1. How important to know the different transactions cycle ?

Q: Why transactions is complex?

A: The transaction is referred to the complete agreement, which is between the purchaser as well as the…

Q: Discuss and give an example of the following types of associations: (1:0,1), (1:1), (1:M), and…

A: Given: The values are (1: 0, 1), (1:1), (1: M), (M: M)

Q: what is a t account

A: Accounting is the art of classifying, recording, summarizing, and interpreting the financial…

Q: Explain the difference between external events and internal events. Give an example of each type of…

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Q1\ What are the reasons for a transaction to fail? What are the difference between more common…

A: Transaction can be defined as the instance of buying or selling something. Transactions are…

Q: EBIT

A: EBIT is a measure used by companies to calculate their overall profitability. EBIT stands for…

Q: How are the three transaction cycle relate to each other?

A: Transaction Cycle is grouping of similar functions of business together under same head. Transaction…

Q: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

Q: What is deposits in transit?

A: Definition: Bank reconciliation: Bank statement is prepared by the bank. The company maintains its…

Q: What are the three cycles of transaction processing systems?

A:

Q: 2. When do you considered an as to related party’ transaction?

A: A related party is an entity or a person that has some relationship with the reporting entity or…

Q: What is a T-account? What is it's purpose?

A: An account is Record of transactions whether cash or credit under a particular head of account like…

Q: What are management’s responsibilities related to maintaining a transaction trail?

A: A transaction tail defines the sequence of evidences which helps in reconstruction of transaction…

Q: What is a transaction?

A: Transaction refers to the business activity which brings change in the business assets, liabilities…

Q: How to Determine the Transaction Price?

A: Definition:   Transaction price: Transaction price refers to the price that a corporation receives…

Q: What is the definition of bookkeeping?

A: Bookkeeping is considered as a part of accounting. It deals with the recording of day-to-day…

Q: Show the effect of the following transactions

A:

Q: What IF function can be used to determine whether or not an amount in a certain cell should be a…

A: A journal entry is the first step in including a transaction into the books of accounts. Under the…

Q: How are the three transaction cyles relate to each other?

A: All type of business whether it is profit or non-profit organization has three types of transaction…

Q: Explain and distinguish the difference between a transaction, an event and an arrangement.

A: The accounting equation is expressed in the form al an equation, that is, an asset must be equal to…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: balance of following:

A: Accounts payable is the amount payable to our suppliers for purchase…

Q: Explain how to determine the transaction price.

A: Determination of transaction price is one of the step of revenue recognition process. The…

Q: Hi can you explain transaction F.

A: Every business wants that all items should be reported accurately in the financial statements. These…

Q: Distinguish between substantive tests of transactions and tests ofdetails of balances. Give one…

A: Distinguish between substantive tests of transactions and tests of details of balances.

Q: What is account?

A: The account is a very important term that is used in the accounting process. It includes assets,…

Q: What is an internal exchange transaction, and how is it reported?

A: Internal exchange transactions are those reciprocal exchange transactions that occur between funds…

Q: What is skimming?

A: Skimming: It is the fraudulent process under which the employees of the company steal the cash from…

Q: What are finanicial transactions?

A: Transaction process system: It is a transaction process system can be defined as a system which is…

Q: For each transaction indicate whether it should:

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: briefly, what is the role of the clearinghouse, and is it important?

A: Clearance is very important to meet buyers with sellers and to make transactions possible between…

Q: what are checks and balances ?

A: Checks and Balances:-It is a system where each branch of government has power and helps in…

Q: three major subsystems of the transaction processing system

A: The transaction processing system is one of the three major subsystems of Accounting Information…

Q: What are the revenue credits? Give an example?

A: Meaning of Revenue Credit:Revenue Credit refers to the payments received in advance for services…

Q: Write down the Types of a transaction according to the Following: Application Structures Action

A: Types of transaction - 1)Based on application  a) non distributed vs distributed transactions b)…

Q: 15. Which of the following transactions will include an adjunct account?

A: An adjunct account represents an account where the credit balance of an account has been added to…

Q: What is off-exchange transaction?

A: The answer is provided in the next step.

Q: Account

A: The account is a statement that records journal entries. In the double-entry system of accounting,…

Q: What is a contra account?

A: