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

Q: What is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

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: 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: 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: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: What information is provided by the Vendor Balance Detail Report?

A: The Vendor Balance Detail Report provides a detailed summary of a vendor's balance, including…

Q: Identify the following users as either an internal (I) or an external (E) user. Creditor

A:

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: Define each of the following terms:e. Purchase accounting

A: Purchase accounting: Purchase accounting is the process of reviewing the liabilities and assets of a…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: How is Accounts Receivable audited?

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

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: 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: Define Sales revenue.

A:

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: 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: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

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: 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…