The document summarizes key aspects of revenue, expenditure, and payroll cycles. It describes functions like sales order processing, accounts receivable, purchasing, accounts payable, inventory management, and payroll processing. It also outlines important inputs, outputs, controls, and risks associated with each cycle.
In this webinar, learn about accounting for the unexpected using QuickBooks. From issuing credit memos and refunds to adding finance charges, make a positive change with QuickBooks.
The document discusses the functions and importance of an accounts office. It explains that an accounts office is responsible for maintaining accounting records, processing financial transactions like payroll and bank accounts, and preparing documents for audits. It also discusses the roles of credit control, collecting payments, issuing debit/credit notes, and working with common bank account types like savings, current, and fixed deposit accounts. Maintaining accurate financial records is crucial for businesses.
Aachal Amit Rane is seeking a position in finance with over 13 years of experience in accounting and internal auditing. He has extensive experience in accounts payable and receivable, statutory payments and filings, cash and bank reconciliation, and financial reporting. Most recently, he worked as a senior executive in accounts at Maharashtra Safe Chemist & Distributors Alliance Limited, where he managed vendor payments, cash deposits, VAT and TDS payments and filings, and assisted with financial statement preparation. Prior to that, he worked as a senior internal auditor and as an accountant. He has proficiency with SAP, Tally, and QuickBooks accounting software packages.
Salman Ali Muhammad Akram is seeking a position in supply chain management with a focus on procurement. He has over 10 years of experience in supply chain roles including customer service, procurement, and logistics. Currently he works as a Procurement Executive for Armacell Middle East Company in Dammam, Saudi Arabia where he is responsible for procurement, vendor management, and ensuring on-time deliveries. He has a B.Com degree from Allama Iqbal Open University in Pakistan and skills in SAP, Microsoft Office, negotiations, and problem solving.
Accounting is the process of recording, classifying, and summarizing financial transactions. It involves identifying transactions, recording them in journals, posting them to ledgers, and preparing trial balances and financial statements. The key types of accounts are personal, real, and nominal accounts which follow the golden rules of debit/credit. Subsidiary books like cash books, purchase books, and sales books are used to record regular transactions to ease the accounting process.
This document describes an enterprise management software suite for distributors. It lists common challenges faced by distributors such as poor cash flow, increased costs, and slowed sales growth. It then describes how the software solutions can help distributors address these challenges through features like financial management, order processing, warehouse management, purchasing, inventory management, and customer relationship management modules. The software aims to help distributors operate more efficiently and effectively.
Watch out full video on Youtube. Click on the link below-
https://youtu.be/48r3LhGRX_A
Credit monitoring is the continuous process of reviewing and following loan accounts, asset quality and credit reports to judge the accuracy and standard of loan asset.
Whenever loan is granted to customer, banker is required to ensure that it remains a standard asset and does not turn out to be non-performing asset.
Pre-disbursement Care
Sanction letter shall be issued detailing various terms and conditions on which the loan has been approved.
Acknowledgement letter should be obtained from borrower stating that he/she has well understood and noted the terms of sanction.
Security documents along with acknowledgement letter should be kept aside properly.
Credit report should be reviewed periodically to ensure that there are no adversity causing risk to loan recovery.
Documentation should be done in proper format with all signatures as a part of due diligence.
End use verification to ensure legality of purpose.
Post-disbursement Care
Post-disbursement monitoring involves both onsite monitoring (visiting the unit) and offsite monitoring (scrutiny of records)
OFFSITE MONITORING INVOLVES :-
Study of Quarterly Information System, Monthly Select Operational Data, Cash Budget and Financial Statements
Stock Statement Verification
Scrutiny of the register and bills
Annual report containing director’s report, management discussion analysis, auditor’s report and financial statements
Comparison of actual financials with projected one on the basis of which loan was sanctioned
ONSITE MONITORING INVOLVES :-
Physical verification of stock
Check whether all machinery are working in good condition
Checking of Register Books ( Sales register, Purchase register, Production register, Stock register)
Invoices and utility bills
No. of skilled and unskilled workers in the unit
Thank you for Watching
Subscribe to DevTech Finance
In this webinar, learn about accounting for the unexpected using QuickBooks. From issuing credit memos and refunds to adding finance charges, make a positive change with QuickBooks.
