Premium Essay

Acct101

In: Business and Management

Submitted By sweetjar
Words 7259
Pages 30
CHAPTER 9

Production Cycle

LEARNING OBJECTIVES

| | | |
| |Review |Exercises, Problems, and |
| |Checkpoints |Simulations |
| | | |
|1. Describe the production cycle, including typical source |1, 2, 3, 4, 5 |41 |
|documents and controls. | | |
| | | |
|2. Give examples of tests of controls for auditing the controls |6, 7, 8, 9 |42, 43 |
|over conversion of materials and labor in a production process. | | |
| | | |
|3. Identify and describe considerations involved in the observation|10, 11, 12, 13, 14, 15, 16, 17 |44, 45, 46, 47, 48, 49, 50, 51,|
|of physical inventory and tests of inventory pricing and | |52, 56 |
|compilation. | | |
| |…...

Similar Documents

Premium Essay

Acf 2011 Sem 2

...Assurance Services Foundations of Law A Foundations of Law B Law of Contracts A Law of Contracts B Law of Business Organisations Revenue Law Information Systems in Accounting Macroeconomics Essentials for Business Statistics For Business Acc’g Systems & Processes Corp. Acc’g & Reporting Accounting Theory Cost & Management Acc’g Finance Audit & Assurance Legal Framework & Comm. Law Legal Framework & Comm. Law Legal Framework & Comm. Law Legal Framework & Comm. Law Aus Corp Law Aus Tax Law Info. Systems Economics Quantitative Methods Williams Business College Bachelor of Business (Accounting) ACCT100 Foundations of Accounting ACCT202 Financial Accounting and Reporting ACCT203 Corporate Accounting ACCT306 Accounting Statement Analysis ACCT101 Management Accounting ACCT305 Accounting Managerial Control FINC301 Corporate Finance ACCT301 Auditing LAWS100 Fundamentals of Business Law LAWS301 Corporate Law ACCT303 Taxation ACCT304 Accounting Systems ECON100 Economics and Markets BUSS101 Business Statistics Acc’g Systems & Processes Corp. Acc’g & Reporting Accounting Theory Cost & Management Acc’g Finance Audit & Assurance Legal Framework & Comm. Law Aus Corp Law Aus Tax Law Info. Systems Economics Quantitative Methods Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 7 Christian Heritage College QUEENSLAND Australian Catholic University BCom ACCT100 ACCT207 ACCT209 ACCT304 ACCT204 BAFN200 ACCT300 LEGL101 LEGL201 LEGL300 ISYS101 ACCT205......

Words: 16200 - Pages: 65

Free Essay

Joan Holtz 5-3

...ACCT101 project Case5-3 1. Electric utility bills Method 1: As everyone knows, the electricity meters can be read every month. Therefore, in December the company will know the electricity usage of the former 12 months including that of December last year. And the usage of electricity in December this year can be included in the next year’s revenue. Method 2: Strictly speaking, the revenue recognized in method 1 is not earned in THIS YEAR. through the method of estimating the electricity usage in December this year, added by the actual usage of former 11 months, we can get record the revenue and then do some adjustment in the next year. 2. Retainer fee none of the $10,000 should be counted as revenue in 2006. In accordance with the Basic Recognition Criteria, the revenue cannot be booked unless the entity has substantially performed what is required in order to earn income. Furnishing legal advice upon request is the law firm’s required service to be provided in this case. Since they did not perform any consultant service, the law firm cannot book the revenue for year 2006. Another appropriate way is applying the franchises model in this situation. As a franchiser recognizes revenue during the period in which it provides the services, the law firm may settle the revenue when their first general advice service is made. 3. Cruise None of the $260,000 was revenue to Raymond’s in 2006 since the service would not be rendered until January 23, 2007. Journal entries...

