Archive about 'Stock Write Off and Provision'

Internal Control Checklist/Questionaires/Assessment On Revenue Cycle

General

Policies and procedures for credit and collections management should be clearly documented and communicated.

Credit Assessment
· The credit worthiness of all new credit customers should be evaluated and documented for approvals in the credit assessment forms.
· Credit limits of customers must be approved in accordance with the DOA.
· The credit assessments should include at least two [...]

When To Adopt A Periodic Inventory System Or A Perpetual Inventory System?

I wish to know which Inventory system to adopt. My main problem is that my company is not able to record Cost of goods sold at the same time that the sale is recorded. Please advise?

One of the main criteria affecting the choice of an inventory [...]

Answer To Question On Cash Versus Accrual Accounting

Earlier topic on accruals concept and profit versus cash concept refers.
Basically, a majority of small businesses use the cash method of accounting since it is simple to understand.

The business records the earnings only when the cash is received and records all its expenses when the check or cash is issued. [ Payments are considered [...]

Basic Understanding Of Islamic Accounting, Its Objectives and The Differences Between Convention Accounting

Below is a snapshot of the definition, similarity and differences between Islamic Accounting and Conventional Accounting.

Definition Of Islamic Accounting

the “accounting process” which provides appropriate information (not necessarily limited to financial data) to stakeholders of an entity which will enable them to ensure that the entity is continuously operating within the bounds of the Islamic Shari’ah [...]

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Dictionary Of Auditing Terms-Alphabet C

Append below is a table of glossary in alphabetically sequence.

A B C D E F G H I J K L M N O P [...]

Audit Evidence: Using Compliance Procedures For Audit Work

Append below are some notes pertaining to understand what are Compliance Procedures:-

Compliance Procedure In Obtaining Audit Evidence
· Compliance Procedures are tests designed to obtain reasonable assurance that those internal controls on which audit reliance is to be placed are in effect
· The auditor needs to ensure that internal control exist and that the internal control [...]

Types Of Subsidiary Book-The Sales Journal

The Sales Journal

This Journal records all sales on CREDIT. The book is written up from the duplicate of sales invoices. It contains only credit sales related to the goods originally bought for resale.
Sales Journal as follows:

Date
Invoice No
Particulars
Folio No
Details($)
Monthly Total($)

2007

Jan 1
4230
Mr ABC
SL 8
190.00

20
4231
Mr BCD
SL 11
150.00

31
4232
Mr BDE
SL 15
450.00

$790.00
======

When the Sales Journal is written [...]

Accounting Question Test With Answer FS No 1 On Financial Statements

1.The primary purpose of the balance sheet is to
            a.report the financial position of the reporting entity at a particular point in time
            b.measure the net income of a business up to a particular point in time
            c.determine cash flow for the period
            d.report the difference between cash inflows and cash outflows for the period
2. [...]