The document discusses the functions and importance of an accounts office. It explains that an accounts office is responsible for maintaining accounting records, processing financial transactions like payroll and bank accounts, and preparing documents for audits. It also discusses the roles of credit control, collecting payments, issuing debit/credit notes, and working with common bank account types like savings, current, and fixed deposit accounts. Maintaining accurate financial records is crucial for businesses.
Aachal Amit Rane is seeking a position in finance with over 13 years of experience in accounting and internal auditing. He has extensive experience in accounts payable and receivable, statutory payments and filings, cash and bank reconciliation, and financial reporting. Most recently, he worked as a senior executive in accounts at Maharashtra Safe Chemist & Distributors Alliance Limited, where he managed vendor payments, cash deposits, VAT and TDS payments and filings, and assisted with financial statement preparation. Prior to that, he worked as a senior internal auditor and as an accountant. He has proficiency with SAP, Tally, and QuickBooks accounting software packages.
Salman Ali Muhammad Akram is seeking a position in supply chain management with a focus on procurement. He has over 10 years of experience in supply chain roles including customer service, procurement, and logistics. Currently he works as a Procurement Executive for Armacell Middle East Company in Dammam, Saudi Arabia where he is responsible for procurement, vendor management, and ensuring on-time deliveries. He has a B.Com degree from Allama Iqbal Open University in Pakistan and skills in SAP, Microsoft Office, negotiations, and problem solving.
Accounting is the process of recording, classifying, and summarizing financial transactions. It involves identifying transactions, recording them in journals, posting them to ledgers, and preparing trial balances and financial statements. The key types of accounts are personal, real, and nominal accounts which follow the golden rules of debit/credit. Subsidiary books like cash books, purchase books, and sales books are used to record regular transactions to ease the accounting process.
This document describes an enterprise management software suite for distributors. It lists common challenges faced by distributors such as poor cash flow, increased costs, and slowed sales growth. It then describes how the software solutions can help distributors address these challenges through features like financial management, order processing, warehouse management, purchasing, inventory management, and customer relationship management modules. The software aims to help distributors operate more efficiently and effectively.
Watch out full video on Youtube. Click on the link below-
https://youtu.be/48r3LhGRX_A
Credit monitoring is the continuous process of reviewing and following loan accounts, asset quality and credit reports to judge the accuracy and standard of loan asset.
Whenever loan is granted to customer, banker is required to ensure that it remains a standard asset and does not turn out to be non-performing asset.
Pre-disbursement Care
Sanction letter shall be issued detailing various terms and conditions on which the loan has been approved.
Acknowledgement letter should be obtained from borrower stating that he/she has well understood and noted the terms of sanction.
Security documents along with acknowledgement letter should be kept aside properly.
Credit report should be reviewed periodically to ensure that there are no adversity causing risk to loan recovery.
Documentation should be done in proper format with all signatures as a part of due diligence.
End use verification to ensure legality of purpose.
Post-disbursement Care
Post-disbursement monitoring involves both onsite monitoring (visiting the unit) and offsite monitoring (scrutiny of records)
OFFSITE MONITORING INVOLVES :-
Study of Quarterly Information System, Monthly Select Operational Data, Cash Budget and Financial Statements
Stock Statement Verification
Scrutiny of the register and bills
Annual report containing director’s report, management discussion analysis, auditor’s report and financial statements
Comparison of actual financials with projected one on the basis of which loan was sanctioned
ONSITE MONITORING INVOLVES :-
Physical verification of stock
Check whether all machinery are working in good condition
Checking of Register Books ( Sales register, Purchase register, Production register, Stock register)
Invoices and utility bills
No. of skilled and unskilled workers in the unit
Thank you for Watching
Subscribe to DevTech Finance
The document provides an overview of basic accounting concepts and procedures. It explains that accounting involves recording business transactions, adjusting account balances, and preparing financial statements. Key steps include journalizing transactions, posting to ledger accounts, taking a trial balance, compiling adjustment data, preparing a worksheet, making adjustments, and generating financial statements. The accounting equation, types of accounts, debit/credit rules, and accounting cycle are also outlined.
Receivables are sales made on credit. Managing receivables effectively involves setting credit policies, evaluating customers, monitoring receivable balances, and using appropriate collection methods. Key steps include analyzing customers' character, capacity, capital, collateral and economic conditions; monitoring metrics like days sales outstanding and aging schedules; and employing techniques like lockboxes and factoring to speed up collection. The goal is to grant credit in a way that maximizes the net benefit of increased sales versus costs of extending credit.
