General ledger

insights, trends and financial statistics for senior management to use in decision making. Able to confidently maintain large AP & AR ledgers, Recognised as someone who is pro-active with the ability to quickly identify improvements in processes and offer recommendations to strengthen reporting controls. • Statutory & Financial Reports • General Bookkeeping • General Ledgers • Accounts Receivables • Accounts Payable • Management Reports • Bank Reconciliations • Cash Management • Inter-Company Reconciliations

Analyse the transaction 2. Journalize the transaction 3. Post the transaction to general ledger (and sub-ledgers) accounts 4. Prepare the (unadjusted) trial balance 5. Prepare necessary adjusting journal entries 6. Prepare the (adjusted) trial balance 7. Prepare financial statements 8. Prepare closing journal entries for the year

Assertions Existence and occurrence Audit Objectives: Substantiate the existence of receivables and the occurrence of revenue transactions. Prove none of the account receivables are fictitious. Completeness Audit objectives: Establish the completeness of receivables and revenue transactions. Rights and obligations Audit objectives: Determine the client has rights to the recorded receivables. Prove the accounts receivable are collectible

and 4–11 3–9. Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2011. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public

Journal Entries in an ERP This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP Journal Entries in an ERP This assignment reviews basic accounting entries for a series of transactions, emphasizes the integration of journals to the financial statements, and introduces students to these journal entries in SAP ERP

that Franklin Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume

Removing City of Smithville Running the City of Smithville 5 Removing the City of Smithville 5 General Operating Instructions Opening the City of Smithville 5 Creating a new project 6 Opening an existing project 6 Saving the current project 6 City of Smithville Main Window Adding and posting journal entries 8 Editing/deleting/unposting journal entries 8 Working with the ledgers screen 9 Working with the detail journal screen 11 Printing Reports 12 Exporting Trial Balances 12

Question : | Two accounts with subsidiary ledgers are | |   | Student Answer: | |  accounts receivable and cash receipts. (Accounts receivable has a subsidiary ledger, but cash receipts do not.) |   | | |  accounts payable and cash payments. (Accounts payable has a subsidiary ledger, but cash payments do not.) |   | | |  accounts receivable and accounts payable. (Correct! Accounts receivable and accounts payable both have subsidiary ledgers.) |   | | |  sales and cost of goods sold

insights, trends and financial statistics for senior management to use in decision making. Able to confidently maintain large AP & AR ledgers, Recognised as someone who is pro-active with the ability to quickly identify improvements in processes and offer recommendations to strengthen reporting controls. • Statutory & Financial Reports • General Bookkeeping • General Ledgers • Accounts Receivables • Accounts Payable • Management Reports • Bank Reconciliations • Cash Management • Inter-Company Reconciliations

and a credit column. (See Illustration 4.2 on page 136.) Accountants use these initial steps in preparing the work sheet. The following sections describe the detailed steps for completing the work sheet. 1. 2. 3. 4. Enter the titles and balances of ledger