Using the following flow chart relating to Revenues to assist you. The questions below relate to the
- March 08, 2021/ Questions
Using the following flow chart relating to Revenues to assist you. The questions below relate to the Expenditure Accounting Cycle. Tell me two things about each action listed. I want to know 1. Is the action an act of Identifying, Capturing, Classifying, Recording, Reconciling or Reporting AND 2. Is the item of action an example of a policy, a process/practice or a system? Example #1: Ask the Executive Director who initiates purchases. Answer: Identifying and a Process. Example #2: Input invoices into Quickbooks. Answer: Recording and a System. It is possible that there are multiple correct answers for any one question. For example, the inputting of invoices is also a process, but it uses a system. While the best answer is system, I will not mark you off for saying system, but I will note the best answer is system. 1. Print an outstanding invoice list out of Quickbooks for the Executive Director. 2. Check the statement from a vendor and match it to the outstanding invoices in the system. 3. Prepare a list of all disbursements for the board of directors to review at their board meeting. 4. “All disbursements must be reviewed and approved by the Board of Directors at the first following board meeting.” 5. Ask the prior accounts payable clerk about the receipt of invoices and flow of information. 6. Print checks out of the Quickbooks system. 7. Sit down with the programs director so that he can tell you which expenses belong to which program each month. 8. Note on each invoice which program the expense is related to, so it can be input that way into the system. 9. Input the invoice into the right account and program category in the Quickbooks system. 10. Print 1099s at the end of the year. (Tax reports for vendors receiving >$600 per year who provide services and are not corporations).