This document outlines the goals, procedures, and activities of a credit and receivables management team. The team aims to decrease overdue accounts, increase security deposit collection, and improve efficiency in collecting various accounts receivables. Key procedures include drawing from security deposits for unpaid bills, notifying customers, and requesting replenishment. The team works to reconcile accounts, pursue legal actions, and implement write-offs for delinquent customers according to documented policies and procedures.
09.2 audit siklus pembelian dan pembayaranMulyadi Yusuf
The document describes a manual purchases and cash disbursement system and how it could be automated using a computer-based accounting system (CBAS). In a manual system, purchase requisitions and orders are prepared on paper and routed between departments, while cash disbursements involves manually preparing checks. A CBAS allows routing of documents and authorizations electronically and automating processes like check printing. However, it also concentrates duties, so internal controls must focus on areas like access restrictions, supervision, and independent verification to prevent fraud.
The document summarizes the agenda and key topics for the Cardinal Project Wave 1 Change Network Meeting #6 on October 22, 2014. The agenda includes a project update, system reminders about the online accounts receivable process, workflow reassignment, employee expenses, security tips, voucher tips, and monitoring pending transactions. It also lists recent and upcoming communications. The meeting aims to provide guidance and reminders on using the new Cardinal financial system for the Commonwealth of Virginia.
This document provides a summary of Jean-Pierre De Klerk's work experience and qualifications. It lists his positions at various companies from 2009 to present, including Assistant Manager at Stones Durbanville from 2015-2016, Shop Manager at Café Fino from 2013-2015, Claims Consultant at Absa Insurance from 2013, and other roles. It also lists his tertiary education in Banking Services and Advice from Millpark Business School and various training qualifications.
Here are the answers to the practice questions:
1. The three transaction cycles that exist in all businesses are:
- Expenditure cycle
- Conversion cycle
- Revenue cycle
2. The major subsystems of the expenditure cycle are:
- Purchases/accounts payable system
- Cash disbursements system
- Payroll system
- Fixed asset system
3. The physical component of the expenditure cycle is the acquisition of goods or services. The financial component is the cash disbursement to the supplier, which occurs at a later point after the physical receipt of goods/services.
4. A general journal is used to record non-recurring or infrequent transactions. Journal vouchers
- Accounting is the recording, classifying, summarizing and reporting of financial transactions. It has both historical and managerial functions.
- The accrual basis of accounting recognizes revenue and expenses when earned or incurred, regardless of cash receipt or payment. The double entry system records each transaction with both a debit and credit entry.
- Modern accounting uses double entry, computers, and electronic media. It allows for accurate, fast accounting but errors can be difficult to identify if the accounting system fails.
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
The document provides a summary of the individual's professional experience working in various roles in the cable and telecommunications industries since 2005. It highlights experience as a collections representative, group leader, account manager, dispatcher, and telecommunications security specialist for companies including Time Warner Cable, Delbert Services, ADIR International Finance, and Comcast Cable. Responsibilities included making calls to customers, processing payments, assisting with customer issues, supervising other representatives, and conducting equipment audits.
This document summarizes chapters from an accounting textbook. Chapter 1 discusses accounting for merchandising operations, including the recording of purchases and sales under a perpetual inventory system and the steps in the accounting cycle. Chapter 2 covers determining inventory quantities, cost flow assumptions, the lower-of-cost-or-market valuation method, and the inventory turnover ratio. Chapter 3 addresses cash controls, including controls over cash receipts, disbursements, bank reconciliations, and the presentation of cash on the balance sheet.
The document discusses the acquisition/payment process and related accounting information system elements. It describes the key steps as requesting goods or services, authorizing a purchase, purchasing goods/services, receiving goods/services, and disbursing cash. The process involves purchase requisitions, purchase orders, receiving reports, and vendor invoices as inputs and outputs. It also outlines risks like ordering unneeded goods and internal controls to mitigate those risks, such as inventory monitoring and purchase approvals.
This document provides a summary of Monique Savary's experience and qualifications. She has over 15 years of experience in budget management, financial reporting, billing, and accounts receivable/payable roles. Her most recent role was as a Budget Manager at Geometry Global/Ogilvy&Mather where she managed a $300 million budget for Unilever Shopper Marketing. Prior to that she held roles as a Budget Project Manager at Omnicom Media Group and Senior Revenue Specialist/Accounts Receivable at Cheetah Mail/Experian Company. She has extensive experience in Microsoft Office, financial systems like Oracle and Hyperion, and budget/reporting tools like Prism.
