Describe the data flow in the buying process that begins when the purchasing organization sends a check to a vendor to settle an invoice for goods bought.

Q: control weakness

A: Option a is wrong because the approval of consumer credit is done by the credit department, the…

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: In the Double Entry System, its must that Every Debit will have the Credit and its also necessary…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: When a customer pays at a shop by Credit card, there incur Credit Card Expenses. The company of the…

Q: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…

A: Special Journals are used by the accountants to record the journal entries into the specific…

Q: Which document helps to ensure that the receiving clerks actually count the number of goods…

A: Option b is the answer

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…

A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…

Q: Describe and use the purchases journal. What steps are followed in posting from the purchases…

A: Purchase Journal:   Purchase journal records all the merchandise purchase on credit. In a single…

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

Q: The purchasing agent receives an inventory status report on his computer terminal from the inventory…

A: Internal control weaknesses is a failure in the implementation or effectiveness of internal…

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: The entry to record the return of merchandise from a customer would include a  debit to Sales…

A: Sale return means when goods sold to customer returned back because of any reson. When we sold goods…

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: Read the following statements carefully:   Recalculate the allowance of accounts receivables.…

A: Type of Audit Procedures It is preliminary assessment an auditor is required to identify and…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: Vendors send invoices to the AP department where they are reviewed and approved for payment. Once…

A:

Q: In the sales/OE system, when a customer's order is entered into the system, and before accepting the…

A: Every entity before accepting the order from the customer needs to check the master data. It…

Q: As orders are received from customers, a personnel in the sales department prepares a sales order…

A: What area in the transaction cycle is deemed a control weakness instead of strength? a. The approval…

Q: Record the following purchase transactions of Money Office Supplies.

A: Journal:   Journal is the book of original entry. Journal consists of the day today financial…

Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…

A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…

Q: The payables clerk obtains and matches the purchase order, receiving report, and vendor's invoice…

A: Clerk: A clerk refers to an individual who is an employee of a company or a bank and is responsible…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate, and why. a. An…

A:

Q: Describe and use the purchases jornal. What steps are followed in posting from the purchases journal…

A: Purchase Journal:   Purchase journal records all the merchandise purchase on credit. In a single…

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: You are working for a company and process a credit memo. This indicates that: merchandise was…

A: A credit memo is issued by a seller to the buyer indicating that amount due from the buyer has been…

Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department…

A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase…

Q: What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To…

A: Audit is the process of checking and examining books of account of the business, so that it can be…

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: If merchandise sold on account is returned to the seller the seller may inform the customer of the…

A: Concept introduction:   An organization can be manufacturing, servicing of merchandising type. For a…

Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…

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

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: An invoice is generated in the cash receipts process. sales order creation process. shipping…

A: Invoice is a copy issued by the Seller to the Buyer. It consists of all the details such as, Date…

Q: The purchasing agent receives an inventory status report on his computer terminal from the inventory…

A: Internal Control Weaknesses: Internal control weaknesses can be defined as the lack of the…

Q: ware to analyze the customer and vendor’s Payments and Receipts? Justify the figures using

A: Software used:  QuickBooks Premier Plus Contractor Edition 2019-Desktop   Needed:  A report showing…

Q: Describe and put the sales notebook to use. What procedures are involved in submitting sales journal…

A: The Answer

Q: What steps are followed in posting from the sales journal to the accounts receivable ledger?

A: Sales Journal A journal is a book of original entry where all journal entries are recorded on the…

Q: When aninventory itemfalls to the recorder point, a purchase requisition is automatically generated…

A: Develop system flow chart of expenditure cycle: The existing system performs the functions in…

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…

Q: process measurements : This kind of information includes the effectiveness of the checkout process,…

A: Note:- Since you have asked multiple questions, we will solve the first question for you. If you…