12 26 conduct daily review of the financial statements
Accounting Best PracticesFifth Edition_1 ppt
Ngày tải lên :
20/06/2014, 18:20
... 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright ... aware of all possible pitfalls The chapter ends with a brief review of the impact of best practices on employees This chapter is fundamental to the book, for it serves as the groundwork on which the ... to know the ways in which the implementation can fail, so there is a lengthy list of reasons for failure Finally, there is a brief discussion of the impact of change on employees and the organization...
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Accounting Best PracticesFifth Edition_3 docx
Ngày tải lên :
20/06/2014, 18:20
... to the rush basis of the payment, it is common for the accounting person to forget to make the entry into the computer system, which throws off the bank reconciliation work at the end of the ... through the originating bank via the ACH network to the receiving bank, which posts the payment and then forwards the remittance information in the message to the seller The primary purpose of the ... the point where they are simply monitoring the flow of transactions, rather than directly creating them It also channels the flow of purchases through a small set of preapproved suppliers, so there...
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Accounting Best PracticesFifth Edition_4 docx
Ngày tải lên :
20/06/2014, 18:20
... delivery person, who then brings the truckload of goods to the customer The customer counts the amount received The delivery person calls up the amount of the delivery on the screen of the portable computer, ... printing statements By doing so, one can avoid not only the time and effort of printing the statements, but also eliminate the cost of the special form used to print the statements, as well as the ... estimate of revenue and expenses Examples of key assumptions are the inflation rate, the price of energy, the impact of a lawsuit, and the entry into the market of a low-priced competitor Usually, these...
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Accounting Best PracticesFifth Edition_5 docx
Ngày tải lên :
20/06/2014, 18:20
... the supplier In any of these cases, the cash management staff will take an inordinate proportion of its time to process the movement of funds There must be an easier way There is, and it is the ... when they feel that they will not otherwise collect payment on an invoice To enhance the cooperation of the sales staff in the enforcement of collections, the compensation of the sales department ... transmission of the image of whomever is sitting in front of it The larger and more complex option is recommended for the budgeting chore, since it has the added features of allowing for the video...
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Accounting Best PracticesFifth Edition_7 pptx
Ngày tải lên :
20/06/2014, 18:20
... where the bills of material determine how many materials are used to produce a product Thus, the accuracy of the bills of material has a major impact on the accuracy of the financial statements The ... because of one major issue—some of the recommended changes require the complete cooperation of the sales manager, who will probably actively resist at least a few of them Accordingly, the duration of ... commission, the extent of any split commissions, and their amounts Further, given the volume of invoices and the complexity of calculations, there is almost certainly an error every month, so the sales...
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Accounting Best PracticesFifth Edition_9 doc
Ngày tải lên :
20/06/2014, 18:20
... Exhibit 12. 1 (Continued) Best Practice Cost Install Time Work Timing 12 24 Use standard journal entry forms 12 25 Complete allocation bases in advance 12 26 Conduct daily review of the financial statements ... high; the controller has the options of including the provided data in the financial statements or of holding off on the financial statement distribution while requesting and waiting for a review of ... financial statements Thus, the ch12_4773.qxd 12/ 29/06 270 9:24 AM Page 270 Financial Statements Best Practices more reports included in the financial statements, the more time it takes to issue the statements...
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Accounting Best PracticesFifth Edition_11 potx
Ngày tải lên :
20/06/2014, 18:20
... permission of the corporate parent before a subsidiary alters its chart of accounts any further to requiring the substitution of the existing chart with the one the corporate parent uses The bullet ... complete their scheduled training, since they find that there is not enough time in the midst of their other activities to fit it in To avoid this issue, the controller should schedule a monthly review ... created—just plot out the steps to be followed during the movie, practice them a few times, and then press the “record” button and start recording the movie The audio portion of the movie can be added...
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Accounting Best PracticesFifth Edition_13 pot
Ngày tải lên :
20/06/2014, 18:20
... will languish in the warehouse for years The solution is a periodic planned review of the entire range of product offerings, with the intent of eliminating the slow-moving items The accounting ... as they not exceed the physical storage area set aside for their use The company logs these items out of the storage area when it uses them and pays the supplier for the amounts used This has the ... attention to customers for the duration of the count Finally, the accounting staff usually stops all other work in order to devote themselves to the processing of count tags Thus, the physical count...
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Podcast Accounting Best Practices_2 pot
Ngày tải lên :
21/06/2014, 04:20
... delivery person, who then brings the truckload of goods to the customer The customer counts the amount received The delivery person calls up the amount of the delivery on the screen of the portable computer, ... printing statements By doing so, one can avoid not only the time and effort of printing the statements, but also eliminate the cost of the special form used to print the statements, as well as the ... estimate of revenue and expenses Examples of key assumptions are the inflation rate, the price of energy, the impact of a lawsuit, and the entry into the market of a low-priced competitor Usually, these...
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Podcast Accounting Best Practices_3 docx
Ngày tải lên :
21/06/2014, 04:20
... the supplier In any of these cases, the cash management staff will take an inordinate proportion of its time to process the movement of funds There must be an easier way There is, and it is the ... when they feel that they will not otherwise collect payment on an invoice To enhance the cooperation of the sales staff in the enforcement of collections, the compensation of the sales department ... transmission of the image of whomever is sitting in front of it The larger and more complex option is recommended for the budgeting chore, since it has the added features of allowing for the video...