Shamsul Khan has over 15 years of experience in financial services operations and management, most recently as Operations Manager at First Equity Limited where he managed client accounts and oversaw settlements, payments, and regulatory reporting. He holds a BA in Economics from London University and qualifications from the Securities Institute. Khan is now seeking a new role where he can apply his skills and continue developing his knowledge of financial products and services.
The accounting cycle is an 8-step process that begins when a transaction occurs and ends with its inclusion in financial statements. The key steps include recording journal entries, posting to the general ledger, preparing an unadjusted trial balance, making adjusting entries, and creating financial statements. Most accounting software now automates the entire accounting cycle. The cycle revolves around accounting periods, with transactions recorded throughout and financial statements prepared at the end.
This document discusses working capital, which refers to the capital required for meeting the day-to-day operational needs of a business like paying creditors, wages, and purchasing raw materials. It defines working capital and discusses the different types like gross and net working capital. It also covers the components, needs, causes and effects of excessive and inadequate working capital. Finally, it discusses various approaches to determining the appropriate working capital requirements and techniques for managing working capital components like inventory, cash, and receivables.
The document summarizes the key points from the Annual Bank Audit Conference organized by ICAI Madurai Chapter. It discusses definitions of banking and auditing. It outlines considerations for branch audits including regulatory requirements, increasing frauds, and technology changes. It describes the peculiarities of bank audits and auditing standards to be followed. It provides details on audit procedures for deposits, income/expenditure, advances including NPAs, balance sheet, and other areas. It discusses audit reporting and Long Form Audit Report (LFAR) submission.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
The document provides an overview of basic accounting concepts and procedures. It explains that accounting involves recording business transactions, adjusting account balances, and preparing financial statements. Key steps include journalizing transactions, posting to ledger accounts, taking a trial balance, compiling adjustment data, preparing a worksheet, making adjustments, and generating financial statements. The accounting equation, types of accounts, debit/credit rules, and accounting cycle are also outlined.
Receivables are sales made on credit. Managing receivables effectively involves setting credit policies, evaluating customers, monitoring receivable balances, and using appropriate collection methods. Key steps include analyzing customers' character, capacity, capital, collateral and economic conditions; monitoring metrics like days sales outstanding and aging schedules; and employing techniques like lockboxes and factoring to speed up collection. The goal is to grant credit in a way that maximizes the net benefit of increased sales versus costs of extending credit.
This document outlines the goals, procedures, and activities of a credit and receivables management team. The team aims to decrease overdue accounts, increase security deposit collection, and improve efficiency in collecting various accounts receivables. Key procedures include drawing from security deposits for unpaid bills, notifying customers, and requesting replenishment. The team works to reconcile accounts, pursue legal actions, and implement write-offs for delinquent customers according to documented policies and procedures.
09.2 audit siklus pembelian dan pembayaranMulyadi Yusuf
The document describes a manual purchases and cash disbursement system and how it could be automated using a computer-based accounting system (CBAS). In a manual system, purchase requisitions and orders are prepared on paper and routed between departments, while cash disbursements involves manually preparing checks. A CBAS allows routing of documents and authorizations electronically and automating processes like check printing. However, it also concentrates duties, so internal controls must focus on areas like access restrictions, supervision, and independent verification to prevent fraud.
The document summarizes the agenda and key topics for the Cardinal Project Wave 1 Change Network Meeting #6 on October 22, 2014. The agenda includes a project update, system reminders about the online accounts receivable process, workflow reassignment, employee expenses, security tips, voucher tips, and monitoring pending transactions. It also lists recent and upcoming communications. The meeting aims to provide guidance and reminders on using the new Cardinal financial system for the Commonwealth of Virginia.
This document provides a summary of Jean-Pierre De Klerk's work experience and qualifications. It lists his positions at various companies from 2009 to present, including Assistant Manager at Stones Durbanville from 2015-2016, Shop Manager at Café Fino from 2013-2015, Claims Consultant at Absa Insurance from 2013, and other roles. It also lists his tertiary education in Banking Services and Advice from Millpark Business School and various training qualifications.
