Accounting is by itself indeed information to various parties in an organization who includes management, employees, as well as external parties such as the suppliers and government. It provides information concerning various aspects of needs in the organization and outside the organization. The accounting information provides the basis for making most of the crucial decisions in the organization. Accounting information processing is a branch of accounting information system, which is mainly concerned with the processing of information collected and stored. The accounting information is obtained from the daily activities done by organizations named as accounting transactions. The process derives the ...
Ledger Reports Samples For Students
7 samples of this type
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Part A - The impact of accounting on the IT Development 4
Part B – Question 1 - Introducing or Upgrading Computerized Accounting Systems 5
(a) Advantages and Disadvantages of using a Computer Accounting System 5
Advantages 5
Disadvantages 5
(b) Considerations when setting up a Computerized Accounting System 6
Completion of an Accounting Cycle 6
Recording all Transactions from Manual Trial Balance 7
Running a Trial or Testing Phase 7
Verification of the Computerized Accounting System 7
(c) Chart of Accounts and Coding Structure is Followed by Impetus Limited 8
Part B – Question 2 - Accounting Packages 8
(a) The Features of an Accounting Package 8
Security 8
Reporting 9
Interdepartmental Operations 10
(b) ‘Module’ in an Accounting Package and its Purpose 10
(c) ‘Integrated’, ‘Semi-Integrated’ and ‘Non-Integrated’ Modules ...
Internal controls
Sales department: sales clerk are in charge or receiving orders, calculating commissions and discounts, and recording the sale in the journal. Since the sales clerks are paid on commission, there is a risk that sales clerk may inflate their commissions or record fictitious sales.
Accounting department: The accounts clerks are in charge of receiving customer checks, updating sales ledger, and recording the cash in the cash receipts journal. There is a risk that the accounts clerk may fail to record all the cash received and balance it out by failing to make the necessary entries in the sales journal ...
GENERAL LEDGER
DEBTORS LEDGER
CREDITORS LEDGER
Debtors’ schedule
Creditors’ schedule
Trial balance
Income statement
For the month of October
Workings:
Determination of GST
- GST on cash sales
Total amount of sales = 11,980
GST is 10%
110% = 11,980
100% = 100/110 × 11,980
= 11,800
GST = 11,980 – 11,800 = 1,180
- GST on credit sales to H. Simpson
Total sales = 550
GST = 550 × 10110
= 50
Credit sales = 550 – 50 = 500
- GST on credit sales to N. Flanders
Total credit sales = ...
Emerging Trends in ICT and Business
Executive Summary3
Introduction:3
Background..3
How bitcoin work4
Results and Findings:4
Benefits and risks
Discussion:5
Implementation .5
Conclusion.6
Recommendations for Namshi6
References7
Executive Summary
This analysis aims to demonstrate the effectiveness of technology in business functions. For instance, the adoption of the digital currency is one of the new trends in the contemporary payment plans, which a popular company should enhance. Due to transitions in transactions, the society moves from the cash to a cashless society (Akhgar, and Arabnia, 2013). As a case study in this analysis, Namshi is better placed in adopting this payment plan. Therefore, this work gives comprehensive finding, then end ...
Auditing - 2
Report
Introduction: I was asked by the management of Cotton Company to perform an audit review on their current controls in sales and cash receipts and identify their strong controls in the existing system. Moreover, I was asked to provide a detail of the deficiencies in the internal controls and provide their recommendations.
Main Report:
Existing Controls in Sales and Cash Receipts:
Sales on store’s own billing:
The sales made in the Cotton Company are made on their own billing receipt instead of using the credit cards from the customers. Most of the sales of the Cotton Company is ...
CDH520- Sharmeen Sultana
As complex as the world of accounting is, so is the various accounting statements. Hence, it is of extreme importance to understand as what each accounting statement means and what purpose does it serve. Some of the basic accounting statements are discussed for your convenience:
General Ledger: These are the central repository of all the accounting information of a company that summarizes all the transaction held by the company. In simple words, it is a complete summarized record of all the accounting transactions so posted under the double-entry accounting system under which each accounting transaction affects two financial items, one ...