Tag Archives | Transactions

Intercompany Land Transfer and Consolidation Process | Accounting

Although not as prevalent as inventory transactions, intercompany sales of other assets occur occasionally. Accounting for Land Transactions: The consolidation procedures necessitated by intercompany land transfers partially parallel those for intercompany inventory. As with inventory, the sale of land creates a series of effects on the individual records of the two companies. The worksheet process must then adjust the account [...]

By |2018-05-16T07:35:57+00:00May 16, 2018|Intercompany Transactions|Comments Off on Intercompany Land Transfer and Consolidation Process | Accounting
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Intercompany Transfer of Depreciable Assets | Accounting

Just as related parties can transfer land the intercompany sale of a host of other assets is pos­sible. Equipment, patents, franchises, buildings, and other long-lived assets can be involved. Accounting for these transactions resembles that demonstrated for land sales. However, the subsequent calculation of depreciation or amortization provides an added challenge in the development of consolidated statements. Deferral of Unrealized [...]

By |2018-05-16T07:35:56+00:00May 16, 2018|Intercompany Transactions|Comments Off on Intercompany Transfer of Depreciable Assets | Accounting
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Internal Check System for Various Transactions | Auditing

In this article we will discuss about the internal check system of auditing for various transactions:- 1. Cash Sales 2. Credit Sales 3. Cash Purchases 4. Credit Purchases 5. Wages Sheet Preparation 6. Payment of Wages 7. Discounts and Rebates to Customers 8. Sales Returns 9. Settlement of Claims against Suppliers 10. Cash Receipts 11. Cash Payments 12. Petty Cash [...]

By |2017-06-20T20:12:54+00:00June 20, 2017|Internal Check|Comments Off on Internal Check System for Various Transactions | Auditing
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