Here are the answers to the practice questions:
1. The three transaction cycles that exist in all businesses are:
- Expenditure cycle
- Conversion cycle
- Revenue cycle
2. The major subsystems of the expenditure cycle are:
- Purchases/accounts payable system
- Cash disbursements system
- Payroll system
- Fixed asset system
3. The physical component of the expenditure cycle is the acquisition of goods or services. The financial component is the cash disbursement to the supplier, which occurs at a later point after the physical receipt of goods/services.
4. A general journal is used to record non-recurring or infrequent transactions. Journal vouchers
- Accounting is the recording, classifying, summarizing and reporting of financial transactions. It has both historical and managerial functions.
- The accrual basis of accounting recognizes revenue and expenses when earned or incurred, regardless of cash receipt or payment. The double entry system records each transaction with both a debit and credit entry.
- Modern accounting uses double entry, computers, and electronic media. It allows for accurate, fast accounting but errors can be difficult to identify if the accounting system fails.
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
The document provides a summary of the individual's professional experience working in various roles in the cable and telecommunications industries since 2005. It highlights experience as a collections representative, group leader, account manager, dispatcher, and telecommunications security specialist for companies including Time Warner Cable, Delbert Services, ADIR International Finance, and Comcast Cable. Responsibilities included making calls to customers, processing payments, assisting with customer issues, supervising other representatives, and conducting equipment audits.
This document summarizes chapters from an accounting textbook. Chapter 1 discusses accounting for merchandising operations, including the recording of purchases and sales under a perpetual inventory system and the steps in the accounting cycle. Chapter 2 covers determining inventory quantities, cost flow assumptions, the lower-of-cost-or-market valuation method, and the inventory turnover ratio. Chapter 3 addresses cash controls, including controls over cash receipts, disbursements, bank reconciliations, and the presentation of cash on the balance sheet.
The document discusses the acquisition/payment process and related accounting information system elements. It describes the key steps as requesting goods or services, authorizing a purchase, purchasing goods/services, receiving goods/services, and disbursing cash. The process involves purchase requisitions, purchase orders, receiving reports, and vendor invoices as inputs and outputs. It also outlines risks like ordering unneeded goods and internal controls to mitigate those risks, such as inventory monitoring and purchase approvals.
This document provides a summary of Monique Savary's experience and qualifications. She has over 15 years of experience in budget management, financial reporting, billing, and accounts receivable/payable roles. Her most recent role was as a Budget Manager at Geometry Global/Ogilvy&Mather where she managed a $300 million budget for Unilever Shopper Marketing. Prior to that she held roles as a Budget Project Manager at Omnicom Media Group and Senior Revenue Specialist/Accounts Receivable at Cheetah Mail/Experian Company. She has extensive experience in Microsoft Office, financial systems like Oracle and Hyperion, and budget/reporting tools like Prism.
Shamsul Khan has over 15 years of experience in financial services operations and management, most recently as Operations Manager at First Equity Limited where he managed client accounts and oversaw settlements, payments, and regulatory reporting. He holds a BA in Economics from London University and qualifications from the Securities Institute. Khan is now seeking a new role where he can apply his skills and continue developing his knowledge of financial products and services.
The accounting cycle is an 8-step process that begins when a transaction occurs and ends with its inclusion in financial statements. The key steps include recording journal entries, posting to the general ledger, preparing an unadjusted trial balance, making adjusting entries, and creating financial statements. Most accounting software now automates the entire accounting cycle. The cycle revolves around accounting periods, with transactions recorded throughout and financial statements prepared at the end.
This document discusses working capital, which refers to the capital required for meeting the day-to-day operational needs of a business like paying creditors, wages, and purchasing raw materials. It defines working capital and discusses the different types like gross and net working capital. It also covers the components, needs, causes and effects of excessive and inadequate working capital. Finally, it discusses various approaches to determining the appropriate working capital requirements and techniques for managing working capital components like inventory, cash, and receivables.
The document summarizes the key points from the Annual Bank Audit Conference organized by ICAI Madurai Chapter. It discusses definitions of banking and auditing. It outlines considerations for branch audits including regulatory requirements, increasing frauds, and technology changes. It describes the peculiarities of bank audits and auditing standards to be followed. It provides details on audit procedures for deposits, income/expenditure, advances including NPAs, balance sheet, and other areas. It discusses audit reporting and Long Form Audit Report (LFAR) submission.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
3. Functions in the Revenue Cycle
• Sales department obtains customer order and validates.
• Credit department checks customer’s credit.
• Sales department determines that products or services are
available and prepares a sales order.
• Stores assemble goods for shipment which
may involve using a picking ticket to
remove goods from the warehouse.
• Shipping department ships ordered goods
including a packing slip for customer
validation.
4. Functions in the Revenue Cycle
• Billing department bills customer upon receipt of a
shipping notice from shipping department.
• Cashier receives and deposits cash intact daily using a
deposit slip.
• Accounts receivable clerk updates accounts receivable
database by reference to the customer remittance
advice which accompanies payment.
• Appropriate personnel prepare needed reports.
5. Inputs to the Revenue Cycle
• Sales Orders - prenumbered and usually prepared in
multiple copies
• Sales Invoices - prepared after shipment of goods or
providing of a service
• Customer Checks - deposited intact daily by cashier
• Remittance Advices - serve as source document for
credits to accounts receivable; advices may be
turnaround documents
• Shipping Notices - copies will serve as packing slips
and bills of lading
• Credit memos - issued for sales returns and allowances
6. Outputs of the Revenue Cycle
• Open Orders Report - lists those sales orders that are not
completely shipped and billed
• Customer Billing Statement - includes customer account
activity such as sales, returns, and cash receipts
• Accounts Receivable Aging Statement - contains data
concerning the status of open balances of all active credit
customers arranging the overdue amounts by time periods
• Sales Analysis Reports - captures detailed data about each
sale in order to monitor sales activities and plan production
and marketing efforts
• Customer Listing Report - shows customer codes,
contacts, shipping and billing addresses, credit limits, and
billing terms
8. Cycle Billing in Accounts
Receivable
• Companies which have a large volume of
customers may choose to use cycle billing.
• This plan involves subdividing the
accounts receivable file by alphabet
or account number and sending bills
out in cycles.
• Cycle billing distributes the preparation of
customer statements over the working days of the
month.
9. Types of Sales Order Systems
• incomplete prebilling
• separate order and billing
• postbilling
13. blanket order
• a single order which calls for several
shipments to the same customer over a
specific time period.
14. Factoring of Accounts
Receivable
• Factoring involves selling accounts receivable
at a discount to collection agencies.
• Advantages: avoids accounts receivable
recordkeeping costs and speeds up cash
collection.
• Disadvantages: fees charged by factoring agencies
are unusually large and there could be potential
negative effects of factoring on customer relations.
15. Methods of Maintenance of
Accounts Receivable
• Balance forward method - applies a customer
payment against the outstanding balance rather
than against a specific invoice by merging all
invoice amounts of previous months and
showing a “balance forward”.
• Open invoice method - matches
each payment with a specific invoice,
thus disputed invoices are more easily
isolated.
16. Sales Returns and Allowances
• credit memorandum: a form used to
document reductions to a customer's
account due to sales returns or sales
allowances.
17. Write-off of Accounts Receivable
• Numerous techniques are available to
collect past due accounts (e.g., follow-up
letters, collection agencies), but some
accounts are ultimately worthless.
18. Write-off of Accounts Receivable
• central feature in a write-off procedure is an
analysis of past due accounts, usually done
with an aged trial balance.
19. Lapping of Accounts
Receivable-a Risk Exposure
• Lapping is a type of embezzlement that
involves the theft of cash and its concealment by
a succession of delayed postings to
customer accounts.
• The risk exposures include a loss of funds
received from customers and overstated
accounts receivable balances.
• Using a bank lockbox system and segregation
of duties can help reduce exposure.
20. Internal Controls in the
Revenue Cycle
• Inventory is transferred, picked, and shipped only
on the basis of a written authorization.
• Customers are billed only upon the shipment of
goods.
• Credit for returns is issued only after goods are
returned and checked by the receiving department.
• Write-offs of customer accounts are approved by
the credit manager
21. The Expenditure Cycle
• The purpose of the Expenditure Cycle is to
facilitate the exchange of cash with vendors for
needed goods and services.
• Purchases may be for cash or credit
• The Expenditure Cycle captures
information relating to purchases,
suppliers, and payables.
22. Objectives of the Expenditure
Cycle
• Ensure goods and services are ordered as needed.
• Receive all ordered goods, verify condition, and
safeguard until needed.
• Determine that vendor invoices are valid and correct and
paid at the optimal time for cash discounts and
avoidance of finance charges for late payment.
