university supervisor; 20 CHAPTER THREE 21...

Words: 9651 - Pages: 39