Clients must keep records and books of accounts including cash book, sales ledger, purchases ledger and general ledger. Supporting documents such as invoices, bank statements, pay-in slips, cheque butts, and receipts for payments, payroll records and copies of receipts issued should be retained. A valuation of the stock in trade should be made at the end of the accounting period and the appropriate records maintained. Company should record sufficient to explain each transaction and to enable a true and fair profit & loss account and balance sheet to be prepared. At the end of the accounting period, a physical stock-take should be made to ascertain the quantity and the cost of the stock in hand or the cost of work in progress statements and …show more content…
I need go through last year audit file and report to gain understanding of the entity, its nature, the principal activities carried on, accounting policies, and critical audit area And test checked trial balance, balance sheet and profit or loss statement to general ledger to ensure they are agree to each other because there is possible clients make changes in general ledger after financial statement has been prepared. I also need checked the opening balance of balance sheet items with last year audit report to ensure the amounts are agreed with last audited figure. Before do the audit, I need fill in audit control sheet then do audit planning and planning materiality …show more content…
Ensure that the property, plant and equipment exist and are genuine assets of the business and are beneficially owned by the business and any restrictions, pledges or liens on the property, plant and equipment are identified and adequately disclosed in the financial statements. At the same time, have to prepare fixed assets schedule as to attachment for this section. Test the mathematical accuracy, agree opening balances to prior period working papers and agree closing balances to the nominal ledger and investment ledger where maintained. Vouch against invoices, contract notes, and agreements for any additions or disposals in order to ensure that all property, plant and equipment are included in the balance sheet and gains or losses on realization of property, plant and equipment are correctly stated. In additions, ensure the property, plant and equipment are properly disclosed and
The security controls, policies, procedures, and guidelines were tested using the security testing plan that was evaluated by a security team to correct and report flaws in the system design. The only major flaw doesn’t relate to the network or the physical system itself, but instead policies and procedures seem to be at the highest risk. Policies and procedures explain that the chain of custody during media transportation and disposal should be logged and tracked impeccably. I believe putting stronger controls in place for the transportation of media would lower the risk of exposed confidentiality tremendously. I believe each device used to transport should be trackable at any given time, rather than just by logs.
Portfolio Kris Corporation has asked IT Consultants to draft a proposal to address a number of the concerns Kris Corporation has with its current network. Kris Corporation is running Server 2008, with a parent domain and a child domain. There is a concern that this current configuration is not the most efficient. Kris Corporation would like one identity to obtain orders in real time. Kris Corporation has five locations, and the manufacturing plants are in two sites.
Critical Element 1: TITLE: Cash Verification (CV) Financial Reviews S: Conduct and complete mandated CV reviews on negotiable instruments and other assets to ensure sound financial management. Provide advice, education and training to appointed collection agents and departments to ensure fund management efficiency/effectiveness, ensuring strong internal management controls are practiced. M: Conduct 24 reviews; prepare reports, ensure RM is briefed and afforded an opportunity to respond to report results; report results to the CO in a timely manner; follow-up on any reported findings in subsequent reviews.
When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong on a balance sheet, they will better understand the state that the business is in. “It provides you with a picture of the financial health of your practice or organization on a certain date.”
Background: Well –integrated Screening and Evaluation for Women across the Nation (WISEWOMAN) is a Centers for Disease Control and Prevention funded program which operates out of 22 sites across the United States. WISEWOMAN programs provides screening for heart disease and stroke risk factors and lifestyle programs for many low-income, uninsured, or under-insured women aged 40–64 years ( CDC, 2015). WISEWOMAN is a direct care service program which has increasingly began serving as a National Diabetes Prevention Program “payer”. With its reach into 20 states, WISEWOMAN provides the platform for low-income women who would not otherwise have access to the National DPP, to participate in the yearlong CDC recognized lifestyle change program.
