Accounts receivable

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  • Total Accounts Receivable

    2266 Words  | 10 Pages

    After taking into account the results for these two tests, the should-be balance for the Total Sales of the period was computed to be $5,317,470.36. Valuation or Allocation The total Accounts Receivable balance in the records of $4,752,257.70 was verified by setting a filter of “Remit_Num = 0” and then getting the total amount due. By doing this, only those sales which do not yet have a remittance advice are part of the accounts receivable. The figure below is the outcome

  • Accounts Receivable and Information

    6187 Words  | 25 Pages

    extensive inventory control systems. * Passenger service companies (e.g., airlines, bus, and trains) generally receive payments in advance of providing services. Therefore, extensive billing and accounts receivable procedures are not needed; instead, they must develop procedures to account for prepaid revenue. * Construction firms typically receive payments at regular intervals, based on the percentage of work completed. Thus, their revenue cycles must be designed to track carefully

  • Disadvantages Of Account Receivables

    1150 Words  | 5 Pages

    Account receivables are used as a type of asset – financing to determine the outstanding invoices or the money owed by the customers. The account receivables can help finance companies by boosting its cash flows. It focuses on trying to collect bills from customers. The unpaid invoices are also considered in the account receivables and referred as bad debts. Bad debts are debts that customers are not able to pay either because they are bankrupt. In account receivables financing also known as

  • Confirmation Procedure of Account Receivable

    1205 Words  | 5 Pages

    process of confirming receivables follow:   Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances.   Step-2. Select Accounts for Confirmation Auditors

  • Aging Schedule of Accounts Receivable

    1396 Words  | 6 Pages

    1: Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20,000 | 19.59 % | 16-30 days | 30,000 | 29.39 | 31-60 days | 40,000 | 39.19 | 61-90 days | 10,000 | 9.80 | Beyond 90 days | 2,071 | 2.03 | TOTAL | $ 102,071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio, we turn to their average collection period (ACP) and aging of accounts receivable. Knowing the ACP enables

  • What Is MAHINDRA 2.4 Accounts Receivables?

    310 Words  | 2 Pages

    5.2.2.1.4 Accounts Receivable Turnover Net Sales Accounts Receivables Accounts Receivable Turnover TATA 36,294.74 1,114.48 32.6 MAHINDRA 38,945.42 2,558.03 15.2 5.2.2.1.5 Collection Period Period (Days) Accounts Receivable Turnover Collection Period (Days) TATA 365 32.57 11 MAHINDRA 365 15.22 24 5.2.2.1.6 Inventory Turnover Cost of Sales Inventory Inventory Turnover TATA 25,922.90 4,802.08 5.4 MAHINDRA 27,854.49 2,437.57 11.4 5.2.2.1.7 Conversion Period Period Inventory

  • Accounts Receivable and Increase

    2661 Words  | 11 Pages

    is: Select one: a. decrease the asset computers, increase the asset cash, decrease the liability accounts payable. b. increase the asset computers, increase the asset cash, decrease the liability accounts payable. c. increase the asset computers, decrease the asset cash, increase the liability accounts payable. d. increase the asset computers, decrease the asset cash, decrease the liability accounts payable. Question 2 Complete Mark 1.00 out of 1.00 Flag question Question text If only one side

  • Factors Affecting The For Verifying Accounts Receivable

    837 Words  | 4 Pages

    6) I will address all major factors affecting sample size for confirming accounts receivable. A) The following are factors will affect the sample size for confirming accounts receivable. B) Tolerable accounts receivable and financial statement misstatement. C) The Inherent risk will depend on the size of the total accounts receivable and the number of accounts, which includes prior year results, and expected misstatements. D) Control risk. E) Achieved detection risk based on other substantive tests

  • A Report on Accounts Receivable on Marysville General Hospital

    740 Words  | 3 Pages

    informed the hospital board members, that the accounts receivable has quickly approached the 100th day mark. The accounts receivable had crept from the 70-80 day range within the past few months, which is greater than the average of 55 days. There are many factors that could be a potential reason as to why the hospital accounts receivable days are rising, however, collectively the board members will create a plan of action that will bring the accounts receivable days back in line. It will take cooperation

  • Accounts Receivable and Correct Marks

    1036 Words  | 5 Pages

    | | | c. Allowance for doubtful accounts. | | | d. The present value of accounts receivable. | | Correct Marks for this submission: 5/5. Question 3 Marks: 5 The practice of reporting the net realizable value of receivables in the financial statements is commonly called: Choose one answer. | a. the cash flow method of accounting for bad debts. | | | b. the direct

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