Bills for goods or services received

Size: px
Start display at page:

Download "Bills for goods or services received"

Transcription

1 Accounts Payable Amounts owed on open account for goods or services received Accounts Payable Invoices Bills for goods or services received Accounts Payable Requisitions Accounts Receivable A document recording a liability or allowing for the payment of a liability Amounts due from others on open accounts as a result of providing goods or services Balance Sheets A report of assets, liabilities, and equities. A periodic report, not the year-end report. Budget Printout- Periodic Periodic reports of expenditures Cash Books A record of institution's cash transactions showing a running balance Cash Disbursement Journals (checkbook posting journals) A special journal used exclusively to record disbursements of cash Daily Cash Closeout report Journal of cash received Chart of Accounts A list of the accounts used by an organization with each account usually assigned a number or code

2 Cost Record analyzing cost for producing certain items or performing certain tasks Expenditure Report Fixed Assets Periodic reports of expenditures, usually by department or account Inventory and other information maintained on capitalized assets (structures, site improvements, machinery & equipment, information systems, furniture & fixtures, and vehicles. General Ledgers A book containing a summary or detail of all transactions affecting the accounts of an institution Journal Entries The means of entering details of a transaction into the accounting system. Journal entries are made in a journal and later posted to a ledger. Entry also includes a brief explanation. Journals The record in which financial transactions are first recorded before being posted as a debt or credit to an Active + 6 Destroy ACC Archives: historical value and the archives ACC1010

3 account in a ledger. A chronological documentation of transactions. Petty Cash Receipts Receipts given to students for payments at window; can be accessed on the system Purchase Forms used to Requisitions order goods and services Royalty Payments : Canceled Registration Files : Dorm Contracts : Dorm Contracts - Release Files Files on individual students' paid and unpaid accounts, including loan applications, correspondence, account activity record, etc. Record of canceled registrations, including amount owed, reason, etc. Actual agreement between students and residence halls governing room and board and fee payment agreements. Includes meal plan authorizations. Includes application, correspondence, and record of decision reached concerning request to break contracts for room

4 and board. : Financial Aid - Billing Letters : Financial Aid - Cancelled Check Concerns students who withdrew or reduced credit hours and were billed for the return of surplus aid money. Cancelled checks, check stubs, and check journals showing payments for financial aid made to students. Subsidiary Ledgers A book of accounts of an institution Travel Expense Reimbursement Report Vending Commission Income Tuition and Fee Schedule Annual Financial Report Record of expenses incurred on official travel. Used to receive reimbursement. Record of money received as commission on vending contracts Listing of fee charges for each term by an institution Consolidated yearend report of financial situation showing assets and liabilities. Usually broken down by major funding areas, such as academic and student services areas. May include audit report. Indefinite Archive EDU Archives: FIN7000

5 Audit Report: External Final report of state or independent auditor Bank Deposits Record of deposits in banking institutions Bank Reconciliations Explanation of difference between bank statement balance and actual balance Bank Statements Periodic statement of bank balances Bond Registers Listing of bonds sold, usually for building projects, showing purchaser, date redeemed, interest due, etc. Budget - Institutional Final, approved, yearly budget for institution, usually in printed form. 4 Archives: FIN7010 Active + 6 Active + 1 Archives: Archives: FIN5000 FIN2000

6 Budget Planning Documents Budget requests, including program plans for coming year, usually by cost center. Check Register Reports for all cash disbursements paid by check. Employment Forms: 1099 Parking: Permit Applications Federal form used to report salaries, wages, and tips of temporary employees Application for parking permit/decal-nonfee Federal Tax Federal Tax Federal Tax Federal Tax Federal Tax State Tax All state tax records, i.e., OH Verification, etc. Federal / State trust returns, etc Active + 1 Archives: FIN Destroy LEG Database archive - Space ADM9900 Form 990 Permanent Archive LEG9900 Form 990-T Permanent Archive LEG9900 IRS Determination Permanent Archive LEG9900 Letter Form W-9 Active + 7 Destroy LEG9900 Form 1042s Active + 7 Destroy LEG9900 All tax returns for any trusts and subsidiaries Permanent Archive LEG9900 Permanent Archive LEG9900

