LO 7.4 Which special journals also require an entry to a subsidiary ledger?

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…

A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…

Q: What are the purpose of subsidiary ledger

A: Solution:- Introduction:- Subsidiary ledger gives the details that make up the balance of specific…

Q: Withdrawal is a temporary account?

A: Temporary accounts refer to accounts that are closed at the end of every accounting period. These…

Q: 9) Which is not a feature of bill of exchange?

A: A Bill of exchange is a document that contains a written agreement between two parties where one…

Q: Question 34 Two assertions for which confirmation of accounts receivable balances provide primary…

A: Accounts receivable are those account balances which appear on the current assets of balance sheet…

Q: What is a double-entry bookkeeping system?

A: The accounting is a process to classify the transactions, record the transactions and prepare the…

Q: what is stale checks in accounting

A: Introduction: Banks: Banks accepts deposits from the public and gives loans to the needy people or…

Q: basic problems that occur in the valuation of accounts receivable?

A: The valuation of accounts receivable is necessary for financial reporting and management, it might…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: Which is not a book reconciling items? A. Credit Memo B. NFS Checks C. Debit Memo D. Outstanding…

A: The bank reconciliation statement is prepared to to record and equate the book balance and bank…

Q: How a General Ledger Works With Double-Entry Accounting

A: The Double Entry Accounting basically consists of a cycle that starts with recording and ends till…

Q: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: What is meant by reconciling an account?

A: 1. Usually, an account has a lot of transactions in a particular year. As accountant and auditors,…

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: 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: How does double entry bookkeeping work in JV?

A: Double entry book keeping, in accounting is a system of book keeping where every entry to…

Q: ng information?

A: Concept: Information contains in the financial statements is said as free from bias. It reflects a…

Q: Importance and use of bookkeeping?

A: Double-entry bookkeeping system: The double-entry bookkeeping system by its name implies that there…

Q: The Journal: a. Lists every journal entry made only through the onscreen journal b. Is also called…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: The General Ledger Question: Can the General Ledger be represented in different formats? I have seen…

A: An organization employs a general ledger (GL)—a group of numbered accounts—to record its financial…

Q: Suggest five reasons why there might be a difference between the balance on the payables ledger…

A: Before reaching the difference between two , firstly we have to understand the meaning of the…

Q: What is double entry bookkeeping and what are its rules?

A: The accounting is a process to identify the business transactions and record the transactions and…

Q: Write the main aims of the regulations of the Depository Institution

A: Depository institutions- There are mainly three types of depository institutions. These are namely-…

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: 0 Confirmation of a credit may be given by______ A, the beneficiary at the request of the importer…

A: Banks provide credit to customers for doing business and this help to grow business.

Q: Quèstion 17 Identify the transaction and any source documents is the last step in processing…

A: Accounting is a process of identifying, recording, classifying, summarising and analysing accounting…

Q: Question 14 A subsidiary ledger that contains only vendor accounts is a/an: Accounts payable ledger.…

A: This question deals with the a subsidiary ledger that contains only vendor account. Subsidiary…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Q: List of Statements 1. The general ledger master file is ordered by the chart of accounts. 2. General…

A: Answer: We have statement given and we have to state whether the statement is valid or not.

Q: What are the main classification/types of accounts?

A: Accounting is the scientific recording of financial transactions with a view to compute the…

Q: What types of accounts are referred to as temporary accounts?

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.