Explain what what four steps to be taken in a purchase /account payble process to insure there is proper intretal control.

Q: What are the primary stages and controls in the accounts payable transaction cycle, from receiving…

A: The accounts payable transaction cycle refers to the series of processes and activities involved in…

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: Research and discuss two business rules that should be incorporated into the Sales/Collections…

A: Business Rules for Sales/Collections: 1) All customer payments must be verified and recorded prior…

Q: If a credit is issued to a Vendor, how will this affect the General Ledger Account?

A: General ledger account: It implies to the main component or part of general ledger maintained by the…

Q: Describe the revenue recognition principle.

A: Definition:   Accrued revenue: Accrued revenue refers to the revenues that are generated from the…

Q: What type of function models a savings account

A: The saving accounts contain compound interest charge on their balances which indicates the…

Q: Which of the following assets require the strongest of internal controls?A. inventoryB. credit…

A: Internal control procedures are those techniques and procedures which are established for the…

Q: Define Sale of Receivables.

A: Sales: A sale refers to the operating activity through which the company earns income by selling…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: What are the normal balances of the various sales-related accounts?

A:

Q: Define Net purchases.

A: Purchase discounts: The sellers offer a reduction in purchase price on initial purchases, to…

Q: What should be in the credit file

A: Following is the contains in credit file

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: Define receivables and explain issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: ow to record credit sale in an entrie?

A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.

Q: Define Receivable Management and Credit Policies

A: Receivable Management : managing the outstanding   Credit Policies  : Selling on credit to parties…

Q: How important is valuing inventory for financial statement purposes to a company’s bottom line (net…

A: Valuing inventory is crucial for a company's financial statement as it directly impacts the cost of…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: Difference between a debit and a credit.

A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: What are the main definitions of credit facilitation, billing and invoicing, remittance processing,…

A: Credit facilitation-Credit facilitator refers to a person in the CFP Online System who is designated…

Q: Koby Company issued $300,000 of bonds for $325,000. a. Determine the financial statement effect of…

A: The bonds are the long-term liabilities, that are issued to raise money from the market or…

Q: Define Debit

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

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: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: What is the extent of the assignment of credit? Explain

A: Assignment of credit is explained as under:

Q: between a balance on a receivable ledger contro account and the total list of accounts receivable…

A: Accounts Receivables: as each customer's a/c balance cannot be shown in financials, the Accounts…