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- Using internet, write about customs that applied in Palestine according to the following points: (You can answer in Arabic or English language) - Nature of customs. Characteristics of customs. Taxpayers who required to pay customs. Slides of customs.Explain the following a) Gain or losses on foreign exchange translations. b )Recording of previous periods errors in revenue and expenditure after preparation of final accounts in the current periods.What is a check and who are the parties involved in the issuance of a check? Discuss the role of each party
- You received the latest payslip and income statement from your client. What information would you check to ensure it matches the client disclosures and follow the NCCP Act 2009 obligations?O Correspondence Which of the following could benefit from conciliation? * Merchants who do not register at the commercial register O Merchants who register at the commercial register ONon-merchants OAnyone in the society The drawer of the cheque shall object its payment if: O The holder wanted toThe law that specifically prohibits payments to foreign officials in order to attain business is known as ____________________________. FCPA AICPA SOX IFRS
- If you offer gift cards to clients, when should you record your revenue?If a company has accounts receivable from ordinary customers and from related parties, can they combine those receivables in their financial statements under U.S. GAAP? Under IFRS?What are your takeaways from the audit of receivables? How crucial is the role of receivables to the company? Do you have experience in auditing or handing receivables in your respective personal matters, business, or employment?
- The following auditing procedures were performedin the audit of accounts payable:1. Obtain a list of accounts payable. Re-add and compare with the general ledger.2. Trace from the general ledger trial balance and supporting documentation todetermine whether accounts payable, related parties, and other related assets andliabilities are properly included on the financial statements.3. For liabilities that are payable in a foreign currency, determine the exchange rateand check calculations.4. Discuss with the bookkeeper whether any amounts included on the accountspayable list are due to related parties, debit balances, or notes payable.5. Obtain vendors’ statements from the controller and reconcile them to the listing ofaccounts payable.6. Obtain vendors’ statements directly from vendors and reconcile them to the listingof accounts payable.7. Examine supporting documents for cash disbursements several days before andafter year-end.8. Examine the acquisitions and cash disbursements…5. Person A is a resident of Honolulu, Hawaii. Person B is a resident of Atlanta, Georgia. A sold B a book. The payment was made via domestic wire transfer within the United States. Which account and sub-account does this transaction belong to in the Balance of Payment? Why?How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.