Records Retention Guidelines

Records Retention Guidelines Records Retention Guidelines There are no hard and fast rules regarding the amount of time taxpayers should keep important legal and financial documents. However, the following list of guidelines aims

More information

CHAPTER II GENERAL LEDGER ACCOUNTS

CHAPTER II GENERAL LEDGER ACCOUNTS CHAPTER II GENERAL LEDGER ACCOUNTS A general ledger is basic to an accounting system. The General Ledger of a fund is a summary record containing the balance of assets, liabilities, deferred revenues,

More information

Records Retention Guidelines for Businesses, Individuals & Accounting Firms

Records Retention Guidelines for Businesses, Individuals & Accounting Firms Records Retention Guidelines for Businesses, Individuals & Accounting Firms Following are charts devised for individuals, businesses, and accounting firms. These charts may be used as a guideline for most

More information

FINANCIAL AND PURCHASING RECORDS. Includes records showing a summary of receipts, disbursements and other activity against each account.

FINANCIAL AND PURCHASING RECORDS. Includes records showing a summary of receipts, disbursements and other activity against each account. FINANCIAL AND PURCHASING RECORDS FN-1 Account Distribution Summaries (Treasurer s Report) Includes records showing a summary of receipts, disbursements and other activity against each account. Weekly/Monthly-

More information

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order.

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order. Chart of Accounts The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, one first needs to define

More information

Review of the Accounting Process THE BASIC MODEL

Review of the Accounting Process THE BASIC MODEL THE BASIC MODEL The accounting information system is designed to collect and organize data into information that is useful for stakeholders. The Accounting Equation The basic accounting equation is what

More information

A Assets and Other Debits: Code and Definitions 2-A-1. B Liabilities and Other Credits: Code and Definitions 2-B-1

A Assets and Other Debits: Code and Definitions 2-A-1. B Liabilities and Other Credits: Code and Definitions 2-B-1 Section: Chapter Contents Date: June 006 Section Page A Assets and Other Debits: Code and Definitions -A-1 B Liabilities and Other Credits: Code and Definitions -B-1 NOTE 1: In order to maintain uniformity

More information

In the event of a tie, the score on the last ten questions will be used as a tie-breaker.

In the event of a tie, the score on the last ten questions will be used as a tie-breaker. NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING I 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the

More information

Western Climate Initiative, Inc. Accounting Policies and Procedures

Western Climate Initiative, Inc. Accounting Policies and Procedures Western Climate Initiative, Inc. Accounting Policies and Procedures Adopted May 8, 2013 WESTERN CLIMATE INITIATIVE, INC ACCOUNTING POLICIES AND PROCEDURES Adopted May 8, 2013 Table of Contents I. Introduction...

More information

RECOMMENDED RECORD RETENTION PERIODS FOR BUSINESS RECORDS. In Retention Period Order. Permanent Records

RECOMMENDED RECORD RETENTION PERIODS FOR BUSINESS RECORDS. In Retention Period Order. Permanent Records In Retention Period Order Records Appropriate ledger and related end of year trial balances Cancelled checks for payment of taxes, purchase of property, and in payment of important contracts should be

More information

The policy and procedural guidelines contained in this handbook are designed to:

The policy and procedural guidelines contained in this handbook are designed to: BASIC POLICY STATEMENT The Mikva Challenge is committed to responsible financial management. The entire organization including the board of directors, administrators, and staff will work together to make

More information

Plan and Track Your Finances

Plan and Track Your Finances Plan and Track Your Finances 9.1 Financing Your Business 9.2 Pro Forma Financial Statements 9.3 Recordkeeping for Businesses Lesson 9.1 Financing Your Business Goals Estimate your startup costs and personal

More information

LEHMAN COLLEGE: DEPARTMENTAL RETENTION SCHEDULE 11/8/2013 ACCOUNTS PAYABLE. List of cost center codes for all College expenditures

LEHMAN COLLEGE: DEPARTMENTAL RETENTION SCHEDULE 11/8/2013 ACCOUNTS PAYABLE. List of cost center codes for all College expenditures AP-1 Appropriations of Expenditure Codes List of cost center codes for all College expenditures 6 years after superseded or obsolete General 9[9] b AP-2 Metrics Reports Reports prepared for the VP of Administration

