Accounts receivable

savings accounts. b. money orders from customers. c. compensating balances. d. IOUs from customers. ANS: D PTS: 1 OBJ: LO1 NAT: AACSB correlation: analytic LOC: Learning Type: Recall KEY: cash and cash equivalents 2. A company's acceptance of credit cards like Visa is an example of a. securitization. b. factoring with recourse. c. discounting. d. factoring without recourse. ANS: D PTS: 1 OBJ: LO1 NAT: AACSB correlation: analytic LOC: Learning Type: Comprehension KEY: financing receivables 3

credit what goes out [Real Account] Real Accounts – All tangible assets like cash, car, furniture and intangible assets like goodwill, patents (2) Debit the Receiver & Credit the giver [Personal Account] Personal Accounts – Jose, cyndie or any other person or any company’s account in business (3) Debit all the Expenses and losses & Credit all the Incomes and gains. [Nominal Account] Nominal Accounts – All Income, Expenses, Profit, Losses Accounts Note:- (1) Debit if there

Interest expense Debit $275, Interest payable Credit $275   * All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $65,500 on August 31. With the exception of $15,500 all amounts were for the current semester ending on December 31.  Unearned Tuition Revenue Debit $50000, Tuition Revenue Credit $50000   * Depreciation on the school’s van

Some of the unearned accounts receivable belongs to unearned revenue, hence this amount should be revised which as a result will show a bigger increase. Answer 2 Do better understand the analysis of audit risk let us first define what audit risk is and what its components are.

Audit Plan – Keystone Computers An external auditor reviews a company’s financial reporting processes to attest that the financial statements fairly and accurately represent operational results and conform to generally accepted accounting principles. The audit process provides a reasonable, verifiable basis for the auditors’ opinion regarding the financial statements. An audit plan describes the various procedures that will be used and the purpose of those procedures. While management is responsible

Bank: Kiting & Money laundering Banks could become victim to kiting. Kiting can occur within a bank because criminals will open multiple accounts within multiple organizations in order to commit kiting. Banks also fall victim, as they do not detect kiting taking place until it is too late and the high dollar checks come back as nonsufficient funds. Banks are able to prevent kiting from occurring by placing a hold on checks over a certain dollar amount. This will ensure the funds are legit

managers necessitated, and lacked detailed financial data. The central business office (CBO) was also unable to access financial information transferred by departments within the network which is a huge problem as the CBO controls accounts receivable and accounts receivable generates revenue for the organization to make a profit. Patient Financial Services Department’s serve a vital function in any organization; it is apparent the role of the Patient Financial Services Department was critical at Sutter

and currently has 15 employees. Firms who have worked with Clarkson speak very highly of him, saying that he is conservative and his operating expenses are low. The company’s revenues are projected to continue to grow. Recently, Clarkson Lumber’s accounts payable and notes payable have increased significantly. The company has not been able to take advantage of trade discounts in recent years because of lack of funds and because of investments due to the company’s growth. While Clarkson Lumber

following questions. In order to answer the first question, this paper will discuss how each part of the working capital cycle could be improved and evaluated the implications of the improvements on XYZ and other connected parties in terms of trade receivables and trade payables. In addition, to answer the second question, this paper will formally show the evaluation and discussion of the relevant costs, income and qualitative factors to allow the SMA to reach their goal and decision-making. Moreover

than those noted above. 1- Conversion to Canadian Balance Sheet and T-Accounts (17 marks) 2- Final Balance Sheet (23 Marks) Ukrainian Bottling Company Inc. Balance SheetAs of 31 October, 2014| Assets|||Liabilities and owner's equity|| Current assets:|||Current liabilities:|| Cash| $ 2,200 ||Accounts payable| $ 85,000 | Bottle Inventory| 195,000 ||Notes payable| 60,000 | Accounts receivable| 67,000 ||Wages payable| 55,000 | Total current assets|