Accounting for Receivables

Different types of receivables: A/R, NOTES OTHER (GST RECOVERABLE, LOANS TO EMPLOYEES – NON-TRADE REC. How to account for  bad debts : 1. Direct write off 2.Estimate (allowance) Which is more accurate? –Direct write off does not match expenses and rev. How do we estimate? – percentage of sales, percentage of receivables Notes Receivable Discussion: the difference between notes and […]

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Internal Controls

What is Internal Control? Five Basic Components (Page 309) The Principles of Internal Control – Control Activities (Page 309) Why is Internal Control of Cash so critical? DISCUSSION E7-2 Discussion: the Petty Cash Fund – setting it up and replenishing the fund Video Resources Accounting 1:Program 26

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