Question

Als project Hand out 1 Select a small firm such as a florist shop, building contractor, super market, tooling workshop, carpenter, etc. (avoid pharmacists, and supermarkets) Answer the following questions A. A brief description of the firm's background, such as products, environment and services it provides, the industry of which is a member, its physical facilities and other assets, and its employees B. A brief description of the major purposes, characteristics and resources of its AIS C. Listing of its key accounting transactions D. Listing of the varied users of its AIS E. A brief description of key reports prepared by the AIS for its managers F. A description of key procedures in terms of steps and activities performed by its AIS

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Answer 1

Answeo:- (1) Summarized the information provided in the questions, Select a small from .. following are anscorros_foo a FLORIST Chope @ Nirmal Florist is situated in Chicago. Nirmal florist mainly deals in sells of Roses and Roses comes in different colors. The Nirmal florist is member of local toade association and floral trade association. Shop is manned by oucher with help of 1 assistant. Assets include furnitures, display items, scissors, packaging items; cash box and Nirmal Florist follows simple single column cash method of accounting as AIS and parpose of AIS is to know the cash position of the shop- profitabilit and net cash payable for purchases at any point of time © following are key accounting transactions ;) Purchases of roses. si) sales of roses. Pi) Rent and salary payment. fu) Payment cif utility bills like electricity water etc.) u purchases of packaging items: 2 chairs.

Nismal florist follows simple column cash method of accounting as Single AIS and purpose of AIS is to know the cash position of the shop- profitability and net cash payable for purchases, Cash book and creditors ledger are two main ledgers prepared and kept along with inventory register for the purchases of packaging items. Following steps are performed for compilation of AIS; ;) Purchases are recorded in inventory and creditors ledger simultaneously. (1) scles are recorded in cash book a inventory register. iii) ft day end cash is counted and compare with cash book. *) At ay end inventory is counted and compared with inventory register. v) At day end, cceditors are paid and are placed vi) Net cash at day and represents cash postion is set aside for salary, tent a utilities. Remaining cash is taken by the owner as profit. withdrawat. oddlers profit and
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