• Maintenance of vendor records by the purchasing
department, which is responsible for finding reputable
vendors who offer quality goods and services at
reasonable prices.
• Forecast cash outflows in order to prepare a cash budget.
23. Functions in the Expenditure
Cycle
• Stores recognizes the need for goods or services
and issues a purchase requisition.
• Purchasing department places an order for goods
or services by issuing a legally binding purchase
order with a supplier.
• Receiving department receives goods or accepts
services and completes a receiving report after
inspecting and counting goods.
24. Functions in the Expenditure
Cycle
• Accounts payable department ascertains validity of
the payment obligation by vouching the vendor
invoice to supporting documentation.
• Accounts payable prepares the disbursement check
on the basis of approved vendor invoices.
• Accounts payable department maintains accounts
payable and General ledger department posts
transactions to the general ledger.
• Appropriate personnel prepare needed financial
reports and other outputs.
25. Other Related Functions of the
Expenditure Cycle
• Payroll disbursements - includes accrual of payroll and
employer payroll taxes
• Capital expenditures - includes acquiring, trading,
salvaging and depreciating plant assets
• Purchase returns and allowances - arise when the
purchasing firm is unsatisfied with ordered goods and a
debit memorandum is issued
• Miscellaneous cash disbursements - i.e., discharge bank
loans, acquire investments and repurchase stock
• Petty cash disbursements - in order to control these
small expenditures an imprest system is normally used.
26. Inputs to the Expenditure
Cycle
• List of Approved Vendors - reflects merchants with
whom the company has been authorized to do business
• Purchase Requisition - shows items requested by
stores and may indicate the name of the vendor
• Purchase Order - based on purchase requisition but
also includes vendor information and payment terms
• Vendor Invoice - includes items shipped by vendors,
prices, shipping terms, and discounts provided
• Receiving Report - reflects the count and condition of
received goods
27. Outputs of the Expenditure
Cycle
• Open Purchase Order reports - show all purchases for
which invoices have not been approved for payment
• Open Invoices reports - list all approved invoices that are
currently unpaid
• Inventory Status reports - contain quantities received,
shipped, and on hand for each type of inventory
• Overdue Deliveries reports - reflect purchase transactions
which have arrived late from suppliers
• Payables Aging reports- reflect the status of old unpaid
invoices due to unresolved questions or liquidity problems
28. Outputs of the Expenditure
Cycle
• Vendor checks - should be supported by a voucher
and signed by a person designated by management
• Check registers - list all checks issued for a
particular period
• Discrepancy reports - used to identify any
differences among quantities on the purchase order,
receiving report, and vendor invoice
• Cash requirement forecasts - predict future
payments and payment dates by reference to
outstanding purchase order, unbilled receiving
reports, and vendor invoices
29. Inventory Control Output Reports
of the Expenditure Cycle
• Price lists - maintained to show prices charged for
raw materials and to determine standard costs for
budgeting production costs
• Periodic Usage reports - provide managerial
information about how various production
departments are using raw materials
• Inventory Status reports show inventory levels
for purchasing and production purposes
• Inventory Reconciliation reports note
discrepancies between the physical inventory
count and book balances
30. Check Kiting - a Risk Exposure
• Kiting is a type of embezzlement that involves
transfers of checks among bank accounts.
• The purpose is generally to cover cash
shortages or to inflate assets.
• The risk of kiting can be
reduced if bank reconciliations
are prepared and compared with
respect to all bank accounts as of
the same date.
31. Voucher System of Cash
Disbursements
• Before payment to a vendor an accounts
payable clerk matches together the purchase
requisition, purchase order, and receiving
report with the vendor invoice and
prepares a voucher.
• The voucher serves as a control
over cash disbursements to vendors
by avoiding duplicate payments.
32. Internal Controls in the
Expenditure Cycle
• Purchase requisitions should originate and be approved
outside the purchasing department.
• Purchasing should implement competitive bidding
procedures.
• Receiving should be separate from stores and should
perform a blind count of shipments received.
• Written authorization should accompany the movement of
inventory.
• Accounts payable should employ a voucher system.
• Cashier should sign checks.
• A physical count of inventory should be taken and
compared to inventory records.
42. Payroll Processing Requirements
• Federal old-age, survivors', disability, and
hospital insurance (F.I.C.A.)
• Federal unemployment insurance
• State unemployment insurance
• Income taxes withheld