Accounting for Receivables is very important for any Business. Explain the methods used to initiate and control the collection of Receivables
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Accounting for Receivables is very important for any Business. Explain the methods used to initiate and control the collection of Receivables
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- What is a critical element of internal control in the handling of receivables by a business? Explain how this element is accomplished.An audit program relates to the cash, sales and receivables cycles and accounts. Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen organization?What are some indicators that a company is doing an effective job at managing accounts receivable?
- Explain what factors a company consider to manage their accounts receivable.All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsWhat are your key takeaways from the receivables audit? How critical is receivables to the business? Do you have any experience auditing or managing receivables in your personal life, company, or place of employment?
- What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of the business b. To create an additional guarantee of collection c. To invest accounts receivable in another business d. To establish a legal proof for future useThe main purpose of factoring accounts receivable is a. To invest accounts receivable in another business b. To meet immediate cash needs c. To create an additional guarantee of collection d. To establish a legal proof for future useWhat is the main purpose of accounts receivable in factoring? a. To meet immediate cash needs of the business b. To create an additional guarantee of collection c. To invest accounts receivable in another business d. To establish a legal proof for future use
- Accounting 1. Explain why the system of internal control is important for a company. 2. Describe some internal control practices usually implemented by companies. 3. Explain why cash control is important. 4. What is a voucher? What information are contained in a voucher? 5. Describe the features of the voucher system in handling cash disbursements? 6. What is a voucher register? What purpose does it serve?Why should the person in charge of cash receipts not also be in charge of keeping accounts receivable records? Explain.Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.