Words: 316 - Pages: 2

Premium Essay

Wns Hand Book123

...exchange programmes in Europe, $2,000 for exchange programmes in SCHOLARSHIPS, PRIZES AND AWARDS PRIZES If you are taking one of the papers listed below, you may win a prize for your academic excellence. Unlike most scholarships there is no requirement or provision to apply for these prizes; instead students are personally advised in writing if they have won a prize. Waikato Management School prizes are listed below but are subject to change. Note: Additional sponsored awards and prizes may be available in some papers. Department of Accounting Association of Chartered Certified Accountants Prize in Accounting for Management is awarded to the group achieving the highest mark for the compulsory Company Project each semester in ACCT101 Accounting for Management, and has a value of $400. Association of Chartered Certified Accountants Prize in Intermediate Financial Accounting is awarded to the top student of the year in the paper ACCT202 Intermediate Financial Accounting and has a value of $500. Association of Chartered Certified Accountants Prize in Organisations and Society is awarded to the top student of the year in the paper ACCT412 Organisations and Society and has a value of $700. CCH Advanced Taxation Prize is awarded to the top student of the year in the paper ACCT451 Advanced Taxation and the prize is a selection of CCH New Zealand books to the value of $500. Chartered Secretaries of New Zealand Prize in Business Law is awarded to the top student of the......

Words: 126279 - Pages: 506

Premium Essay

Acct101-Assignment-Response

...During the current year, the following transactions take place at ABC Corp. For each transaction, list the financial statement accounts which changes and by how much. Each transaction may affect multiple accounts, so think through the implication of the transaction through the whole year.  Just list the account names and the amount. These transactions are independent of each other and not in any sequence.  Note: you do not need to create the full financial statements for these transactions. Only list the various account names and the amount against those accounts for each transaction. Each transaction is independent of the other transactions. 1. ABC hires a subject matter expert at a salary of Rs 5,000 per month including benefits. The subject matter expert is non-billable and is expected to help engineers with resolving their technical queries and assist them in new technology adoption. It's been one month since these engineers were hired and you have just paid them their salaries.  2. ABC borrows Rs 1,000,000 at 10% interest to fund a new R&D facility. The loan and the accrued interest is payable after three years. It's been one year since the loan was taken. Interest is due to be paid but not paid out yet.  3. ABC borrows Rs 1,000,000 at 10% interest to fund a new R&D facility. The loan and the accrued interest is payable after three years. It's been one year since the loan was taken. Interest is due to be paid and was paid out earlier that morning. ...

Words: 424 - Pages: 2

Premium Essay

Jet2 Task 2

...offer price is $73,862 more that the Present value. The acquisition of Canadian Biking, Inc. with these figures would immediately cause a loss of $73,862, so the best recommendation would be to merge with Canadian Biking. The merger of the two companies would maximize stockholders funds and increase opportunities for both companies. The merger would generate more cash flow due to the technology being combined to produce a superior product. Resources Buisness Dictionary. (n.d.). Retrieved 10 02, 2014, from Buisness Dictionary: http://www.businessdictionary.com/definition/working-capital.html Harper College Tutoring Center. (n.d.). Retrieved 09 10, 2014, from Harper College Tutoring Center: http://dept.harpercollege.edu/tutoring/acct101.html Investing Answers. (n.d.). Retrieved 09 10, 2014, from Investing Answers: http://www.investanswers.com/financial-dictionary/technical-analysis/net-present-value-npv-2995 Investing Answers. (n.d.). Retrieved 09 10, 2014, from Investing Answers: http://www.investinganswers.com/financial-dictionary/investing/internal-rate-return-irr-2130 Investopedia. (n.d.). Retrieved 30 2014, 07, from Investopedia: http://www.investopedia.com/terms/c/captialstructure.asp Investopedia. (n.d.). Retrieved 09 10, 2014, from Investopedia: http://www.investopedia.com/terms/b/bonds.asp Investopedia. (n.d.). Retrieved 09 11, 2014, from Investopedia: http://www.investopedia.com/terms/c/capitalbudgeting.asp Investopedia. (n.d.). Retrieved 09 10,......

Words: 2575 - Pages: 11