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Podcast Accounting Best Practices_4 potx
Ngày tải lên :
21/06/2014, 04:20
... written off The timing of the write-off, once again, depends on the particular circumstances of each company Some may feel that it is best to wait until the end of the year before writing off an ... loss of $9 that will require the sale of nine more units to offset the loss However, if the same product had a profit of 50 percent, it would require the sale of only one more unit to offset the ... can then copy the signature images out of the Web sites and paste them directly into an invoice, thereby providing proof of receipt to the customer on the invoice If necessary, the billing staff...
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Podcast Accounting Best Practices_6 pdf
Ngày tải lên :
21/06/2014, 04:20
... distribute them because the recipients are not aware of the cost of creating them A further problem is the distribution of the reports It is common for someone who does not realize the expense of distributing ... rooted out of the accounts payable system so that all payments are authorized by a purchase order The check-signers may want proof of the efficacy of the new system before they relinquish the back-up ... because they have no idea of when they are supposed to get rid of them By default, they typically remain in a heap in the back corner of the most distant warehouse, eating up ch10_4773.qxd 12/ 29/06...
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Podcast Accounting Best Practices_8 ppt
Ngày tải lên :
21/06/2014, 04:20
... immediately following the end of an accounting period Cost: Installation time: 12 26 Conduct Daily Review of the Financial Statements Sometimes the initial review of the period-end financial statements comes ... ch12_4773.qxd 12/ 29/06 9:24 AM Page 291 12 26 Conduct Daily Review of the Financial Statements 291 mation before a final cost allocation is made, it tends to be one of the last action items the ... block of business from the seller for a period of years, while also gaining the expertise of the employees running the center The supplier can then sell the services of this group to other customers,...
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Podcast Accounting Best Practices_10 pptx
Ngày tải lên :
21/06/2014, 04:20
... while also conducting a review of other control areas to see if there are other areas of risk that are not currently being addressed The upshot of this process is a clear ranking of audit reviews ... all of these issues are addressed, the accuracy of the bills of material should rise markedly, along with the accuracy of the inventory and cost of goods sold Cost: Installation time: 16–4 Review ... small number of outlying dock doors available for the use of these suppliers, or by gradually eliminating them with the cooperation of the purchasing department Another issue is the use of third-party...
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Podcast Accounting Best Practices_11 potx
Ngày tải lên :
21/06/2014, 04:20
... will languish in the warehouse for years The solution is a periodic planned review of the entire range of product offerings, with the intent of eliminating the slow-moving items The accounting ... as they not exceed the physical storage area set aside for their use The company logs these items out of the storage area when it uses them and pays the supplier for the amounts used This has the ... attention to customers for the duration of the count Finally, the accounting staff usually stops all other work in order to devote themselves to the processing of count tags Thus, the physical count...
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Podcast Accounting Best Practices_13 docx
Ngày tải lên :
21/06/2014, 04:20
... journal entries 12 7 Automate the cutoff Work Elimination 12 8 12 9 12 10 Avoid the bank reconciliation Defer routine work Eliminate multiple approvals 12 11 Eliminate small accruals 12 12 Reduce investigation ... transactions over the Internet ch19_4773.qxd 12/ 29/06 9:38 AM Page 462 462 Appendix A Chapter 12: Financial Statements Best Practices Financial Reports 12 1 Move operating data to other reports 12 2 Post ... activities to parallel ones 12 18 Create a closing schedule 12 19 Document the process 12 20 Restrict the use of journal entries 12 21 Train the staff in closing procedures 12 22 Use cycle counting...
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Risk and management Accounting Best Practices_3 doc
Ngày tải lên :
21/06/2014, 18:20
... the supplier In any of these cases, the cash management staff will take an inordinate proportion of its time to process the movement of funds There must be an easier way There is, and it is the ... when they feel that they will not otherwise collect payment on an invoice To enhance the cooperation of the sales staff in the enforcement of collections, the compensation of the sales department ... transmission of the image of whomever is sitting in front of it The larger and more complex option is recommended for the budgeting chore, since it has the added features of allowing for the video...
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Risk and management Accounting Best Practices_5 docx
Ngày tải lên :
21/06/2014, 18:20
... where the bills of material determine how many materials are used to produce a product Thus, the accuracy of the bills of material has a major impact on the accuracy of the financial statements The ... because of one major issue—some of the recommended changes require the complete cooperation of the sales manager, who will probably actively resist at least a few of them Accordingly, the duration of ... commission, the extent of any split commissions, and their amounts Further, given the volume of invoices and the complexity of calculations, there is almost certainly an error every month, so the sales...
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Risk and management Accounting Best Practices_6 pot
Ngày tải lên :
21/06/2014, 18:20
... distribute them because the recipients are not aware of the cost of creating them A further problem is the distribution of the reports It is common for someone who does not realize the expense of distributing ... rooted out of the accounts payable system so that all payments are authorized by a purchase order The check-signers may want proof of the efficacy of the new system before they relinquish the back-up ... because they have no idea of when they are supposed to get rid of them By default, they typically remain in a heap in the back corner of the most distant warehouse, eating up ch10_4773.qxd 12/ 29/06...
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Risk and management Accounting Best Practices_7 ppt
Ngày tải lên :
21/06/2014, 18:20
... Exhibit 12. 1 (Continued) Best Practice Cost Install Time Work Timing 12 24 Use standard journal entry forms 12 25 Complete allocation bases in advance 12 26 Conduct daily review of the financial statements ... high; the controller has the options of including the provided data in the financial statements or of holding off on the financial statement distribution while requesting and waiting for a review of ... financial statements Thus, the ch12_4773.qxd 12/ 29/06 270 9:24 AM Page 270 Financial Statements Best Practices more reports included in the financial statements, the more time it takes to issue the statements...
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