Accounting office

“ The Editors, Counselors, Technicians and Clerks work under their Divisions in handling their job tasks accordingly. Article 6 NTSEC shall have an Accounting Office,staffed by one chief accounting officer, whose position can be by either selected appointment or recommended appointment. The office of accounting shall administer budgeting, accounting, and statistics in accordance with the law. Article 7 NTSEC shall have a Personnel Office, staffed by one personnel assistant, whose position is a designated appointment. The personnel assistant shall administer personnel matters. ”

“ In the accounting department, his direct assistant is the chief accountant; and in the stenographic, the chief stenographer.
In a smaller organization the comptroller may not require the services of a chief accountant, in which case he performs the duties of the position. Or the treasurer may occupy the office of comptroller.
Chief Accountant. The chief accountant is in immediate charge of the commercial and factory accounting. His assistants are cashier, bookkeepers, factory accountant, cost clerks, time clerks. ”

“ In developing these model guidelines, the Director of the OMB and the Secretary of HHS shall consult with executive agencies and offices that have relevant expertise in accounting principles, including, but not limited to, the Department of the Treasury, and with the Government Accountability Office. ”

“ A staff department, because of its size, may exercise line functions within its own interior administration. Thus, the auditor organizes his office forces under appropriate chief and subordinate officers who, within the accounting department itself, exercise the authority of line officers. When such accounting officers get outside their legitimate sphere and endeavor to act as line officers in the operating department, expensive friction begins. ”

“ Chapter Ten The Government has certain responsibilities to control and account for government expenditure, which are primarily exercised by Treasury ministers, although other ministers and accounting officers also have important responsibilities. The Treasury is required to approve finance and public expenditure by other government departments. The Government has established procedures for ensuring efficient and transparent departmental governance and ways to account for government expenditure. ”

“ There is no Profit and Loss account because it is impossible to determine on the branch books the correct profit and loss for the period. All expense and income accounts are closed directly into Head Office General. The entries necessary to book properly the activities as set forth in the illustrative problem are as follows:
In closing the branch books the inventory is brought into the Purchases from Head Office account which by its balance shows at billed price the goods disposed of by sale. ”

“ CONSIDERATIONS— In defining the term ``financial expert ́ ́ for purposes of subsection (a) , the Commission shall consider whether a person has, through education and experience as a public accountant or auditor or a principal financial officer, comptroller, or principal accounting officer of an issuer, or from a position involving the performance of similar functions— (1) an understanding of generally accepted accounting principles and financial statements ”

“ If the branch is a selling agency making sales for cash and on account, a modification of the system is necessary. Daily reports should be required from the branch. Its cash receipts should be deposited daily and a duplicate deposit ticket should be forwarded to the head office by the bank. The bank should be asked also to forward all canceled checks. All collections on customers’ accounts should be made from the head office. ”

“ Sometimes subsidiary expense ledgers are used to carry a minute division of each expense group, with corresponding controlling accounts, such as Selling Expense, Office Expense, General Expense, Factory Expense. Similarly, if the consignment sales of a business are large enough to justify a separate record in a consignments ledger, a controlling account is set up in the general ledger. In a manufacturing business, Raw Materials, Goods in Process, and Finished Goods accounts are often controlling accounts for the stores, jobs, and finished stock ledgers. ”

“ He must have acquired experience in the treasury or accounting service for at least five (5) years immediately preceding the date of his appointment.
(b) The city accountant shall receive such compensation emoluments and allowances as may be determined by law.
(c) The city accountant shall take charge of both the office of the accounting and internal audit services, and shall:
(1) Install and maintain an internal audit system in the City;
(2) Prepare and submit financial statements to the city mayor and to the sangguniang panlungsod ”

“ The question of the particular kind of branch or the size of the agency or branch which it is desired to establish depends entirely on the peculiar needs of the business under consideration, and the degree of head office control which is necessary to secure the maximum results with the minimum of expense. ”

“ CONFLICTS OF INTEREST— It shall be unlawful for a registered public accounting firm to perform for an issuer any audit service required by this title, if a chief executive officer, controller, chief financial officer, chief accounting officer, or any person serving in an equivalent position for the issuer, was employed by that registered independent public accounting firm and participated in any capacity in the audit of that issuer during the 1-year period preceding the date of the initiation of the audit. ”

“ These transcripts are intended to be statements made up by the accounting officers of the Treasury Department from the quarterly accounts rendered by the officer with whom the account is kept, after an examination and adjustment of such quarterly accounts, and the allowance or disallowance of the several items contained therein. ”

“ Take into account depreciation at the yearly rates of: 3% on buildings; 20% on delivery equipment; 10% on office furniture and fixtures. No depreciation is to be charged on the store and warehouse furniture and fixtures just installed. Create a reserve for doubtful accounts equal to 1/2% of net sales. Inventories showed the following on hand: Department A $79,897.80; Department B $51,764.32; office supplies $296.45. In-freight was apportioned between the departments on the basis of net purchases. Charge 90% of insurance expense to selling expenses. ”

