the statement of changes in shareholders equity. * Temporary accounts are closed at year end Journalizing and Posting * A Journal is a book of original entry for all transactions * The General Journal is a chronological listing of transactions expressed as debits and credits to particular accounts (known as a journal entries) * Special Journals are used to summarize transactions with common characteristics (e.g. cash receipts, sales,
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Prepare the necessary adjusting journal entry in the company’s books on July 31, 2015 to provide the uncollectible accounts, under the following independent assumptions. (1) It is estimated that 1% of net credit sales is doubtful of collections. (2) It is estimated that 10% of outstanding accounts receivable is doubtful of collection. (3) The company wants to maintain the same amount of net realizable value as last year’s. Case 3 Below are the company’s cash ledger and bank statement for the month
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are several different places these transactions are recorded. Some of these places are the general journal, cash receipts journal, cash disbursements journal, purchases journal, sales journal and other special journals depending on the company (Kieso, Weygandt, & Warfield, 2012). Then these transactions will be posted into the general ledger which usually occurs monthly and subsidiary ledgers which are usually done daily. Once this is done a trial balance is prepared. After the trial balance
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product and customers have influence on your companies’ success with operational and tactical managers being front and center for all these tactical decisions. 2) Cross-functional accounting systems are a group of individuals are comprised of special abilities that provide value to the organization. It may include people from finance, marketing, operations, and human resources departments.
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|3-2 revised | |3-4 |Program and general revenue |Distinguish |Same | |3-5 |Extraordinary compared with special items |Define and compare |3-5 expanded | |3-6 |Expenditure classifications—examples |Classify |Same
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KEY TERMS 1. Accounts Receivable Subsidiary Ledger – account records of customers containing the customer name, customer address, current balance, available credit, transaction dates, invoice numbers, and credits for payments, returns, and allowances. It is updated from information the sales order provides. 2. Analytical Review – provides the auditor with an overall perspective for trends in the account balances. 3. Batch Control Totals – calculated totals for each batch on a transaction
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ACC 444 EXAM 1 Chapter 1 * Introduction * System: set of two or more interrelated components that interact to achieve a goal. (systems consist of subsystems that support the larger system) * Goal conflict: when subsystem is inconsistent with the goals of another subsystem or with the system as a whole * Goal congruence: when a subsystem achieves its goals while contributing to the organization’s overall goal * Data: facts that are collected, recorded, stored and processed by
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Chapter 8 Audit of the Sales and Receipts Cycle 1. Objectives 1.1 To describe the documents and records that are usually found in the sales and receipts 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 debtors. [pic] 2. Documents and Records 2.1 Customer order (客戶訂單) – a request for goods from an existing or a new customer received by sales representative or other personnel in
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Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Alli Co. sells four types of television entertainment units. The
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Journal Entries in an ERP This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP Journal Entries in an ERP This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP
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