More information

PERSONAL FINANCIAL STATEMENT

PERSONAL FINANCIAL STATEMENT PERSONAL FINANCIAL STATEMENT As of, 20 BUSINESS PLAN GUIDELINES Name: Residence Phone: Residence Address: City, State, Zip Code: Social Security Number: PERSONAL ASSETS PERSONAL LIABILITIES Cash in Bank

More information

RECORD RETENTION. .. Architectural Plans and Surveys.. Equipment Maintenance and Repair Records.. Maintenance Contracts..

RECORD RETENTION. .. Architectural Plans and Surveys.. Equipment Maintenance and Repair Records.. Maintenance Contracts.. RECORD RETENTION. The holding period begins on the due date of the timely filed tax return, including extensions... The holding period begins on the date of disposal or termination. In some cases, the

More information

CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM

CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM 12-1 CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM SECTION A - ACCOUNTING BASIS The accounting basis for recording transactions will vary according to the purpose for which each fund is established. Generally,

More information

Booster Club and Exempt Organizations Audit Committee General Information

Booster Club and Exempt Organizations Audit Committee General Information Booster Club and Exempt Organizations Audit Committee General Information General Information Each organization is required to have an audit committee conduct an annual review of the organization s revenues

More information

DEPARTMENT OF SOCIAL SERVICES DIVISION OF LICENSING PROGRAMS. BUDGET PLANS FOR OPERATION OF A CHILD DAY CENTER (Model)

DEPARTMENT OF SOCIAL SERVICES DIVISION OF LICENSING PROGRAMS. BUDGET PLANS FOR OPERATION OF A CHILD DAY CENTER (Model) DIVISION OF LICENSING PROGRAMS FOR OPERATION OF A CHILD DAY CENTER (Model) A. Start Up Costs Renovation of Property Furniture Equipment Supplies (Initial Stock) Children's Supplies Cleaning and Maintenance

More information

Financial Accounting. (Exam)

Financial Accounting. (Exam) Financial Accounting (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials Take a quick tour by visiting wwwaccountingcoachcom/quicktour Table of Contents (click to

More information

SCHEDULE NO. 30 FINANCIAL RECORDS

SCHEDULE NO. 30 FINANCIAL RECORDS COLORADO MUNICIPAL RECORDS RETENTION SCHEDULE 30.010 SCHEDULE NO. 30 FINANCIAL RECORDS General Description: Records documenting and ensuring accountability for the receipt and expenditure of public funds.

More information

Audit of Cash Balances

Audit of Cash Balances Audit of Cash Balances Chapter 23 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 23-1 Learning Objective 1 Show the relationship of cash in the bank to the various transaction

More information

Version Date: 10/16/2013

Version Date: 10/16/2013 2004094 Accounting Documents (ADVANTAGE Financial System Input) This record series is used to input information into the ADVANTAGE Financial System. The files may contain, but are not limited to: copies

More information

JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01

JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01 JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT Test Code: 4100 Version: 01 Specific Competencies and Skills Tested in this Assessment: Journalizing Apply the accounting equation to journalize

More information

Baseline Assessment. Date Accounting 1

Baseline Assessment. Date Accounting 1 Name Baseline Assessment Date Accounting 1 Part 1: Instructions: Place a check mark under the column for each account to determine which Financial the accounts belongs on. Financial Information 1. Cash

More information

DEPARTMENT REVIEW FINANCE

DEPARTMENT REVIEW FINANCE DEPARTMENT REVIEW FINANCE Department Description: This department is responsible for the establishment and maintenance of an effective financial accounting system, which accurately reflects the financial

More information

CLASSIFICATION AND DEFINITION OF CLEARING ACCOUNTS

CLASSIFICATION AND DEFINITION OF CLEARING ACCOUNTS PART 6 6-1 CLASSIFICATION AND DEFINITION OF CLEARING ACCOUNTS CLASSIFICATION OF CLEARING ACCOUNTS In an accounting system maintained on a cash basis, it becomes necessary to establish certain ledger accounts

