to transfer our weekly/monthly totals from our books of original entry into the nominal ledger. The double entry system of book keeping ensures that every transaction is recorded twice in the accounts. The basic rule which must allows be observed is that every financial transaction gives rise to two accounting entries‚ one a debit and the other a credit. The total value of debit entries in the nominal ledger is therefore always equal at any time to
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Term Paper On “Accounting Procedures in educational Institution in Banlgladesh “ North South University (NSU)” Supervised by: Shapon Kumar Paul Associate Professor Department Of Accounting Govt. Bangla College‚ Dhaka Prepared by: Md. Bellal Hossain Bapari BBA (Honours)‚ 2nd Year. Roll. 9593910 Department. of Accounting Govt. Bangla College‚ Dhaka. Date of submission: Govt. Bangla College‚ Dhaka Letter of Transmittal Date. To Supervisor Shapon Kumar Paul Associate Professor Department
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F151. Assets become liabilities when they expire. F152. Revenue results from collection of accounts receivable. F153. A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs‚ the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for the
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OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe & evaluate
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inquiries and fiscal decisions. It provides reliable information for reporting purposes and enables the university to avoid audit findings. 2) Reconciling all bank accounts and other selected general ledger accounts on a regular basis is also a concern of the office. Bank accounts are reconciled to ledger balances so that the university’s actual cash position is
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Chapter 1 CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false‚ explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB
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accurate procedures to organize back up data for these documents. c. An inclusive description of the person in charge and responsibility assigned to each person. d. A chart of accounts that is expresses an explanation of each general ledger account so that staff record debits and credits of accounting transactions in the correct accounts. e. Describe job duties consist of. 2. Raw materials may be removed from the storeroom upon written or oral authorization from one
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Substantive Audit Testing: Revenue Cycle 1. Substantive Audit Testing: Revenue Cycle 2. MULTIPLE CHOICE: 3. 1. Which of the following might be detected by an auditor’s review of the client’s sales cut-off? 4. a. Excessive goods returned for credit. 5. b. Unrecorded sales discounts. c. Lapping of year end accounts receivable. d. Inflated sales for the year. 6. ANSWER: D 7. 2. Which of the following forms of evidence represents the most competent evidence that a receivable actually exists? 8. a. A
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The company has the following general ledger accounts that are classified in the accounts‚ notes‚ or other receivables captions of the | |balance sheet: | | |General | |Description or | | |Ledger
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UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Advanced Subsidiary Level and Advanced Level *9065049186* 9706/02 ACCOUNTING May/June 2008 Paper 2 Structured Questions 1 hour 30 minutes Candidates answer on the Question Paper. No Additional Materials are required. READ THESE INSTRUCTIONS FIRST Write your Centre number‚ candidate number and name on all the work you hand in. Write in dark blue or black pen. You may use a soft pencil for
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