Thank you for the your very informative discussion, I found the description on the seventh variable really interesting. How the progression of ones behavior can effect the reassurance of their significant other. Our behaviors are capable of effecting the way our significant others view the partner and how society views your behavior. This course really challenges some of my thoughts as well as help me developed a more in depth knowledge of the behavioral analysis field . The ability to prioritize target behaviors enables behavior analysts, to measure behaviors from a broad spectrum without encountering the behavior.
• Amazon CloudWatch is a monitoring service for AWS cloud resources and the applications that run on AWS. • CloudWatch is an AWS component that monitors our AWS resources and provides information to users in the form of data and alerts. • Amazon CloudWatch can be used to collect and track metrics, collect and monitor log files, and set alarms. • Amazon CloudWatch can monitor AWS resources such as Amazon EC2 instances, Amazon DynamoDB tables, and Amazon RDS DB instances, as well as custom metrics generated by the applications and services, and any log files the applications generate. • Amazon CloudWatch can also be used to gain system-wide visibility into resource utilization, application performance, and operational health.
An inspector calls In the intriguing play ‘An Inspector Calls’ by J. B. Priestley, there is a character who plays a key role - Inspector Goole. The play is set in 1912 in England, a time of a gender inequality issues. The drama begins with a family gathering to celebrate Sheila Birling's engagement with the rich Gerald Croft. Their evening is interrupted by inspector Goole, who interrogates each of them about their role in Eva Smith's death.
For examples, the chart of accounts is broken down into asset, liability, owner’s equity, revenue, and expenses accounts. Also, in the general ledger each account is accompanied by a reference number in logical order, and it is sorted in the order of the account numbers to make easy to locate an account. First in this task we review the company organization chart, which serve as the company framework for its accounting chart of accounts. I learned that consistency in the company is important, when creating a chart of account, because it setup an order to establish a consistent standard of comparison in a
Unit 207 Handling cash and guest accounts Worksheet 1: 1. Fill in the blanks to identify and describe the methods of payment below: Cash simple and common form of payment for smaller purchases, but less likely to occur in a hotel due to the size of the accounts produced during a guest’s stay Credit/debit card A credit card, travel card, debit card or an-other devices are used for transactions mostly. Credit cards are commonly used for confirmation a booking and for security Cheque most common for businesses to only ac-cept business cheques or bank cheques. If personal cheques are accepted, the ac-count holder’s drivers licence number and address should be written on the back as some form of security
Analysis • This section is regarded as the most critical step in writing an effective accounting memo by bringing together the required facts of the research, any supporting authoritative literature, and an accountants overall evaluation before forming a conclusion. • Analysis includes information from relevant guidance, along with an accountant’s own words about how the guidance is applicable. • The memo should contain enough authoritative guidance that the user will not need to perform additional research in the Codification. • Make sure to utilize the concept known as the “guidance sandwich.”
Security continues to be a top priority at Ripley 's. New technologies and methods to protect our data and system is continually being reviewed. Payment Card Industry (PCI) security standards has a defined breach protocol that must be adhered to if an incident occurs. The breach protocol timeline is very aggressive with little or no time to research and negotiate with security auditing companies. Ripley’s is working to establish an ongoing relationship with a security provider that would be ready to go if needed.
My interest in Accounting stemmed from my optimistic expectation about career development in this field. Accounting is so important in the business world that only on the basis of accounting information, management is able to make investment decisions, and optimize internal operation. Thus, it is widely applied to every business sector. However, due to a strange combination of circumstances, I was matriculated by Biology and Medical Engineering College, instead of the Economic and Management College, in which I could accumulate the knowledge that would allow me to realize my career ambition. Changing major was not easy to operate in our university.
In my day to day studying times, I can prepare accounts manually with the assistance of some videos on youtube and I am also planning to use a computer package to prepare restaurant accounts in near future. Moreover, I am lucky enough to have some basic knowledge about methods and principles of financial planning, instruments and mechanics of accounting, procedures and documents required for financial reports , methods and techniques of controlling finance, principles and instruments of auditing and methods and techniques of fraud prevention in financial
1- Investment decision 2- Financing decision, 3- Assets Management decision.