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    Purchase Order

    Uploaded by

    Andres Bonifacio College
    This document describes various documents used in the revenue, expenditure, payroll, and personnel cycles of accounting. It includes purchase orders, sales orders, invoices, receipts, requisitions, checks, time cards, tax forms, and other records. Maintaining accurate documentation is important for auditing purposes to verify revenues, expenditures, payroll activities, and personnel information.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Purchase Order

    Uploaded by

    Andres Bonifacio College
    52 views32 pages
    This document describes various documents used in the revenue, expenditure, payroll, and personnel cycles of accounting. It includes purchase orders, sales orders, invoices, receipts, requisitions, checks, time cards, tax forms, and other records. Maintaining accurate documentation is important for auditing purposes to verify revenues, expenditures, payroll activities, and personnel information.

    Original Description:

    Applied Audting

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    This document describes various documents used in the revenue, expenditure, payroll, and personnel cycles of accounting. It includes purchase orders, sales orders, invoices, receipts, requisitions, checks, time cards, tax forms, and other records. Maintaining accurate documentation is important for auditing purposes to verify revenues, expenditures, payroll activities, and personnel information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    52 views32 pages

    Purchase Order

    Uploaded by

    Andres Bonifacio College
    This document describes various documents used in the revenue, expenditure, payroll, and personnel cycles of accounting. It includes purchase orders, sales orders, invoices, receipts, requisitions, checks, time cards, tax forms, and other records. Maintaining accurate documentation is important for auditing purposes to verify revenues, expenditures, payroll activities, and personnel information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 32

    Project in

    Applied
    Auditing

    Michael C. Diputado
    BSA - IV

    DOCUMENTS
    USED IN THE
    REVENUE AND
    COLLECTION
    CYCLE

    PURCHASE ORDER

    request for
    merchandise

    by a customer, it may be received by


    telephone, letter , a printed form
    that has been sent to prospective
    and

    existing customer through sales people, or in other ways.

    SALES ORDER

    -A prenumbered document for recording the description, quantity and related


    information for goods ordered by a customer. This is frequently used to show
    credit approval and authorization for shipment.

    SHIPPING DOCUMENT OR BILL OF LADING

    A prenumbered document prepared to initiate shipment of the goods,


    indicating the description of the merchandise, te quantity shipped, and other
    relevant data.

    SALES INVOICE

    A prenumbered document indicating the description and quantity of goods


    sold, the price including freight insurance, terms, and other relevant data.

    CREDIT MEMO

    A prenumbered document indicating a reduction in the amount due from a


    customer because of returned goods or an allowance granted. It often takes
    the same general form as a sales invoice, but it supports reductions in
    accounts receivable rather than increase.

    REMITTANCE ADVICE

    A document that a customer attaches to a check in payment of an invoice.


    The document may be a turnaround document, a part of a check, or a
    statement identifying the invoices being paid. Remittance advices facilitate
    recording cash receipts. If a customer does not return a remittance advice,
    the employee opening the mail generally prepares one.

    UNCOLLECTIBLE ACCOUNT AUTHORIZATION FORM


    -

    A prenumbered document used internally, indicating authority to write an account receivable off
    as uncollectible.

    MONTHLY STATEMENT

    A document sent to each customer indicating the beginning balance of


    accounts receivable, the amount and date of each sale. Cash payments
    received, credit memos issued and ending balance due.

    DOCUMENT
    USED IN THE
    EXPENDITURE
    CYCLE AND
    THEIR AUDIT
    SIGNIFICANCE
    PURCHASE REQUISITION

    A prenumbered document that originates in the inventory stockroom or an


    operating department and indicates to the purchasing department that goods
    should be ordered. A requisition describes the items, specifies the quantity
    needed, and indicates the requester.

    PURCHASE ORDER

    A prenumbered document recording the description, quantity, and related


    information for goods and services the company intends to purchase. This
    document is frequently used to indicate authorization to procure goods and
    services.

    RECEIVING REPORT

    A prenumbered document prepared at the time tangible goods are received


    that indicates the description of goods, the quantity received, the date
    received, and other relevant data.

    VENDORS INVOICE

    A document that indicates the description and quantity of goods and


    services received, price,,including freight, cash discount terms and date of
    the billing.

    CHECKS

    A prenumbered written authorization to a bank to transfer funds to the payee. Checks are used as a means of
    payment

    VENDORS STATEMENT

    A statement prepared monthly by the vendor indicating the beginning


    balance, acquisitions, returns and allowances, payments to the vendor, and
    ending balance.

    DOCUMENTS
    USED IN THE
    PAYROLL AND
    PERSONNEL
    CYCLE

    TIME CARD

    prenumbered
    record for each
    employee
    indicating the numbers of hours worked each day during a pay period. many
    entities use a time clock that automatically records a starting and stopping
    time.

    DEDUCTION AUTHORIZATION

    a form that employees sign to authorize their employer to withhold taxes and
    various optional payments from their paychecks.

    CERTIFICATE OF TAXES WITHHELD

    a report prepared every year for each employee to report the gross amount
    of earnings, income taxes withheld, and Social Security taxes withheld.
    Copies are submitted to employees for filing with their tax returns to the
    Bureau of Internal Revenue and to other government taxing authorities as
    required.

    LABOR TICKET

    a prenumbered form on which time worked on job is recorded.

    LABOR TICKET SUMMARY

    a form that summarize the daily labor tickets by job or by process.

    PAYROLL TAX RETURNS

    Forms he entity files with governmental agencies reporting wages and taxes
    withheld.

    OTHER PERSONNEL RECORDS


    - Employees applications

    -Reports on reference checks

    - Authorizations for employment

    - Authorizations for pay or pay changes

    - Performance-evaluation reports

    - Records of sick and vacation days

    BANK STATEMENTS

    a printed record of the balance in a bank account and the amounts that have been paid
    into it and withdrawn from it, issued periodically to the holder of the account.

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