Accounts payable

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  • Compare And Contrast The 5 Strategies Of Business Communication

    In our department we have 4 categories, one group is responsible for incoming funds (accounts receivable), the second group is involved with outgoing funds (accounts payable), third group is in charge of school uniforms and the last group oversees the other three groups and are in charge of the department. Credibility -Character, trust - “To build an environment of trust, leaders must hold to a high standard in their behavior and communication,” (Kelly, 2016). Trust in business means doing the right thing and doing things right for the good of all shareholders through the strategic alignment of values with behavior, words and action. For example, having known Jenny and worked with her for ten years, I can highly recommend her for the new role that has been made vacant my the departure of Maureen for greener pasture. In addition to Jenny having such high qualifications, she is also known for her dedication, honesty, compassion, positive, caring attitude and kindness. She will always go the extra mile for her clients and for the good of this business’ reputation. Expectation - Norms and anticipated outcomes - For example, our company is expected to provide the best product to meet our client’s needs hence our product is of high quality and a bit expensive because of all the finer details that have been considered in producing it. Customers are invoiced and expected to pay their accounts within thirty days from the date of the invoice. Finally, these strategies have played…

    Words: 704 - Pages: 3
  • Capsim Case Study Able And Abby

    through eight, Abby’s unit sales forecast was 467, 700, 665, 350, 648, 558 and 700. Additionally, Ace unit sales forecast was 200 (Capsim.com, n.d). By the same token, the firm maintained an account receivable and payable lag time of 30 days throughout all eight years. Throughout these years, A/R reflected balances of $3,943,000, 4,623,000 and 5,340,000, $4,100,000, $4,934,000, $4,728,000 and $5,566,000. Likewise, the same years, A/P presented balances of $2,718,000, $3,137,000, $4,308,000,…

    Words: 758 - Pages: 4
  • Accounting Information System: Riordan Manufacturing

    The types of reports that need to be generated are consumer list (information in regards to consumer profile, such as name, address, and contact information), customer request of product or service, agreement of sale or service, financial records (accounts payable and receivable, order entry, procurement, sales and purchasing history, invoicing and shipping, payroll), and list or record of products and its…

    Words: 1042 - Pages: 5
  • The Importance Of Professionals In Accounting

    Nguyen recommended that the student should pursue a master’s degree in Accounting. Although double majoring will fulfill the 150 credit hours required to sit for the CPA exam, it will not help the students tackle the CPA exam itself due to the lack of rigor of undergraduate courses. Ms. Nguyen also strongly emphasizes the importance of relevant work experience that undergraduate students need to possess in order to compete with other applicants. She recommended taking internships and entry level…

    Words: 752 - Pages: 4
  • Billing Scheme Fraud Case Study

    The accounts payable even issued money transfers to the US customs when they normally issued checks, something that should have raised red flags. The fraud was eventually caught on a simple issue that Cecile had overlooked. The nature of the US custom invoices was to pay the US government for the import fees brought about by importing the cars. This means that it would be highly unlikely for one invoice to be the similar as a previous invoice in a small time frame. Cecile had gotten lazy and…

    Words: 1155 - Pages: 5
  • Financial Ratios In Health Care

    The intention of efficiency ratios is to measure the efficient handling of receivables, payables, and total assets. The three major types of efficiency ratios are receivables ratios payable ratios, and total asset turnover. How receivable ratio is used by when the money is received the organization would be paying less interest or would be earning more interest, (Finkler, S.A., Ward, D.M. & Calabrese, I.D., 2013). As a result, collecting the receivables punctually is a must. The efficiency…

    Words: 1006 - Pages: 4
  • Inventory Turnover Ratios

    settlement period is usually preferred, as a delay in receiving funds can place strain on an organisations abilities to meet its obligations. Effective management of accounts receivable minimises the risk of bad or doubtful debts. The efficiency calculations completed for GWA (Appendix *), show the average settlement period for accounts receivables was 73.5 days for the period. As illustrated below in Figure *, the settlement period was relatively stable at 73 days in 2011 to 71 days in 2012 and…

    Words: 738 - Pages: 3
  • Imprest Bank Case Study

    a) The Vault Cashier will decide when a transfer of funds shall be made to/from the vault. b) The proper form will be prepared showing the amount of monies that shall be transferred to/from the vault. All transfers will be documented with a vault receipt. On the vault receipt, a reason will be noted on the vault transfer. c) The transfers of the monies take place. d) The vault cashier makes the appropriated entry to the daily cash summary report and/or vault reconciliation. e) The vault must be…

    Words: 984 - Pages: 4
  • Why Is Internal Control Important

    Although the assistant did a wonderful job, she is pretty obviously using her duties as both cash handler and the person making accounting entries to embezzle money, because she can deal with vendors and customer and the associated accounts payable and accounts receivable, while entering all data into the accounting system, writing checks, and reconciling the company bank accounts and line of credit balances. Another example is that the repair technicians are free to order whatever parts they…

    Words: 1181 - Pages: 5
  • Case Study Apollo Shoes Fraud

    glaring risks I recommend that we set a performance materiality of $500,000 or .2% of sales, with a planning materiality of $50,000. With such low materiality and high fraud risk all auditors should be experienced staff auditors, and be on high alert of fraudulent information from Apollo employees, and must be diligent in keeping auditing procedures unpredictable as to not allow employees to cover their tracks. With the risks outlined, and the low materiality level we will need to conduct a…

    Words: 1781 - Pages: 8
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