Which of the following will be not be called as Source Document of a Business? a. Debit note raised by the business b. Sales invoice issued by the business c. Purchase invoice received by the business d. List of suppliers are kept under Purchase ledger by the business

Q: Which of the following would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: Which of the following will be the Correct source document assuming that your business received…

A: The various documents are prepared to be provided to customer or received from supplier.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Which of the following is not a business transaction?                                        Sell…

A: Business transactions are measured in money and are recorded in the accounting books.

Q: Sales revenues are usually considered earned when Select one: a. goods have been transferred from…

A: Definition: Sales Revenue: Sales Revenue is considered as the income received from the sale of the…

Q: 1. Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following is not a user of internal accountinginformation?a. Store manager.b. Chief…

A: Accounting information: It can be defined as all the data or information that relates to the…

Q: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: When the goods are sent on consignment, the goods are recorded in the books of a. Business have…

A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…

Q: The sales journal records the daily transactions of a business pertaining to: O a. Sales…

A: Sales journal  records revenue from sale of  goods or services.

Q: Explain in detail different types of documentation that the business would expect to change hands in…

A: a) Different types of documentation that the business would expect to change hands in the purchase,…

Q: A company records its various business transactions in the book of original entries using various…

A: In this question, we will explain that the answer is True or False and if True then why it is True…

Q: Every business transaction is recorded by a debit to a balance sheet account and a credit to an…

A: Journal Entries: Journal entries are the first step in the accounting cycle. Journal entries are the…

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

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: From the following list, identify those that are likely to serve as source documents.  Trial…

A: A source document refers to the original document that includes all the information of the business…

Q: 1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: As a consultant explain to your staff how the absence of Trial Balance will affect the preparation…

A: Comments; Multiple questions asked Trial balance - It is a statement that shows the particular…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: Which of the accounting controls ensure that a company's resources are used efficiently and…

A: Controls are the procedures which are designed and monitored by the management to ensure that the…

Q: can you check my grammar and word. its false please correctly my word and grammar . i will give u…

A: Source Documents: First, a source document is the original document record containing the details of…

Q: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

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: Using the following invoice answer the following questions. 1. How would this transaction be…

A: Since you have asked multiple questions under a single question but as per our protocol we provide…

Q: one - Which of the following is the account group in which the expenses and losses of the business…

A: Extraordinary activities are the income or expense which is derived from a non business activity and…

Q: 2 Which of the following statement is not true? A The format of special journals that a business…

A: Financial accounting process starts with journalizing the transactions. It is also known as…

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: Match the best answer to each question/ The ledger that contains the financial statement accounts of…

A: The question is related to Match the following. Required  Match the best answer to each question

Q: Before paying an invoice for goods received on account, the controller or treasurershould ensure…

A: Treasurer or controller:

Q: It is the amount collected by the business in advance from the customers before the business…

A: A. Bank overdraft is facility by the bank to borrow the amount of money B. Outstanding expenses is a…

Q: A company sells merchandise for cash. This transaction is recorded as: Group of answer choices A…

A: Golden Rules: There are three golden rules nominal, personal, and real. All financial transactions…

Q: A journal that is not commonly used by a business is a sales journal purchase journal cash flow…

A: A journal is the written record of a transaction taken place in a business. The journal includes…

Q: Which of the following accounts is used in merchandising but not in service type of business?…

A: Service company deals with the intangible product whereas merchandise company buys tangible product…

Q: Which one of the following is not a nominal account? A. purchases account B. sales account C.…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Revenue is earned when ​ ________.   A. the business has received cash from the customer   B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: Which of the following is an example of Current Asset of a Mobile shop Merchandise Business? a.…

A: A current asset is the assets that only include those assets that can be easily converted to money…

Q: Which of the following is not a step in the process of measuring external transactions? a. Analyze…

A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…

Q: Unlike for a "sales agency" a "branch" has its own separate books of accounts and prepares its own…

A: Sales agency is type of agency which works to provide facility to customer by displaying different…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: True or False. 1. A company records its various business transactions in the book of original…

A: In a business organization, many types of transactions occur. These transactions are recorded via…

Q: st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A…

A: Revenue : Revenue is the income generated from normal business operations. In other words it is the…

Q: Required Given that prudence is the main consideration, discuss under what circumstances, if any,…

A: Accrual Basis of accounting refers to the accounting, where the transactions are recorded as and…

Q: Give the journal entry for the following service/merchandising business transactions without the…

A: Journal entries refer to recording and classifying the business transaction into books of accounts…

Q: external event that would be recorded as a transaction, an internal event that would be recorded as…

A: For the above transactions it would be classified as below :

Q: Activity 1. Classify Me Instruction: Identify each element or account title if it can be found on a…

A: Service business means the business of earning revenue by providing services. Merchandising business…

Q: Which of the following best describes an application of the entity concept?

A: The business entity concept states that the transactions associated with a business must be…

Q: What is the totals credits and total debits? Also answer the following questions: Answer the…

A: Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…