More information

Checks and Balances Internal Controls. West Virginia State Auditor s Office Chief Inspector Division

Checks and Balances Internal Controls. West Virginia State Auditor s Office Chief Inspector Division Checks and Balances Internal Controls West Virginia State Auditor s Office Chief Inspector Division POP QUIZ Internal Controls Internal Controls The auditor will test the effectiveness of your internal

More information

FINANCIAL POLICIES INDEX

FINANCIAL POLICIES INDEX FINANCIAL POLICIES INDEX Page Accounts Payable 2 Cash Receipts 6 Credit Cards 9 General Ledger Adjustments 10 Fixed Asset 11 Payroll Tax Reporting 13 Travel Reimbursement 14 Handling Mail 15 1 Accounts

More information

Record Retention Guidelines

Record Retention Guidelines Record Retention Guidelines for businesses and not-for-profit organizations Bader Martin, P.S. Certified Public Accountants + Business Advisors 1000 Second Avenue, 34 th Floor, Seattle, Washington 98104-1022

More information

Bookkeeping Proficiency

Bookkeeping Proficiency Bookkeeping Proficiency (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour. Table of Contents (click

More information

Example Accounting/Financial Policies

Example Accounting/Financial Policies Example Accounting/Financial Policies TABLE OF CONTENTS INTERNAL CONTROLS... 2 ACCESS TO RECORDS BY MEMBERS... 3 ACCOUNTING COMPUTER FILE BACK-UP PROCEDURE... 3 ACCOUNTING METHOD... 3 AUDIT COMMITTEE...

More information

To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip)

To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip) Section B. Sample Audit Committee Certificate Date To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip) Subject: (Audit Year) Audit of (Church Name) We have inspected the statement

More information

Basic Accounting Principles

Basic Accounting Principles Basic Accounting Principles Basic Accounting Model The basic accounting model represents the relationship between assets (what the company owns), liabilities (what the company owes), and owner s equity

More information

Accounting Norms and Principles January 7, 2003

Accounting Norms and Principles January 7, 2003 1 Accounting Norms and Principles January 7, 2003 The purpose of an accounting system is to provide credit union management with complete and accurate financial information that can be used to operate

More information

Balance Sheet Accounts

Balance Sheet Accounts Page 1 of 6 Balance Sheet Accounts The Chart of Accounts is normally arranged or grouped by the Major Types of Accounts. The Balance Sheet Accounts (Assets, Liabilities, & Equity) are presented first,

More information

Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue

Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue Accounting Concept: A source document is prepared for each transaction Objective Evidence Accounting Concept: Business transactions are stated in numbers that have common values; that is, using a common

More information

Century 21 Accounting, 8e General Journal Chapter Outlines

Century 21 Accounting, 8e General Journal Chapter Outlines Century 21 Accounting, 8e General Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting

More information

Assets=Liabilities + Owner s Equity. Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss

Assets=Liabilities + Owner s Equity. Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss Chapter 1~3 Important formulas Assets=Liabilities + Owner s Equity An expansion: Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss [Note: Owner s capital includes investments by the

More information

ARCHDICOESE OF SEATTLE

ARCHDICOESE OF SEATTLE ARCHDICOESE OF SEATTLE SECTION C PARISH ACCOUNTING CONCEPTS INDEX I. ACCOUNTING DEFINITIONS 1C - 3C II. RECORD KEEPING JOURNALS 4C - 5C III. GENERAL LEDGER 5C IV. DOUBLE ENTRY ACCOUNTING V. RECEIVABLES,

More information

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES FINANCIAL MANAGEMENT POLICIES AND PROCEDURES SAMPLE 1. GENERAL PURPOSE The purpose of these policies is to establish guidelines for developing financial goals and objectives, making financial decisions,

More information

GBA 521 Midterm Review Dr. Markelevich

GBA 521 Midterm Review Dr. Markelevich GBA 521 Midterm Review Dr. Markelevich Multiple Choice (3 points for each question) Identify the letter of the choice that best completes the statement or answers the question. Wynn Corp. Wynn Corp. reported

