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Unformatted text preview: cost elements: are costs that arise through the
consumption of goods and services that originate from
outside the company. They represent the link between FI
and CO. This exercise creates the linkage between FI cost
elements (GL accounts in FI) and the cost element
categories to which they will link in CO.
Quarles: Flya Kite FI/CO Transactions EXERCISE FI/CO07: CREATE VENDOR
– Flya Kite has rented new office space. The
accountant in charge is requested to create a new
vendor account for the real estate company. EXERCISE FI/CO08: G/L DOCUMENT ENTRY
– You receive the utility bill for the month for the
plant and it must be paid immediately. The bill is
for $1,000. The expense must be recorded in the
General Ledger. It will be initially charged to the
Administration cost center and charged out to
manufacturing cost centers later. EXERCISE FI/CO09: DISPLAY ACCOUNT
BALANCES (OR LINE ITEMS)
Quarles: Flya Kite FI/CO Transactions EXERCISE FI/CO10: POST VENDOR INVOICE
– Ross’ Rockin Rentals has sent the invoice for the
first month’s rent of $350. Please post the invoice
using the accounts you have created in yo...
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This document was uploaded on 03/22/2014.
- Spring '14
- Balance Sheet