RSM323H1 Lecture Notes - Lecture 11: Purchase Order, Capital Asset, Contingent Liability

36 views3 pages
School
Department
Course
Professor

Document Summary

Send 1 or 2 copies to receiving department (1 for receiving, the other for accounting department) Accounting department receives purchase order from the purchase department, as well as from the receiving department, and records liability. Control for the raw material in the warehouse (specific person responsible for it, accounting record should not be seen by others) People who in charge with treasury should not involved in the accounting department. Due date for sales invoices, company should not have automatic deduction, deduction must be supported by actual payment (cheque) Reconciliation: inventory, pp&e, a/p, cash should be accurately recorded need reconciliation, inventory: recorded amount is already there, reconcile with buying department and warehouse (less important), inventory count and inventory report (more important, pp&e: Reconcile of total listed assets and actual existence of actual assets. Valuation: balance of pp&e and depreciation of pp&e: cash: Payment recorded by bank and the company: a/p:

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents