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Exam (elaborations) ACCOUNTING Advanced Techniques in Day Trading, ISBN: 9781721151264 $7.59
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Exam (elaborations) ACCOUNTING Advanced Techniques in Day Trading, ISBN: 9781721151264
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  • ACCOUNTING
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  • Hogeschool Arnhem En Nijmegen (HAN)
  • Boek
  • Advanced Techniques in Day Trading

NOTES AND Q&A ( ADVANCED MANAGEMENT ACCOUNTING, RECORDING TRANSACTIONS ACCOUNTING AND INTRODUCTION TO ACCOUNTING

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Document informatie

  • 24 augustus 2022
  • 5
  • 2022/2023
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden

Onderwerpen

  • traiding
  • business
  • accounting
  • business management
  • records accounting
  • introduction to accounting
  • advanced management accounting

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  • Hogeschool Arnhem en Nijmegen (HAN)
  • Business IT En Management
  • ACCOUNTING
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Voorbeeld van de inhoud

RECORDING TRANSACTIONS

SOURCE DOCUMENTS

The details of financial transactions are usually described on various documents received by or
produced within an accounting system. These documents provide input into the system. The
purchase of supplies or materials will produce a purchase order (if used), an invoice and/or statement
and a voucher. Each of these documents provides input into various stages of the system either as a
control device or authorization of the transaction.

Some of source documents include;
1. Quotations
2. Purchase orders
3. Statement of account
4. Remittance advice
5. Receipts
6. Petty cash vouchers
7. Sales invoice
8. Purchase invoice
9. Credit notes
10. Debit notes
11. Bank statements



1. QUOTATIONS

A quotation is used to let a potential customer know the cost of goods or services before they decide
to purchase them. When a 'seller sends a quotation, it commits them to a certain price. This is why
quotations are mostly used when costs are relatively stable and the services/goods to be provided can
be accurately estimated (labor, cost of raw materials, etc.).

What to include in a quotation

There are a number of items that should be included and considered when preparing a quotation for
a customer.

First of all .a quotation should. include the price that you have decided to charge for the service or
goods you Will provide, In a quotation; you can include a breakdown of the components leading to
the settled price (such as labor costs, raw material costs, VAT etc.) You may also want to specify a
time schedule: i.e. how long the project will take you or how long it will _be until goods are

, delivered, A quotation may also indicate a specific time period for
which it is valid, e.g. 30 days. Also, a project or service quotation may
include an explanation of how any requests for modifications or
changes will affect the price once the project is-underway

2. PURCHASE ORDERS

A purchase order (PO) is a commercial document issued by a buyer to .a
seller, indicating types, quantities and agreed prices for products or
services the seller will provide to the buyer. Sending a Purchase order to
a supplier constitutes a legal offer to buy products or services.
Acceptance of a purchase order by a seller usually forms a contract
between the buyer and seller, so no contract exists until the purchase
order is accepted.-It is used to control the purchasing of products and
services from external suppliers.

Companies use purchase orders for several reasons:

 Purchase orders allow-buyers to clearly and explicitly
communicate their intentions to sellers
 Sellers are protected in case of a buyer's refusal to pay for goods or
services
 Purchase orders help a purchasing, agent to manage incoming
orders and pending orders
 Purchase orders provide economies in that they streamline
the purchasing process to a standard procedure
 Commercial lenders or financial institutions may provide
financial assistance on the basis of purchase orders.

Electronic Purchase Orders

Many purchase orders are no longer paper-based, but rather transmitted
electronically over the Internet. It is common for electronic purchase
orders to be used to buy goods or services online for services or physical
goods of any type.

3. STATEMENT OF ACCOUNT

Also known as an account-statement, a statement of account is a record of
the transactions that have occurred on a customer's account during a
specified period of time. The line items on the account will record
information about purchases made by the customer, -any payments
rendered by the customer, and any other miscellaneous adjustments that
have been made to the current balance due on the account. Statements of

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