The American Business and Accounting Encyclopaedia; A Standard Reference Work for Business Men and Accountants, Profusely Illustrated with Many Special Forms, Tables, and Diagrams Never Before Published Volume 1

The American Business and Accounting Encyclopaedia; A Standard Reference Work for Business Men and Accountants, Profusely Illustrated with Many Special Forms, Tables, and Diagrams Never Before Published Volume 1

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 edition. Excerpt: ...total sales and other ledger debits with sales and cross entry journal, total cash and other ledger credits with cash book and credit journal, and the resulting balances will agree with the total of the ledger balances as per trial balance. The purchase ledger balances will be checked in the same manner. To obtain this comparison, on a sheet of suitably ruled paper write out the following data: From the trial balance at commencement of audit the debit and credit balances, taking sales and purchase accounts in totals. From the auditor's abstract ledger in adjoining columns, the total debit and credit postings for the period audited. In columns next adjoining draw off new trial balance and agree with that of the book-keeper. To the total credits add cash on hand at close of books. To the debits add cash on hand at commencement of audit. The debits and credits will then agree. Compare with total debits and credits from cash and journals. This will catch errors of footings, simple or counterbalancing. Close out accounts to profit and loss, and draw up statement of assets and liabilities. Check footings of all columns of cash book and journals the totals of which were taken into the abstract. Check footings of pay roll and compare with cash book. Check footings of petty cash book. Check bills receivable book with Bills Receivable account, and verify inventory of bills on hand. Check bills payable book with Bills Payable account. Have bank book balanced at bank, and verify balance on hand at close of books after listing all unpaid checks. Check vouchers for all payments by cash or check, and make a list of vouchers not produced. Some auditors consider the checks themselves as sufficient vouchers for payments through bank. Call for vouchers for...show more

Product details

  • Paperback | 112 pages
  • 189 x 246 x 6mm | 213g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236825349
  • 9781236825346