Cash Receipts/ Collections 6 Shipping 3 Billing/ Accounts Receivable 4/5 Journal Vouchers/Entries: How do we get them? Billing Dept. prepares a journal voucher: Accounts Receivable Sales DR CR Inventory Control Dept. prepares a journal voucher: Cost of Goods Sold Inventory DR CR Cash Receipts Dept. prepares a journal voucher: Cash Accounts Receivable DR CR 4 Sales Order Procedures Sales order procedures include the task involved in receiving and processing a customer
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companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. Nortel networks is a giant corporate in telecom industry and as it is expected they also have faced the challenges come from the SOX act. Some of them are in favor and some are against the Nortel. ‘SOX’ has manipulated
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firm. Internal Control of Ocean Manufacturing, Inc. Cash and Account receivables control According to the case study, Ocean Manufacturing has high accounts receivables, and if high accounts receivables it means most of the company cash in wedged in receivables account. In addition to that, Ocean Manufacturing staffs are also frustrated because they said that receivables billings are often late and inaccurate. This information strongly tells that the company’s receivables control is very weak. However
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|To determine if monthly payroll costs have been correctly allocated (accuracy). | |transactions | | |2. Test of control |To determine if recorded payroll transactions are for work actually performed by existing | | |employees (occurrence). | |3
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PART Overview of Accounting Information Systems Chapter 1 The Information System: An Accountant’s Perspective 3 Introduction to Transaction Processing 31 Ethics, Fraud, and Internal Control 91 Chapter 2 I Chapter 3 1 CHAPTER The Information System: An Accountant’s Perspective nlike many other accounting subjects, such as intermediate accounting, accounting information systems (AIS) lacks a well-defined body of knowledge. Much controversy exists among college faculty as to what
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identifying inventory needs, placing the order, receiving the inventory and recognizing the liability. In general, these procedures apply to both manufacturing and retailing firms. It differs only in the way purchases are authorized. | Manufacturing firms | Merchandising firms | Purchase authorization | Production planning and control function | Inventory control function | Monitor inventory records The inventory control monitors and records finished goods inventory levels, when inventories drop
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Regarding the utilities cost, there is 11.1% increase in years 7 and 8 comparing the 3.8% increase in years 6 and 7. It also has a continuous growth at other general and admin expenses at 31.1% and 7.6%. This demonstrates the weakness in expenses control. The company cut advertising expense to response to the declining sales in year 7 and 8. It is a weakness that company is unable to respond properly to the market changes. In addition, there is 16.3% decrease of research and development in
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------------------------------------------------- Quality Focus Paper Just-in-Time Production and Lean Manufacturing Keller Graduate School of Management Spring Semester, May 2010 Session GM588: Managing Quality (online) Instructor: Robert Lee 5 June 2010 Table of Contents I. Introduction 3 What is it? 3 Background 5 History 7 II. Literature Review 9 Significance in Practice 9 JIT and Lean Thought Processes 10 JIT & Lean Thinking – General Principles 10 Advantages/Benefits
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the YMS (Yard Management System), which we have integrated with our WMS (Warehouse Management System) and TMS (Transport Management System). Our expectation was improved performance in over-a-road transportation equipment utilization, driver productivity, and warehouse dock/door utilization. Our company is No.1 distribution in the country and we have 80% of local markets to supply. A warehouse management system (WMS) is a key part of the supply chain and primarily aims to control the movement and
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design and its manufacture will be drastically reduced. To understand the complete production system, it is relatively easy to find in the scientific literature excellent general books explaining the different aspects of the Production and Operations Management (POM) ([1], [2], [3], [4], [5]). It is more difficult to discover a writing dedicated to use of Operational Research (OR) models and methods in the industrial context [6]. And it is quite impossible to find a book which offers a good balance between
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