...Departments In A Bank As soon as it becomes necessary, on account of volume of business, to divide the work in a bank into divisions, each employing a group of clerks, such division is organized into a department having a department head who is usually a teller, a head bookkeeper, or perhaps a junior officer. In the very large banks the executive staff is itself organized into groups, and there may be a vice - president and one or two assistant cashiers in charge of each important department. The work of a department in a large bank is nothing more nor less than the work of a single man in a small bank, apportioned among several men. For example, the receiving teller in a five-man bank will take the deposit, count the cash, examine the checks, assort them as to place payable, enter them upon the proper records and make a settlement or proof at the end of the day. In a large bank each of these operations is performed by a different man or group of clerks under the direction of the receiving teller, who is head of the department. It may be that he himself will do very little if any of the detail work. He becomes the manager. Frequently we find a department within a department, as for example, the money department within the paying teller's department. The ordinary departments, classified as to group, may be described as follows: Paying Teller's Department (Teller): Pays or certifies checks. In charge of the signature book or cards bearing the authorized signatures of all depositors...
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...manual system Account Information System of their students. The information are stored and compiled in some sort of filing cabinets and may take a long time to retrieve the data and information especially when the account is for old students of the school. In all it can take minutes finding the relevant account information of the students. Students Account Information System manages student records and account information. A SAIS may handle student’s information system, payments information, accounts and balances. They can be use to run complex enrolment reports, admissions, examinations schedules and student payments with the help or via SMS Support. A SAIS helps the institutions manage various operations including student information and administrative. A SAIS allows for the quick and more accessible flow of information. A SAIS provides the accounting department specially bookkeeping staff with useful tools to automate the daily routine of simple task. In this system, a desktop application design for the use of the institution to minimize the work and burden of the accounting department. To optimize and configure accomplish specific information handling operation, such as computation, processing and storage of information. By implementing a SAIS to manage daily student’s accounts, accountant and bookkeeper can save time and have immediate access to a variety of student data. A SAIS allows a quick and easy way to communicate and notify about their children accounts and balances...
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...Andrew Dang ACTG440 Case 3 1. a. The auditor would have identified the defalcation through review of operational procedures. By reviewing the operational procedures, he/she would have noticed that there was no segregation of duties when it came to receiving and recording the income earned. b. The auditor would have most likely detected the defalcation when confirming accounts receivable with a large statistical sample. He/she probably would have performed a cash trace and noticed the receipts not matching up with accounts receivable postings. c. A control procedure that would have been effective in preventing this defalcation is having segregation of duties. By having another employee record the income earned from the city’s pension fund, the treasurer would not have been able to divert any of the funds for himself. 2. a) The auditor would have identified the risk that led to billing schemes through analysis of financial results. b) The defalcation most likely would have been detected by the auditor when going through the financial statements and identifying the fluctuation in sales. He/she would probably verify that the vendor was real and noticed the defalcation. c) A control procedure that would have been effective in preventing or detecting this defalcation is to implement authorization controls on approval of purchase orders. Authorization of purchase orders would include detective controls such as investigating orders to see...
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...Singapore is also a fully integrated convention city, which offers direct access to hotel rooms, retail stores, restaurants and region’s newest centre for performing arts, Esplanade – Theatres on the Bay. Suntec Singapore’s vision is to be recognized as the world’s best host. And they live by their mission statement that rises readily to all challenges with a professional attitude. Job Description I am being put under the Finance Department, guided by a few seniors, mainly two Account Executives. There are two categories under the Account Payable (A/P) Department, and they are Sundry and Food and Beverages. Account Payable – Sundry The purpose of preparing an Account Payable Reconciliation is to check if there are any differences and if there are, the reason were Payment in Transit, Invoice in Transit, Invoice in Aging but not Statement and Price Discrepancies. Besides that, also on the following up on the status of suppliers on long outstanding invoices and Credit Notes. Account Payable – F&B The purpose of importing of all F&B invoices into the GPS System is to record all invoices for future payment by Suntec Singapore. All F&B are ordered by kitchen for event usage such as Banquet Dinner, Lunch Reception, Cocktail, etc. Casting of invoices by daily batch is to be done daily. The total casting amount for each batch is to be tally with the daily receiving summary amount. As all the invoices...
