Net realizable value of accounts receivable results when accounts receivable is reduced by allowance for doubtful accounts 5.7 Accountable advances are to be reported at year-end in accordance with Chapter 14, "Year End Timetable and Procedures," and Chapter 15, "Public Accounts Instructions . What is the effect of this write-off on the income statement? Expert Answer 1st step All steps Final answer Step 1/1 Answe. Which of the following is considered cash? Question: as: Travel advances should be reported OA. It also presents Claimants with a checklist to ensure timely approval and processing of payment. If travelling with a caregiver, travel and accommodation cost can be claimed in lieu of and up to the equivalent of child care costs. Regulations (Dependants of Members of the Canadian Forces), Accountable Travel and Moving Advance Regulations As per memo from the Provost and Vice-Principal (Academic), purchases of new computers, computer components and computer accessories from research grants (2F and 2M Fund Types), can be reimbursed via an expense report regardless of the dollar value. For the version history of this document, see section 9. Home internet charges is not a permissible expense. To add Interac e-Transfer as a method of refund payable to McGill University. A: Cash account is a ledger account which shows movement of cash for transactions. June 22, 2021 - Version 3.2: Updated PR8. and accounting that are available to departmental officials. Original paper receipts/supporting documentation must be digitized according to the Digitization Guidelines. Travel advances should be reported as a. receivables. No receipts are required. hotel invoice, taxi chit to/from airport, meal receipts, etc.). Direct deposits appear in bank accounts within 2 business days of the processing date. For meals, receipts or per diems are acceptable, however the University encourages actual receipts. c. investments. Health precautions may include: A level 2 travel health notice indicates an increased risk to travellers or certain groups of travellers (for example, pregnant women, campers, people visiting friends and relatives) and reminds them to practise enhanced health precautions. American Express Corporate Card. The University is not responsible for damages to employees' cars incurred while using the car for University business. 1. Option 2 Approving/Signing using Adobe Fill & Sign. d. none of these answers are correct. as: Travel advances should be reported OA. Employees holding corporate charge cards are encouraged to use the corporate charge card instead of standing travel advances, where feasible. D) allowances granted, When the allowance method of recognizing bad debt expense is used, the allowance for doubtful accounts would decrease when (Dependants of Members of the Canadian Forces), Directive on Losses of Money and Property, Directive on Receipt, Deposit and Recording of Money, Directive on Terms and Conditions of Employment, Isolated Post and Government Housing Directive, Financial Information Strategy (FIS) Accounting Manual, Government-wide Chart of Accounts for Canada, Advance contract payments, which are governed by the, Advance contributions payments, which are governed by the, Prepaid real property transactions, which are governed by the, All of the above transactions are processed according to the. a. Travel advances should be reported as A) supplies. Amounts may not exceed $500. an amount of money obtained by employees from their corporate charge card based on anticipated cash expenditures while traveling on government business, the corporate charge card cash advance is usually for a single trip and may be obtained when it is anticipated that the corporate charge card may not be accepted, standing travel advance: none of these answers are correct. (FIS) Accounting Manual and in the Account previously written off is collected I agree to refund to the University any subsequent reimbursement from other organizations for the expenses submitted, or any amount disallowed further to a subsequent review or audit. Make sure you understand any terms and conditions in your insurance policy related to Travel Advice and Advisories from the Government of Canada . Travel Advances. Employees holding corporate charge cards are encouraged to use the corporate charge card instead of trip advances, where feasible. February 21, 2017 - Version 1.0: These Procedures were previously published as part of the Reimbursement of Expense Policy. James M. Wahlen, Jefferson P. Jones, Donald Pagach. If an employee travels frequently, advances should not be requested, but a corporate travel card should be obtained for use by the employee while on travel status. Travel advances should be reported as a. supplies. For interpretation of this guideline, d. none of these answers are correct. Procedures have been removed from the Policy and have been published on this page as Version 1.0. Flight cancellation insurance is allowable and must be accompanied by a receipt. NOT supplies, cash because they represent the equivalent of money, and investments. Marketable securities are the short term form of financial instrument to invest in, such, A: Any amount that has to be received in future but in but is doubtful in receiving then such amount, A: An accounting Equation is a statement that shows the equality between the resources and the sources. conference registration fees, airfare, accommodations, meals, etc.) March 16, 2016 Version 2.5: Replaced the phrase faculty or staff and the word staff with academic staff, administrative and support staff. Travel advances should be reported as a. supplies. Directive on Travel Cards and Traveller Cheques; and. The Public Health Agency of Canadas (PHAC) travel health notices outline potential health risks to Canadian travellers and recommend ways to help reduce them. Supplies. April 04, 2016: Announcement from Julie Ghayad, Director Finance Infrastructure and Transaction Services, Financial Services, about Submitting an Expense Report - "new" Expense Items added channel news. A Travel Advisory is issued by the Government of Canada when it assesses that the security or health situation in a country or region poses a significant threat to the personal safety and security of Canadians travelling or living there. Inventory OC. May 31, 2012 Memorandum from Cristiane Tinmouth, Controller, Financial Services about Mileage rate increase - PDF version. The Best Practice for awards/prizes paid to non-McGill students is for McGill to pay the institution first and the latter issues the award/prize directly to their student. a standing travel advance is an amount of money advanced to those employees who travel on a frequent and regular basis and may be approved in exceptional circumstances, travel expenses: Accounts receivable may not be truly liquid. The full name of the conference must be indicated in the Trip Purpose field of the Expense Report. The form must be signed/approved and attached to the official Expense Report. E-Booking confirmations are not acceptable receipts. and PR9. When a purchasedairfare includes costs which are not a necessary consequence of travel on behalf of the University,a. For research being done over an extended period of time, off campus or at a remote location. Minor revisions when additional receipts are appended to the claim do not require re-acknowledgment/approval by the Visitor. The Fund Financial Manager (FFM) or Principal Investigator (PI) is not impacted by overdue advances of the Claimant. How much was paid, along with proof of payment indication. Please refer to the McGill Alcohol Permit Procedure. Accountable Travel and Moving Advance Regulations (Canadian Definitions for accountable advances, standing advances, petty cash funds and other terms used in this guideline are True A. Expenses incurred while doing research over an extended period of time, off campus or at a remote location. Child care expenses while a nursing mother or single parent (defines as a parent having sole custody) is travelling on University business will be reimbursed as follows: The eligible expense for a single parent is limited to overnight child care expenses incurred while the employee is travelling. Cash because they represent the equivalent of money. Travel advances should be reported as A) supplies. You should not travel to this country, territory or region. Those advances and the corresponding instrument The Policy has been renamed to Reimbursement of Travel and Other Expenses Policy. The Travel Advice and Advisories provide recommendations about safety and security conditions in destinations around the world to help you to make informed decisions. Boarding passes are no longer required when other evidence exists to prove the trip has occurred (e.g. It is recommended that you check the TAA page for your destination twice: once when you are planning your trip, and again shortly before you leave. b. cash because they represent the equivalent of money. Make sure you understand any terms and conditions in your insurance policy related to Travel Advice and Advisories from the Government of Canada. Supporting Documentation for payments to guest lecturer fees, participant fees, living allowances, awards/prizes to non-McGill students, and prescribed prizes, must accompany the expense report and must clearly indicate the agreement/details that justify the purpose of the payment to the individual. Telephone: 613-957-7233 Please enable JavaScript to improve your experience. Main Floor, East Block, Confederation Building The amount of a trip advance must be approved by the Deputy Minister and should be based on a reasonable estimate of the total anticipated reimbursable expenses and the availability of the corporate charge card or a standing travel advance. The Claimant may choose to use air miles with the understanding that they will not be reimbursed the equivalent monetary value. Updated PR14. Which of the following items should not be included in the Cash caption on the balance sheet? in the Accountable Education and Travel Advance Travel advances should be reported as a. supplies. Trip advances must be accounted for within 30 days of the completion of the trip for which the advance was authorized. Travel advances should be reported as O Investments. An expense report is submitted for expenses that you have incurred and/or reconcile a travel advance. The traveler should report travel expenses and account for all travel advances within (21) twenty-one days after completion of the trip. O b. O b. Definition An advance is a prepayment on the central financial system that is to be expensed at a later date (e.g., payment for travel expenses to be incurred). 5.1 Detailed requirements pertaining to the following items are specified in the Accountable Advances Regulations and are to be adhered IMPORTANT:The two levels below are official Government of Canada Travel Advisories and are issued when the safety and security of Canadians travelling or living in the country or region may be at risk. Forces), Accountable Education and Travel Advance a. In the event that an amount is to be . All advances including travel advances paid to third parties must be cleared by submitting an Expense Report 30 days following the return date of the trip. Entry visa fees which are required for international travel to enable the claimant to conduct University business will be reimbursed. January 30, 2019 - Version 1.5: PR7 Expense Type - Airfare - added point 4 - channel news. Refer to the Travel and Other Expenses Policy. Point 4 updated from "a fare class greater than economy (or lowest logical airfare)" to "a fare class greater than the highest economy". Inventory | Chegg.com. There are certain events which are not affecting financial statement, A: Profits: profit is net income calculated by Subtracting all expenses form sales or total revenue., A: Interest income is earned on the investment made by the company, it is one of the revenue sources, A: Managing receivables well can be said when there is enough liquidity to fund the daily operations. Submit the log with the expense report. The Claimant is out-of-pocket for expenses they personally paid for in advance of the trip. Please note: Fund Financial Managers/Approvers/Claimants/Requestors must either forward these Adobe signed documents via their McGill email address or must be copied (using their McGill email address) in the email including these Adobe signed documents. Supplies B. Where applicable, Granting Agency guidelines