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There needs to be a clear distinction in the minds of MLROs and employees between Module 6 Recognition Handling and Reporting Transactions circumstances in which employees are expected to make internal reports to MLROs and laundering offences. Module 6 Recognition Handling and Reporting Transactions Notes Learning objectives The purpose of this module is to analyse the reporting obligation and how to discharge it to provide an understanding of how to evaluate internal Suspicious Transaction...

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Instructions and Help about module 6 recognition handling

Welcome to module six of our financial accounting course in this module we examine inventory now we look at inventory in two modules some six we look at inventory from one perspective in Chapter seven we look at inventory from another in this module we're going to be examining inventory purchase and sales discounts, so we're going to look at discounts surrounding inventory and how we deal with them in accounting in the next module we'll examine fight LIFO and weighted average methods of managing inventory, but this module is all about discounts, so first I want you to think back to the last model if you haven't done, so module five of our course is on receivables and the thing we said that was such a huge pain in the neck about receivables is collecting the money you know good customers pay right away, but a lot of customers will drag their feet about paying and some will never pay, so companies have gotten wise to this, and they've said look it's its actually pretty expensive to try and collect from everybody like there's a big cost associated with having sort of offering credit and going after and collecting on your sales because the cost is not only that some people don't pay and so you have a bad debt expense the cost is also just your time and energy, and you know you're paying wages to somebody to go and collect and people who do eventually pay, so they don't become a bad debt expense, and they don't need to be written off ever they do eventually pay, but they can still be a pain in the neck so what companies have done to try to mitigate this is they will often offer an early payment discount, and you'll see it all over this module I just want to introduce you to this notation you've probably seen it in class you've probably heard about it in your class by now if you stumbled across my videos, but you'll see things like this and this is the most common notation you see 2/10 net 30 is what that stands for now what does this mean right you'll see this you know all over in our problems this chapter you might see different numbers, but that's very typical and this is by far the most common that you see at least in accounting textbooks in terms of a discount offer what does this mean well the two is the percent discount so what this is saying is hey you bought something from us, we're gonna, and he bought it on credit we're going to give you a two percent discount on that purchase if you pay within 10 days, so that's the number of days to pay and get the discount the n30 means the net amount the full amount is due in 30 days so what does this all mean let's put this all together I sell you some inventory I sell you a thousand dollars worth of inventory all right actually let's do the journal entries for it let's assume I sell you a thousand dollars worth of inventory, and you pay me within 10 days how does that work what does that look like alright, so I sell you a thousand dollars worth of inventory on those terms on those 2/10 net 30 terms so...

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What is module 6 recognition handling?

Module 6 recognition handling is a process that involves identifying and reporting recognition of revenue in accordance with specific guidelines.

Who is required to file module 6 recognition handling?

Companies and organizations that need to comply with accounting standards are required to file module 6 recognition handling.

How to fill out module 6 recognition handling?

Module 6 recognition handling can be filled out by following the specific steps and guidelines provided by the accounting standards.

What is the purpose of module 6 recognition handling?

The purpose of module 6 recognition handling is to ensure that revenue is recognized accurately and in compliance with accounting standards.

What information must be reported on module 6 recognition handling?

Module 6 recognition handling typically requires reporting on revenue recognition methods, timing of revenue recognition, and any exceptions or adjustments made.

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