“ Where possible, workmen should be employed through an employment department to which requests for men needed should be sent. Some form of card record should be kept for office files of all men taken on—and perhaps of all men interviewed. Additions of names to the pay-roll should not be allowed without authorization, and the payment of the men should not be made by the same clerks who make up the pay-roll. ”

“ An agency by its very nature is completely under the control of the central office. The agent has no powers other than those granted by his principal.
If the business is such that a large stock of merchandise is necessary, and a high degree of discretion and executive ability must be exercised, or if it is desirable to establish practically independent units with only central executive control over the entire purchasing and financial systems, branch stores may best serve the purpose. ”

“ One of the most serious wastes to be checked up is occasioned by too liberal weights and measures to customers. On the other hand, invoicing the goods at sales price gives the branch manager less discretion in adjusting differences with customers inasmuch as defective goods must usually be returned to the head office to secure for the branch full credit. ”

“ They shall then be subject to revision upon their merits by said accounting officers, as in the case of other public accounts.' This provision was taken from section 1 of the act of August 16, 1856, c. 124, (11 St. 49.) ”

“ There is a great deal of difference between the organization and management of agencies and of branch houses. An agency simply acts as a local salesman for a certain territory. It secures orders and forwards them to the head office. The head office passes on the credit of the purchaser and assumes the risk of refusing or accepting the order. ”

“ The foreign sales agency often collects the accounts and remits total collections periodically by purchase of one bill or draft on its local bank for the total. There must, of course, accompany each such remittance a statement of the detailed receipts for proper credit to individual accounts. The general cash book will show only the total remittance, however. Regular agency accounts as explained in Chapter XXX will secure the control of the home office over the agency’s expenditures.
It is usually best to make the foreign customers ledger self-balancing. ”

“ The business of an accounting corporation, so far as it relates to the provision of public accountancy services, shall be under the control and management of one or more directors who are public accountants. ”

“ The mere fact that a public accountant personally provides public accountancy services as a director or an employee of an accounting corporation shall not affect the personal liability of that public accountant at law. ”

“ He occupies the position of auditor and is the real systematizer of the business. He creates all systems of commercial accounting, cost accounting, departmental records, time keeping, and pay rolls, reports of superintendent, perpetual inventory, sales statistics, and, in fact, all records of the business. He prepares all balance sheets, comparative statements, trading, manufacturing, and profit and loss statements, and reports to the general manager or executive committee, or both, on the condition of finances, materials, and finished goods. ”

“ The Code exacts its revenue from the individual member's dues which, no one disputes, constitute income. When their receipt as earned income is recognized ratably over two calendar years, without regard to correspondingly fixed individual expense or performance justification, but consistently with overall experience, their accounting doubtless presents a rather accurate image of the total financial structure, but fails to respect the criteria of annual tax accounting and may be rejected by the Commissioner. ”

“ Where in the course of its inquiry a Complaints Committee receives any information or evidence relating to the conduct of the public accountant, accounting corporation or accounting firm concerned which discloses an offence under any written law, the Complaints Committee shall record that information in its report to the Oversight Committee. ”

“ In a large manufacturing city a manager’s discretionary power would not exceed £1,000 to £1,500, and in the smaller cities it would range from £500 to £1,000, while in the provincial towns it would be from £300 to £500, according to population. Each month the manager, as a rule, has to send to the head-office a report upon all accounts that are over his power, together with a separate one relating to bills discounted, and at least twice a year he must submit a long return of every overdrawn account on the books of the branch certified by the accountant and himself. ”

“ The Auditor shall make an annual report on the regularity of the accounting operations and of the financial management of the various institutions. He shall make this report within six months following the end of the fiscal year to which the accounts pertain, and shall communicate it to the Commission of Presidents. ”

“ And on account of this power the Financier should have no accounts with the public himself, but wherever expenditures are necessary in his department, he should employ proper persons therein, subject to the same powers and modes of accounting with every other person employed in expending public property; or if of necessity he shall at any time have accounts with the public, Congress can appoint a committee, or special board, to examine and settle his accounts. ”

“ It would be disruptive of an orderly collection of the revenue to rule that the accounting must be done over again to reflect events occurring after the year for which the accounting is made, and would violate the spirit of the annual accounting system. ”

“ For purposes of management, which must control all the phases of business activity, a balance sheet is insufficient. A review of the factors producing results up to a given time must be had. Accordingly, the accounting department must supply not only information as to the present state of the assets and liabilities, but also information which indicates how the changes in assets and liabilities since the last fiscal period were brought about—what volume of transactions occurred, what expenditures of assets and energy were necessary to accomplish the results attained. ”