supersede the University Policy and Procedures. Exceptional cases must be documented and a meal receipt provided. This payment to the Claimant is to cover cash needs for anticipated expenses to be incurred during the trip. Gift must be selected as the Expense Type in the Expense Report. The receipt must contain the name of the research study, the participant fee's name and signature, and the amount paid. The cost of standard insurance against liability or personal injury is acceptable. Application Amounts in excess of $5,000 require a breakdown of estimated costs. $75,200. Accommodation When staying with a relative, or other non-commercial lodging, the reimbursement rate will be $20 per night. This may seem like a foolish question until one considers the possibilities. C) investments D) receivables 3. The notion of Claimant is not applicable for payments to individuals. These expense reports must be submitted within a certain number of business days based on the type of Expense Report. An Official Journey Authorization/Payment Voucher must be completed for all standing travel advances. C) investments D) receivables 3. Advances not reconciled 30 days following the return date of the trip are considered overdue. Group of answer choices Per diem allowance will not apply where meals are included in the conference registration. If a detailed receipt is not available, per diems may be claimed. copy of credit card slip or credit card statement). standards and as advised by the departmental security officer. b. cash because they represent the equivalent of money. April 27, 2015 announcement from Cristiane Tinmouth, Controller, Financial Services about Reimbursement of Expenses Policy Update - G4.4.6 Expense Type (2) Car Rental - channels news. & PR7. of Employment; 5.4.7 Medical advances to locally-engaged staff are covered in the Locally-Engaged Staff Terms and Conditions Regulations; 5.4.8 Travel and moving advances to members of the Canadian Forces are covered in the Publication Date: December 2, 2005 Travel advances of P 180,000 for executive travel for the first quarter of next year (employee to reimburse through salary reduction). Effective date The Procedures on Travel came into effect on July 30, 2021, following approval by the Director General, Finance and Administration Directorate (FAD), Finance and Administration Branch (FAB). b. cash because they represent the equivalent of money. b. Timely payment of the account to American Express is the responsibility of the individual cardholder. d. none of these. SeeTravel insurancefor more information. New computers (Desktops/Laptops) and monitors purchased on non-research grants (non-2F/2M Fund Types)will not be reimbursed. Note: Individual units may, at their discretion, apply more rigorous restrictions. An itemized estimate is required to be attached to the Trip Request. Travel Advice and Advisories give you official Government of Canada information and advice on situations that may affect your safety and well-being when you are travelling or living outside Canada. Payments to individuals previously processed via a Payment Request prior to August 1, 2022 (e.g. Breakdown of cost (#liters/gallon and price). A written authorization request must be sent to the Controllers office clearly stating the business reasons for the use of the employees vehicle and the requirement for on-campus parking. In the event that an amount is to be returned to the University, payment can be submitted via Interac e-Transfer to Traveldeskhelp.acct [at] mcgill.ca or via a personal cheque made payable to McGill University. Forces); 5.4.9 Education and travel advances to members of the Canadian Forces for travel and education of dependants are covered Per diem allowances will not apply if meals are included in lodging charges. Specific uncollectible account is written off June 22, 2015 - Version 2.3: Updated the note in Section G4.4.6 Summary by Expense Type - Expense Type (1) Personal Automobile - added a reference to the Use of Personal Vehicle page on the Travel Services website. b. cash because they represent the equivalent of money. B) Payment of interest: Operating activity 5.4.10 Travel and moving advances to members of the Canadian Forces for travel and moving of dependants are covered in the Accountable Travel and Moving Advance Regulations . View the full answer Final answer Transcribed image text: Question 7 Travel advances should be reported as: OA Inventory . Ministers Office. . visitors and conferences). The e-ticket or travel management companyinvoice is required and must include. Be very cautious at all times, monitor local media and follow the instructions of local authorities. Mandate Letter Which of the following is considered cash? Accountable advances may also be issued for non-travel purposes. Receipts/supporting documentationare required for all expenses being claimed except for mileage claims, meal per diems, tolls, public transportation and gratuities if paid in cash. University related computer purchases must be made through the Institutional Sales unit of Le James. Notices remain in effect until removed from the website. receivables receivables Which of the following items are included in the Cash caption on the balance sheet? and PR9. A lodging allowance of $20(CAD) per night may be claimed if accommodations were provided by friends or relatives (private home). We, A: Cash is a current asset which is having the highest liquidity. Oc. There are three types of travel advances, all of which must be accounted for at the time of Expense Report submission. Income statement account c. Contra-account d. Liability account, All of the following are problems associated with the valuation of accounts receivable except The cash flow from operating activities section is the first, A: Under the financial accounting, each account with some balance will either have debit balance or, A: Let us first understand the definition of : All applications will require the approval of the Associate Vice-Principal Financial Services. April 25, 2016 Version 2.6: Updated the note in Section G4.4.6 Summary by Expense Type - Expense Type (2) Car Rental - added If renting a car in North-America to the second paragraph.
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