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...I. Key Issues Overview When Cartwright Lumber Company was originally founded, it was owned by both Mark Cartwright and Henry Stark. However, Cartwright bought out Stark’s interest for $105,000 and became sole owner of the company. To finance this payment, Henry took out a $70,000 loan with an interest rate of 11% secured by land and buildings payable over 10 years at a rate of $7,000 each year. was located in a suburb of a large city in the Pacific Northwest; its operations were limited to the retail distribution of lumber products in the local area. In 1994, Cartwright Lumber Company was established as a partnership by Mark Cartwright and his brother-in-law Henry Stark. However, in 2001, Cartwright brought out Henry’s interest for $105,000 and incorporated the company. About 55% of the total sales of Cartwright Lumber Company were made in the six months from April through September. There were no sales representative; orders were taken exclusively over telephone. Sales volume had been largely on the basis of successful price competition, made possible by careful control of operating expenses and by quantity purchases of material at substantial discounts. Besides, good relationship with suppliers and high loyalty of employees contributed to its success. Cartwright Lumber Company’s financial status was promising; from 2001 to 2004, they experienced an average sales increase rate of about 29.7% yearly. However, debt existed. In order to buy off Stark’s interest, Cartwright...
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...Google’s Cash Management Google Inc., the world’s largest searching engine operator, has huge cash amount during operation. According to the news on Bloomberg, the company wants to keep money on hand in order to be able to invest quickly when needed, (2013). On Feb 28th, Patrick Pichette, Chief Financial Officer of Google, disclosed the company’s strategy to retain its “strategic ability to pounce” at a Morgan Stanley conference. In general, Google wants to maintain the ability of quick acquisition in cash to make the investment more sufficient, just like the $12.5 billion acquisition of Motorola in 2011(Pichette, 2013). At the end of 2012, Google had $48.1 billion in cash and short-term investment, and the number increased to $44.4 billion on Jun 30th, 2013(Yahoo, 2013). Patrick Pichette also mentioned that the accumulating money on hand might increase the pressure to return more to shareholder, but Google thought preparing for future investment was the best use of money for shareholders(2012). In addition, while the cash is increasing, Google keeps most of its cash overseas to reduce its tax bill, and in order to avoid large transfer fee, Google mostly uses the foreign cash outside the United States (Washington Times, 2013). Basically, Google’s cash management strategy shows the company’s stress on speculative purposes of cash, which enable the company to quickly take advantage of bargains, discounts, new investments, shifts in interest rates and...
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...Service sector in China * Structures, restrictions and recommendations University: Shanghai University – School of Economics Course: Service economics and Trade Tutor: Professor Dong Yinguo Author: Hake Feka Student ID: 13D62241 Abstract The result of the market-oriented reforms in China along with its opening up to the outside world were rapid industrialization and integration in international trade. The service sector has perceived a fast, continued development and has made huge contributions to the overall economy in terms of its share of gross domestic product (GDP) and employment. However, the development of the service sector has been inadequate and has lagged behind its overall stage of development according to international norms. Table of Contents 1. INTRODUCTION 2 2. THE IMPACT OF SERVICE SECTOR IN CHINA 2 3. DIFFERENCES AND GAPS 4 4. OBSTACLES AND RESTRICTIONS 6 5. RECOMMANDATIONS AND CONCLUSION 10 REFERENCES 12 1. INTRODUCTION The result of the market-oriented reforms in China along with its opening up to the outside world were rapid industrialization and integration in international trade. The service sector has perceived a fast, continued development and has made huge contributions to the overall economy in terms of its share of gross domestic product (GDP) and employment. The increasing of the service sector has caught up with the manufacturing sector, which indicates that China is moving into a new stage of development...