More information

5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING IF ANY ARE NOT APPLICABLE, INSERT N/A AS YOUR ANSWER. FIRE DISTRICT YEAR UNDER AUDIT

5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING IF ANY ARE NOT APPLICABLE, INSERT N/A AS YOUR ANSWER. FIRE DISTRICT YEAR UNDER AUDIT 5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING AUDIT QUESTIONNAIRE FOR FIRE DISTRICT AUDITS EACH QUESTION MUST BE ANSWERED. PLEASE CIRCLE YES OR NO. IF ANY ARE NOT APPLICABLE, INSERT N/A

More information

Paper 5- Financial Accounting

Paper 5- Financial Accounting Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks:100 Time allowed:

More information

Federal Government Accounting. Chapter 19

Federal Government Accounting. Chapter 19 Federal Government Accounting Chapter 19 Learning Objectives Understand federal financial management environment, including the roles and responsibilities of various federal organizations Identify sources

More information

Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2

Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2 Chapter 7 Solutions EXERCISES Exercise 7 2 Cash and cash equivalents includes: Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total

More information

Self-test Comprehensive Problems II 综 合 自 测 题 II

Self-test Comprehensive Problems II 综 合 自 测 题 II Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制

More information

Accounting Policies and Procedures Manual

Accounting Policies and Procedures Manual Accounting Policies and Procedures Manual Kansas Association of Local Health Department October 28, 2013 Page 2 of 10 Contents I. Introduction... 4 II. Division of Responsibilities... 4 Board of Directors...

More information

We now examine the documents and procedures used to perform each step. Step 1: Capture Transaction Data on Source Documents

We now examine the documents and procedures used to perform each step. Step 1: Capture Transaction Data on Source Documents Journals and Ledgers TRANSACTION PROCESSING: DOCUMENTS AND PROCEDURES IN A MANUAL AIS One basic function of the AIS is the efficient and effective processing of data about a company s transactions. Transaction

More information

Chapter 1. Introduction to Accounting and Business

Chapter 1. Introduction to Accounting and Business 1 Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature of Business and Accounting A business

More information

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688 How to set up a people based accounting system that makes your small business work for you. By Thomas G. Post Certified Public Accountant 281-351-2688 www.texastaxman.com 1 Title How to set up a people

More information

Retention of University Records DRAFT SCHEDULE. TYPE OF RECORD OFFICIAL REPOSITORY DURATION Academic Personnel

Retention of University Records DRAFT SCHEDULE. TYPE OF RECORD OFFICIAL REPOSITORY DURATION Academic Personnel Retention of University Records DRAFT SCHEDULE TYPE OF RECORD OFFICIAL REPOSITORY DURATION Academic Personnel Academic search records See Affirmative Action/Equal Opportunity Section Annual Conflict of

More information

EasyPC Training. Accounting Basics

EasyPC Training. Accounting Basics EasyPC Training Accounting Basics Contents Accounting Basics... 3 The Accounting Equation... 3 Assets... 3 Liabilities... 3 Owner s Equity... 3 The Balance Sheet... 5 Double Entry Bookkeeping... 6 Ledger

More information

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED

More information

Learning Module 3 Journal Entries

Learning Module 3 Journal Entries Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal

More information

www.cebu-cpar.com CEBU CPAR CENTER, INC. AUDIT OF CASH AND CASH EQUIVALENTS

www.cebu-cpar.com CEBU CPAR CENTER, INC. AUDIT OF CASH AND CASH EQUIVALENTS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. 1 In connection with your audit of Caloocan Corporation for the year ended December 31, 2006, you gathered the following: 1. Current account at Metrobank

More information

NOTICES. [41 Pa.B. 5849] [Saturday, October 29, 2011]

NOTICES. [41 Pa.B. 5849] [Saturday, October 29, 2011] MEMO NOTICES Guidelines for Retention of Records by Insurers and Other Entities Subject to Examinations Conducted by the Insurance Department; Notice No. 2011-10 [41 Pa.B. 5849] [Saturday, October 29,

More information

Financial Management

Financial Management Financial Management Objectives To gain a better understanding Financial management best practices Budgeting Process Roles / responsibilities Financial statements Your Needs and Expectations What questions

