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Bài giảng Hệ thống thông tin kế toán: Chapter 4 - ThS. Vũ Quốc Thông

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Bài giảng "Hệ thống thông tin kế toán - Chapter 4: Accounting related processes" presentation of content: The revenue cycle - Sales to cash collections, the revenue cycle, revenue cycle activities,... Invite you to reference.

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Nội dung Text: Bài giảng Hệ thống thông tin kế toán: Chapter 4 - ThS. Vũ Quốc Thông

  1. Vũ Quốc Thông 10/16/2014 HO CHI MINH CITY OPEN UNIVERSITY ACCOUNTING – AUDITING FACULTY ACCOUNTING INFORMATION SYSTEM ACCOUNTING RELATED PROCESSES Lecturer: Vũ Quốc Thông Chapter 4 Learning Objectives  Describe the basic business activities and related information processing operations performed in the related accounting cycle.  Discuss the key decisions that need to be made in the related accounting cycle, and identify the information needed to make those decisions.  Identify major threats in the related accounting cycle, and evaluate the adequacy of various control procedures for dealing with those threats. 4-2 1
  2. Vũ Quốc Thông 10/16/2014 The Revenue Cycle: Sales to Cash Collections 4-3 The Revenue Cycle 4-4 2
  3. Vũ Quốc Thông 10/16/2014 The Revenue Cycle  Provides goods and services to customers  Collects cash in payment for those sales  Primary Objective (P-P-P):  Provide the right product  In the right place  At the right time for the right price 4-5 Revenue Cycle Activities 1. Sales order entry 2. Shipping 3. Billing 4. Cash collections 4-6 3
  4. Vũ Quốc Thông 10/16/2014 Sales Order Entry 1. Take order 2. Check and approve credit 3. Check inventory availability 4-7 Sales Order Threats  Incomplete/inaccurate orders  Invalid orders  Uncollectible accounts  Stock-out or excess inventory  Loss of customers 4-8 4
  5. Vũ Quốc Thông 10/16/2014 Sales Order Entry Controls  Restriction of access to  Perpetual inventory control master data system  Digital signatures or written signatures  Use of bar-codes or RFID  Credit limits  Training  Specific authorization to approve sales to new  Periodic physical counts of customers or sales that inventory exceed a customer’s credit limit  Sales forecasts and activity  Aging of accounts reports receivable  CRM systems, self-help Web sites, and proper evaluation of customer service ratings 4-9 Shipping 1. Picking and packing the order 2. Shipping the order 4-10 5
  6. Vũ Quốc Thông 10/16/2014 Shipping Threats  Picking the wrong items or the wrong quantity  Theft of inventory  Shipping errors (delay or failure to ship, wrong quantities, wrong items, wrong addresses, duplication) 4-11 Shipping Controls  Bar-code and RFID  Reconciliation of technology shipping documents  Reconciliation of picking with sales orders, lists to sales order details picking lists, and  Restriction of physical access packing slips to inventory  Documentation of all  Use RFID systems to inventory transfers identify delays  RFID and bar-code technology  Data entry via bar-code scanners and RFID  Periodic physical counts of inventory and reconciliation to recorded quantities  Configuration of ERP system to prevent duplicate shipments 4-12 6
  7. Vũ Quốc Thông 10/16/2014 Billing 1. Invoicing 2. Updating accounts receivable 4-13 Billing Threats  Failure to bill  Billing errors  Posting errors in accounts receivable  Inaccurate or invalid credit memos 4-14 7
  8. Vũ Quốc Thông 10/16/2014 Billing Controls  Separation of billing and  Data entry controls shipping functions  Mailing of monthly  Reconciliation of statements to customers invoices with sales orders, picking tickets,  Reconciliation of and shipping documents subsidiary accounts to general ledger  Configuration of system to automatically enter  Segregation of duties of pricing data credit memo authorization from both  Restriction of access to sales order entry and pricing master data customer account maintenance 4-15 Cash Collections Threats 1. Theft of cash 2. Cash flow problems 4-16 8
  9. Vũ Quốc Thông 10/16/2014 Cash Collection Controls  Separation of cash handling function from accounts receivable and credit functions  Regular reconciliation of bank account with recorded amounts by someone independent of cash collections procedures  Having two people open all mail likely to contain customer payments  Use of cash registers  Daily deposit of all cash receipts  Cash flow budgets 4-17 The Expenditure Cycle: Purchasing to Cash Disbursements 4-18 9
  10. Vũ Quốc Thông 10/16/2014 The Expenditure Cycle 4-19 The Expenditure Cycle  Activities and information processing related to:  Purchasing and payment of  Goods and services  Primary objective:  Minimize the total cost of acquiring and maintaining inventories, supplies, and the various services the organization needs to function 4-20 10
  11. Vũ Quốc Thông 10/16/2014 Expenditure Cycle Activities 1. Ordering materials, supplies, and services 2. Receiving materials, supplies, and services 3. Approving supplier invoices 4. Cash disbursements 4-21 Ordering Threats  Inaccurate inventory records  Purchasing items not needed  Purchasing at inflated prices  Purchasing goods of inferior quality  Unreliable suppliers  Purchasing from unauthorized suppliers 4-22 11
  12. Vũ Quốc Thông 10/16/2014 Ordering Controls  Bar coding or RFID tags  Periodic physical counts of inventory  Perpetual inventory system  Review and approval of purchase requisitions  Centralized purchasing function  Price lists  Competitive bidding  Budgets  Purchasing only from approved suppliers 4-23 Receiving Threats  Accepting unordered items  Mistakes in counting  Verifying receipt of services  Theft of inventory 4-24 12
  13. Vũ Quốc Thông 10/16/2014 Receiving Controls  Requiring existence of approved  Budgetary controls purchase order prior to accepting any delivery  Restriction of physical access to inventory  Do not inform receiving employees about quantity  Documentation of all ordered transfers of inventory between receiving and  Require receiving employees to inventory employees sign receiving report  Periodic physical counts of  Document transfer of goods to inventory and reconciliation inventory to recorded quantities  Use of bar-codes and RFID tags  Segregation of duties: custody of inventory versus 4-25 receiving Invoice Processing  Non-Voucher  Each approved invoice is posted to individual supplier records in the accounts payable file and is then stored in an open-invoice file.  When a check is written to pay for an invoice, the voucher package is removed from the open-invoice file, the invoice is marked paid, and then the voucher package is stored in the paid-invoice file.  Voucher  Disbursement voucher is also created when a supplier invoice is approved for payment.  Identifies the supplier, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances. 4-26 13
  14. Vũ Quốc Thông 10/16/2014 Advantages of Voucher System 1. Reduce number of checks 2. Can utilize pre-sequential-numbered voucher control 3. Allows for separation of invoice approval from invoice payment 4-27 Approving Invoices Threats  Errors in supplier invoices  Mistakes in posting to accounts payable 4-28 14
  15. Vũ Quốc Thông 10/16/2014 Approving Invoices Controls  Verification of invoice accuracy  Requiring detailed receipts for procurement card purchases  Evaluated receipt settlement  Match PO with receiving report  Restriction of access to supplier master data  Verification of freight bill and use of approved delivery channels  Data entry edit controls  Reconciliation of detailed accounts payable records with the general ledger control account 4-29 Cash Disbursement Threats  Failure to take advantage of discounts for prompt payment  Paying for items not received  Duplicate payments  Theft of cash  Check alteration  Cash flow problems 4-30 15
  16. Vũ Quốc Thông 10/16/2014 Cash Disbursement Controls  Filing of invoices by due date for discounts  Cash flow budgets  Requiring that all supplier invoices be matched to supporting documents that are acknowledged by both receiving and inventory control  Budgets (for services)  Requiring receipts for travel expenses  Requiring a complete voucher package for all payments  Policy to pay only from original copies of supplier invoices  Cancelling all supporting documents when payment is made 4-31 More on reading and practice  Reading on textbook  Chapter 12 (p. 350 – 370)  Chapter 13 (p. 390 – 410) Doing homework on paper  Discussion questions  Question 12.2 (p. 379) & Question 13.2 (p. 415)  Problem solving  Problem 12.11 (p. 383) & Problem 13.4 (p. 417, 418)  Chapter quiz (focus on relevant parts of the lecture)  Quiz of chapter 12 (p.378)  Quiz of chapter 13 (p. 413, 414) 4-32 16
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