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...exercises to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data. Business Process Overview The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements. Chapter 04 Save Reset Print Chapter 03: Financial Accounting Exercise 03-02 Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow Invest in GBI View Account Balances Purchase Supplies for Cash Purchase Supplies Via Payables Misc. Pay Rent Exercise Deliverables Deliverables are consolidated into one answer sheet at the end of this exercise. For this exercise you will need the following deliverables. In the System: Journal Entries On Paper: Document numbers for each step. Answers to the Questions You may be assigned additional deliverables. Be...
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...18, 2011 Kudler Accounting System Kudler wants to incorporate an SQL database that contains the fields found in the company's Chart of Accounts. Add a balance field and create a query that will display all of the fields of the database and run a report totaling the balance field using test data added to the database. Kudler's Chart of Accounts is currently a Microsoft Excel spreadsheet and they want the Chart of Accounts upgraded to the SQL database. The new database will be used to facilitate decision making at the store and department levels. The processes of Kudler Fine Foods include inventory, payroll, accounts payable and accounts receivable. Using a new accounting information systems, will improve these processes from the old system. Key features Intergrading the new accounting system at Kudler Fine Foods has made the company gain new key features along with adding the old key features, such as; It allows the company to keep track of customer purchases. Each time a customer creates a purchase it will register to the new accounting system main computer, and shows what items were purchased along with the price paid. This new system shows the accounts receivables, this show the money being received, and the money going out. The current system at Kudler could be improved through the automation. The objective of accounts payable processing is to pay vendors at the optimum time, taking advantage of cash discounts offered and avoiding late fees. When money gets...
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...ASEAN IN TODAY’S WORLD 2013 The Economic Structure and Employment of the Philippines This paper is written to accomplish the requirement of ASEAN Economics Studies of ASEAN Today’s World 2013 in Ateneo de Manila University, Philippines Lecturer: Prof. Victor S. Venida, Ph.D. Written by: Nur Isnaini Masyithoh Faculty of Economics and Business Universitas Gadjah Mada 2013 I. Background Sectorial Structures of World Economies According to World Bank, one way to determine the structure of economy is by analyzing its three main sectors; agriculture, industry, and services in the country’s total output and employment. Initially, the agriculture is the main sector of developing countries. The shift comes to industrialization and post-industrialization. Industrialization assumed to increase and replace the agriculture because modernization refers to specialization of economic function, monetization of transaction, and homogenization of goods and services (Venida, 2000). The homogenization is formed by the improvement and innovation in technology enhancing the agricultural products. As the requirement of productivity and quality in agriculture increases, the innovation and function of technology has become the obstacle of the growing industry. Source: World Bank (http://www.worldbank.org/depweb/beyond/beyondco/beg_09.pdf) As the income rises, goods become immaterial. People no longer rely on materials since needs are already satisfied. Instead, they will concern about services including...
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...Professional Profile An enthusiastic and professional CSR who enjoys being part of, as well as leading, a successful and productive team. Quick to grasp new ideas and concepts, and to develop innovative and creative solutions to problems. Able to work well on his own initiative and can demonstrate the high levels of motivation required to meet the tightest of deadlines. Even under significant pressure, possesses a strong ability to perform effectively. Objective Now looking to build on his extensive range of technical skills within a suitably challenging role. Keen to achieve further professional development. Opportunity to gain a competitive position in customer care, finance or administration with a bright future in a professional growing, knowledge sharing environment in reputable organization. Education &Key Technical Skills B.Com (2005-2006) Punjab University Lahore, Pakistan Power Pack IT: (with MS Office, & MS Windows). Lahore, Pakistan Call Centre trainings: MPS CALL CENTRE Lahore, Pakistan Career Summary As a Customer Relationship Officer (June 2008-Till Date) MAJOR REPONSIBILITIES • Taking inbound calls. • Handling Customer Queries & their resolution • Maintaining of KPI’s with high focus • Product information to customers...
