Unlike for a "sales agency" a "branch" has its own separate books of accounts and prepares its own financial statements. A. true b. false
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Unlike for a "sales agency" a "branch" has its own separate books of accounts and prepares its own financial statements.
A. true
b. false
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- Which one of the following statements is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected uncollectible accounts. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. c. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. d. A subsidiary ledger takes the place of the control account for some companies.A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is the a. Controlling account. b. Accounts payable ledger. c. Accounts receivable ledger. d. General ledger. e. Special journal.Why would a business maintain a separate account receivable account (within an accounts receivable subsidiary ledger) for each customer, as opposed to maintaining a single Accounts Receivable account (in the general ledger) for all customers?
- Which of the following would not be used as a control account? a. Accounts receivable b. Accounts payable c. Plant and equipment d. Sales on account e. Inventory Please explain your answerThe income: Branch ledger account is maintained is the accounting records of: a. Neither the home office nor the branch b. Both the home office and the branch c. The branch only d. The home office onlyA. Occurrence B. Completeness C. Rights and obligationsD. Allocation or valuationE. ClassificationF. ExistenceG. CutoffH. AccuracyI. UnderstandabilityFor each of the following control activities, identify the management assertion that best applies by placing the correct letter in the blank space below.___ 1. Match shipping documents with sales invoices before a sale is recorded.___ 2. Balance total of individual customers' receivables with the control account.___ 3. Sales manager approves taking discounts.___ 4. Computer check for billing the quantity shipped, list price, and total.___ 5. Account for numerical sequence of pre-numbered shipping documents.
- Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C. Credit memo D. InvoiceWhich of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b. Accounts Receivable.c. Cash.d. Purchases Returns and AllowancesNormally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
- Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d. TreasurerA subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that are made “on account” are posted to the individual customer or creditor accounts.a. Why do companies use subsidiary ledgers for accounts payable and accounts receivable?b. Identify another account that could benefit from using a subsidiary ledger.1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation of functions? Explain youranswer.a. The billing department prepares the customers’invoices and records the sale in the salesjournal.b. Mail room clerk opens cash receipts envelopesfrom customers and also prepares the remittancelist.c. Accounting clerk receives journal vouchers fromvarious departments and also posts to the GLaccounts.d. The sales department approves sales credit memosas the result of product returns and forwards these to the AR department, which adjusts the customeraccounts to reflect the return.