1. Identify any internal control weaknesses for the five areas mentioned by the Finance Committee. Discuss any weakness and explain how to improve each situation. * Inadequate system to track the revenue generation and grant * There is no system to track the revenue generation * Inadequate system to monitor the expenses * All the expenses should go through an approval process which requires all the expenses should be properly documented and the need explained. This is not in place
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Overall Accounting Cycle Hannah Tran ACC/421 November 11, 2013 Overall Accounting Cycle Maintaining a set of accounting records is not optional, especially for large companies or whomever needs to go through financial audits. These accounting records are done through-out what it is called an accounting cycle. An accounting cycle is a set of procedures to record transactions and prepare financial statements (Kieso, Weygandt, & Warfield, 2012). This is also to ensure the accuracy and
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Accounting Terms Chapter 1 Accounting- Information and measurement system that identifies records and communicates relevant information about a company’s business activities Accounting equation- equality involving a company’s assets liabilities and equity, assets equal liability plus equity/ aka balance sheet equation Assets- resources a business owns or controls that are expected to provide current and future benefits to the business Auditors- An individual who checks the accuracy, fairness
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ANALYZING TRANSACTIONS QUESTION INFORMATION |Number | |Apr. 1 Bal. 18,750 | 219,140 Cash payments | |Cash receipts ? | | |Apr. 30 Bal. 22,175 | | |
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GBM 381 Week 3 Quiz To Buy This material Click below link http://www.uoptutors.com/GBM-381/GBM-381-Week-3-Quiz 1. If a US firm exports $7,000 of goods which are to be paid for within six months, using a double-entry bookkeeping system, what entries should be made in the US balance of payments? 1. Goods export – credit of $7,000; Capital outflow – debit of $7,000 2. Accounts Receivable – debit of $7,000; Inventory – credit of $7,000 3. Goods export – debit of $7,000; Capital outflow
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Accounting Cycle Accounting cycle is the financial process starting with recording business transactions and leading up to the preparation of financial statements. This process demonstrates the purpose offinancial accounting--to create useful financial information in the form of general-purpose financial statements. In other words, the sole purpose of recording transactions and keeping track of expenses and revenues is turn this data into meaning financial information by presenting it in the form
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Question 1 3 out of 3 points Correct Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction? Answer Selected Answer: Credit an asset account for $400. Correct Answer: Credit an asset account
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1.0 Super Capacitor Lab 2.0 Flywheel Lab 3.0 Introduction to Labview 1.0 SUPER CAPACITOR LAB The aim of this task is to observe charge and discharge characteristics of a super capacitor, after that to compare achieved and theoretical characteristics. 1. 1: Recording the Supercapacitors Charge Characteristic PANASONIC - EECHW0D306 - CAPACITOR, RADIAL, 30F, 2.3V Farnell 1305076 Using the battery discharge test PCB setup the charging experiment as shown below but DO NOT connect the
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Working With Financial Statements ACC 300 April 06, 2015 Working With Financial Statements Introduction – Revenue Recognition Principle - Explain revenue recognition principle Expense Recognition Principle - It is to be expected that in accounting there are principles to follow, just as they are in other various fields regarding finances. An example of this is banking where allocations and limitations are set. According to the principle of expense recognition revenue reflects
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1.0 Introduction Flat Cargo Berhad (FCB) is an air freight services and ground handling company. Its company’s operations cover Asian Pacific region including China, Japan, Thailand, Singapore and many more. Their main customers are United Parcel Services (UPS), City Link and Nationwide Express. The main shareholder for FCB is Bangor Sdn Bhd which is part of Miri Group represented by 26.5% of the company interest. Kencana & Associates is the auditor company that audit FCB’s account. The leader
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