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...* Translation Exposure: Currency exchange rates will reduce a company’s earnings and it will weaken the balance sheet. It can be argued that currency fluctuations have no significant impact on real assets. * Currency Exposure: this is caused by a negative move in a currency between the time when a contract is agreed and the time it is completed. ("Exchange rate risk," ) If the exchange rate of EUR/USD was 1.2868 in 30 days, what would be the impact on the company’s Profit and Loss at the time of the receipt of payment from the European customer? What would be the Economic exposure for the company? What would be the Translation Exposure if any? Include calculations. The company is still making over the original $100,000.00 but the accounts receivable will need to be adjusted from the $138,680.00 to the current $128,680.00. Calculating the company’s receivables on a monthly basis will be a common event. This is done by taking the current exchange rate for the EUR/USD which is 1.2868 and multiplying that by the $100,000.00. This is an example of economic exposure due to the fact that 30 days ago the amount was $138,680.00 and now it is $128,680.00 this is a difference of $10,000.00. This is not a translation exposure; the company is not losing below the original $100,000.00. What would be the impact on the firm if the exchange rate was EUR/USD 1.4868 in 30 days? Discuss in relation to the three currency exposures in 2. Include calculations. This...
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...Importance of Separation of Duties Student CMGT/430 Date Professor The Importance of Separation of Duties Introduction Riordan Manufacturing is one of the industry leaders in the field of plastic molding injection. The company headquarters office is in San Jose, California and has three other plants, including one international location. The list of locations includes Albany, Georgia, Pontiac, Michigan and Hangzhou, China. The San Jose, California, location serves as the company’s headquarters and the home of their research and development. The Albany, Georgia, plant produces beverage containers. The Pontiac, Michigan, location produces custom plastic parts. The international location in Hangzhou, China, produces custom plastic fan parts. Riordan employs 550 people and have projected annual earnings of $46 million. The purpose of this proposal, submitted by Smith Consulting, is to advise Riordan Manufacturing on the best practice to secure the company network after evaluating the company network and what steps are necessary to set forth enterprise security policies via segregating duties of employees by role assignments. Minimizing Risk The goal of any company should be to successfully minimize their risk and optimize their profitability. To accomplishing this progress is to examine their current network for shortfalls that allow security breaches, theft by client or employee and to minimized possible mistakes...
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...Books of Accounts& Balancing off accounts of "Olivia's Pizza Parlour": Dr Bank Cr 200717-1 K.Henriques 18421-1 Betta Ltd 50031-1 motor van 4000Balance c\d 6661 ____ 11345 | 200701-1 Capital 10,00005-1 Cash 75012-1 Cash 50024-1 J.Carlton 95 ____ 11345 Balance b\d | Dr Capital Cr 20071-1 Bank 10,000 ____ 10,000 | | Dr Purchases Cr | 2007 2-1 Creditors 1,063 9-1 Cash 546 10-1 Creditors 755 _____ ...
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...recognized in current year $ 300,000 $ 390,000 $ 210,000 **$600,000 ÷ $2,000,000 **$1,560,000 ÷ $2,080,000 (b) Construction in Process ($2,100,000 – $1,560,000)............................................... 540,000 Materials, Cash, Payables. ................................... 540,000 Accounts Receivable ($3,000,000 – $2,000,000)..... 1,000,000 Billings on Construction in Process ................. 1,000,000 Cash ($2,850,000 – $1,950,000) .................................... 900,000 Accounts Receivable.............................................. 900,000 Construction Expenses.................................................. 540,000 Construction in Process ................................................ 210,000 Revenue from Long-Term Contracts ................ 750,000* *$3,000,000 X (100% – 75%) Billings on Construction in Process.......................... 3,000,000 Construction in Process ....................................... 3,000,000 18-44 Copyright © 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) PROBLEM 18-3 (Continued) (c) CHANCE COMPANY Balance Sheet (Partial) December 31, 2013 Current assets: Accounts receivable ($2,000,000 – $1,950,000) ................................ $ 50,000 Inventories Construction in process ($1,560,000 + $690,000)........................... $2,250,000 Less:...
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