More information

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk BUSINESS ACCOUNTS sample documents sourced from www.osbornebooks.co.uk Sample documents document page invoice 3 statement 4 double-entry accounts 5 cash book 6 petty cash book 7 extended trial balance

More information

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of

More information

Financial Plan. A) Estimated One-Time Financial Requirements. Part One

Financial Plan. A) Estimated One-Time Financial Requirements. Part One Financial Plan The Financial Plan is perhaps one of the most important components of your Business Plan (see Business Plan Handout). Not only is it essential if you are seeking external financing it is

More information

INTERNAL CONTROL POLICIES

INTERNAL CONTROL POLICIES INTERNAL CONTROL POLICIES 2701 Internal Control Policy 2701.1 Addendum Internal Control Standard #1 Payments Cycle 2701.2 Addendum Internal Control Standard #2 Conversion Cycle 2701.3 Addendum Internal

More information

deduction for employees' annuity plans for services they perform Record of tuition waivers for employees and dependents

deduction for employees' annuity plans for services they perform Record of tuition waivers for employees and dependents Annuity Records Payroll: Checks Student Accounting Records: Financial Aid - Tuition Remission Applications Unemployment Insurance Payments Workers Compensation Payments Organizational Charts Affirmative

More information

Vol. 1, Chapter 3 - Accounting Adjustments

Vol. 1, Chapter 3 - Accounting Adjustments Vol. 1, Chapter 3 - Accounting Adjustments Problem 1 1. ($20,000 2,000) 48 = $375 per month 2. Jan. 31 Depreciation Expense $375 Accumulated Depreciation Van $375 To record depreciation expense for January

More information

Accounting Policies and Procedures Manual

Accounting Policies and Procedures Manual Accounting Policies and Procedures Manual September, 2013, As Modified In 2014 Page 1 of 70 Table of Contents I. BUDGETS 4 Page II. GENERAL LEDGER A) Chart of Accounts 5 B) Recording Transactions in the

More information

SAMPLE NPO Fiscal Policies & Procedures

SAMPLE NPO Fiscal Policies & Procedures SAMPLE NPO NOTE: The most important part of developing policies and procedures is that they are discussed and agreed upon within the organization. This template is designed to be used in conjunction with

More information

Accounting Self Study Guide for Staff of Micro Finance Institutions

Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 5 Summarizing Changes in Financial Position OBJECTIVES The purpose of this lesson is to show how to summarize the transactions

More information

Monthly Operating Report - Exhibit A form revised 07 24 2013 EXHIBIT A TAXES

Monthly Operating Report - Exhibit A form revised 07 24 2013 EXHIBIT A TAXES Monthly Operating Report - Exhibit A form revised 07 24 2013 EXHIBIT A TAXES IF ANY PAST DUE TAX RETURNS OR PAST DUE POST-PETITON TAX OBLIGATONS EXIST, ATTACH A WRITTEN EXPLANATION, INCLUDING WHEN SUCH

More information

Important Disclaimer. Copyright Information

Important Disclaimer. Copyright Information Important Disclaimer This checklist is provided to assist churches in fulfilling the requirement of Book of Order provision G-10.0400, 4, d. The Book of Order does not require that the annual review of

More information

THEME: STARTING OR BUYING A NEW BUSINESS

THEME: STARTING OR BUYING A NEW BUSINESS THEME: STARTING OR BUYING A NEW BUSINESS By John W. Day, MBA ACCOUNTING TERM: Amortization Amortization is the process of spreading the cost of intangible assets over a uniform period of time. For example,

More information

HOW TO READ YOUR CONDO FINANCIAL STATEMENTS

HOW TO READ YOUR CONDO FINANCIAL STATEMENTS WELCOME HOW TO READ YOUR CONDO FINANCIAL STATEMENTS PRESENTED BY: Cody Koester Controller, Client Accounting Larlyn Property Management Ltd. WHAT CAN YOU EXPECT TO LEARN? Why do we need financial statements?

