Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger

Q: Normally revenue is recognized when:

A: Answer

Q: Which of the following accounts does not appear in the acquisition and expenditure cycle?a. Cash.b.…

A: Acquisition and expenditure cycle: It includes a set of all the business activities that are…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: How to journalize entries from accounting for purchase with frieght transaction?

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Differentiate the following terms. a. Bookkeeping and financial accounting.

A: a) The terms 'Bookkeeping and accounting both are part of the accounting system which starts with…

Q: Use the following abbreviations to indicate the journal in which you would record transactions a…

A: The general journal is maintained for recording the transactions which do not fall under sales,…

Q: The adjusting entry to take up accrued expenses is recorded in the: (A purchases journal B general…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

A:

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a.…

A: Accounting can be done in  both cash and accrual method

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: The current assets are :- a - ending raw materials inventory. b - account receivable. c - notes…

A: Current assets are assets that are in cash form or that can be converted into cash in short period…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With…

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Q: The Sales Returns and Allowances account is reported as a

A: Sales Return refers to the process of returning goods by a customer back to the company or…

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b.…

A: Journal: It is often defined as a primary accounting book that is used by the business to record all…

Q: Identify in what ledger (general or subsidiary or both) each of the following accounts is shown.…

A: The accounts whose detailes can be provided in subparts are shown in subsidiary ledgers whereas all…

Q: The entry to record the purchase of supplies on account would include a: a. debit to the Retained…

A: When supplies are purchased, as per the real account rule, supplies will be debited. As supplies are…

Q: Sales Service and Service Revenue are two income statement accounts that relate to Accounts…

A: Step 1 While reporting income from operations via statement of income, then two more accounts other…

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts…

A: Sales revenue means the income generated from sales made by the firm. This amount is shown at the…

Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…

A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.

Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…

A: The journal entries are prepared to record daily transactions of the business.

Q: 1. Draw up a) Sales journal and Cash Receipt Journal b) Accounts Receivable Subsidiary Ledgers c)…

A: Cash receipt journal is the journal which records and shows how cash been received by the business…

Q: For each of the following items, identify whether the item is considered current or noncurrent,…

A: All of a company's assets that are expected to be sold, consumed, utilized, or expended within one…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: After posting is completed in the accounts receivable ledger and the g ledger, the total of the…

A: Solution: Accounts receivable ledgers are subsidiary ledgers where all credit sales with respective…

Q: Which of the following needs an adjustment to the accounts receivable account of AB Company? a. a…

A: The freight cost  is paid by the seller till the goods have reached their destination and then the…

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Q: Which of the following best describes the activities of the accounting function? a. inventory…

A:

Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…

A: Answer:-  Journal entry meaning:- A journal entry is the act of recording or keeping track of any…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is