More information

Chapter 4. Completing the accounting cycle

Chapter 4. Completing the accounting cycle 1 Chapter 4 Completing the accounting cycle 2 Learning objectives 1. Prepare an accounting worksheet and describe its purpose 2. Prepare a classified balance sheet and explain the major headings 3. Explain

More information

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

[LSC Name] Items Needed for Internal Audit [Audited as of Date]

[LSC Name] Items Needed for Internal Audit [Audited as of Date] Items Needed for Internal Audit [Audited as of Date] The following items should be available in preparation for your internal audit: 1. General ledger for the last complete fiscal year and year to date

More information

CHAPTER 9 Information Unique to Each Fund

CHAPTER 9 Information Unique to Each Fund CHAPTER 9 Information Unique to Each Fund Table of Contents Section - Page INTRODUCTION 1 1 THE GENERAL FUND 2 1 ASSOCIATED STUDENT BODY FUND (ASB) 3 1 Introduction...1 Accounting Methods and Procedures...2

More information

NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL

NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL NONPROFIT FINANCIAL MANAGEMENT SELF ASSESSMENT TOOL I. Financial Planning/Budget Systems 1. Organization has a comprehensive annual budget which includes all sources and uses of funds for all aspects of

More information

Voiture and Grande Financial Procedure Guidelines

Voiture and Grande Financial Procedure Guidelines Voiture and Grande Financial Procedure Guidelines September 8, 2010 Introduction This was developed by Commissaire Intendant Terry Lanning and has been approved by the National Finance Committee. It is

More information

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns June 3 2016 North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns Governor McCrory signed into law Session Law 2016-6

More information

Statement of Cash Flows

Statement of Cash Flows THE CONTENT AND VALUE OF THE STATEMENT OF CASH FLOWS The cash flow statement reconciles beginning and ending cash by presenting the cash receipts and cash disbursements of an enterprise for an accounting

More information

How to Prepare a Cash Flow Forecast

How to Prepare a Cash Flow Forecast The Orangeville & Area Small Business Enterprise Centre (SBEC) 87 Broadway, Orangeville ON L9W 1K1 519-941-0440 Ext. 2286 or 2291 sbec@orangeville.ca www.orangevillebusiness.ca Supported by its Partners:

More information

The Elysian Fields Guide to Your CHART ACCOUNTS* *How to find your money and organize your books. Chart of Accounts Guide Elysian Fields 2015 1

The Elysian Fields Guide to Your CHART ACCOUNTS* *How to find your money and organize your books. Chart of Accounts Guide Elysian Fields 2015 1 The Elysian Fields Guide to Your CHART OF ACCOUNTS* *How to find your money and organize your books. Chart of Accounts Guide Elysian Fields 2015 1 INTRODUCTION Think of the Chart of Accounts as the Dewey

More information

STUDENT HANDBOOK FOR FINDING AND CORRECTING ERRORS

STUDENT HANDBOOK FOR FINDING AND CORRECTING ERRORS 1 STUDENT HANDBOOK FOR FINDING AND CORRECTING ERRORS FINDING ERRORS To assure the accuracy of accounting records, care should be taken when transactions are recorded and posted and financial statements

More information

Job Ready Assessment Blueprint. Accounting-Advanced. Test Code: 3900 / Version: 01

Job Ready Assessment Blueprint. Accounting-Advanced. Test Code: 3900 / Version: 01 Job Ready Assessment Blueprint Accounting-Advanced Test Code: 3900 / Version: 01 Measuring What Matters Specific Competencies and Skills Tested in this Assessment: Journalizing Journalize an opening entry

More information

CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS. Lecture Outline

CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS. Lecture Outline CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS Overview Chapter 1 explained that the primary means of conveying financial information to investors, creditors, and other external users is through financial

More information

Glossary of Accounting Terms Peter Baskerville

Glossary of Accounting Terms Peter Baskerville Glossary of Accounting Terms Peter Baskerville Account for or 'bring to account': An accounting phrase used to describe the recording of a financial transaction that is required under the generally accepted

More information

Preparing Financial Statements

Preparing Financial Statements Carroll_CH03_023-040.qxd 8/10/06 4:37 PM Page 23 CHAPTER 3 Preparing Financial Statements OBJECTIVES F After reading this chapter, the student should be able to: 1. Describe the general process by which

More information

CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions

CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation account: a record summarizing all the information pertaining

More information

What are the elements of an accounting system?

What are the elements of an accounting system? What are the elements of an accounting system? An accounting system is comprised of accounting records (checkbooks, journals, ledgers, etc.) and a series of processes and procedures assigned to staff,

More information

This policy applies to all employees who hold or use petty cash funds, including the security, disbursement, reimbursement and use of these funds.

This policy applies to all employees who hold or use petty cash funds, including the security, disbursement, reimbursement and use of these funds. Policy Number: CS-1001-2013 Policy Title: Petty Cash Fund Policy Policy Owner: Chief Financial Officer Effective Date: April 17, 2013 1. PURPOSE The purpose of Mohawk College s Petty Cash Fund Policy (

More information

A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000

A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 CHART OF ACCOUNTS A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 series and ending in 43000). This

More information

ASSETS. Are cash and other Assets expected to be converted into cash, either in One Year or in the operating cycle, which ever is longer.

ASSETS. Are cash and other Assets expected to be converted into cash, either in One Year or in the operating cycle, which ever is longer. ASSETS Current Assets: Are cash and other Assets expected to be converted into cash, either in One Year or in the operating cycle, which ever is longer. sold, or consumed funds. : It is the money on deposit

More information

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2011 question paper for the guidance of teachers

More information

Fiscal Procedure Sequence page number

Fiscal Procedure Sequence page number Table of Contents Fiscal Procedure Sequence page number Treasurer Responsibilities Maintenance of General Ledger Financial Statements Financial Signature/Review Policy Insurance Protection Payroll Procedures

More information

Plan and Track Your Finances

Plan and Track Your Finances Chapter 9 Plan and Track Your Finances 9.1 Finance Your Business 9.2 Pro Forma Financial Statements 9.3 Record Keeping for Businesses Ideas in Action Electronic Safekeeping Katelin Shea addressed the unmet

More information

Accounting Skills Assessment Practice Exam Page 1 of 10

Accounting Skills Assessment Practice Exam Page 1 of 10 NAU ACCOUNTING SKILLS ASSESSMENT PRACTICE EXAM & KEY 1. A company received cash and issued common stock. What was the effect on the accounting equation? Assets Liabilities Stockholders Equity A. + NE +

More information

SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012

SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012 SUMMARY OF CONSOLIDATED BUSINESS RESULTS for the nine months ended December 31, 2012 February 8, 2013 ARRK Corporation 2-2-9 Minami Hommachi, Chuo-ku, Osaka, 541-0054, JAPAN 1. Consolidated financial results

More information

Audit Report of Independent Certified Public Accountants

Audit Report of Independent Certified Public Accountants Audit Report of Independent Certified Public Accountants The Board of Directors Acer Incorporated: We have audited the non-consolidated balance sheets of Acer Incorporated (the Company ) as of June 30,

More information

TOTAL 567.16 2,605.14 470.70 2,072.21

TOTAL 567.16 2,605.14 470.70 2,072.21 Balance Sheet - - - - Laboratorios Torrent, S.A. de C.V. As at As at As at As at Notes EQUITY AND LIABILITIES Shareholder's funds Share capital 1 747.41 3,433.08 747.41 3,290.40 Reserves and surplus 2

More information

Generally Accepted Record Retention Guidelines

Generally Accepted Record Retention Guidelines Document Name /Type Accident reports and claims (settled cases) Accommodation requests Accounts payable ledgers and schedules Accounts receivable ledgers and schedules Ads and Notices of overtime opportunities

More information

Accounting Basics. Important Disclaimer. The Need for Accounting

Accounting Basics. Important Disclaimer. The Need for Accounting Accounting Basics Important Disclaimer Important Note: The text in this chapter is intended to clarify business-related concepts. It is not intended nor can it replace formal legal advice. Before taking

More information

Trust Estate Settlement Process

Trust Estate Settlement Process Trust Estate Settlement Process Settlement of a trust estate involves the process necessary to transfer asset ownership from the deceased person s trust to the parties entitled to receive the assets, according

More information