two methods of recording prepayments

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: Which of the following activities would use number of customer orders as an activity base?     A.…

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Classify and fill which type of journal does the transaction matches.

A: Introductions: Journals: Recording of a business transactions in a chronological order. First step…

Q: Draw a diagram depicting the relationship between the general ledger master file, control accounts,…

A: Relationship between the general ledger master file, control accounts, subsidiary files, and…

Q: Pacific Company sells electronic test e records reflected the following:

A: Periodic Inventory System In this method, Ending inventory only updates at the end of the period…

Q: The general ledger clerk receives summary data from which departments?what form of summary data?

A:

Q: Voucher is prepared from:(i) Documentary evidence(ii) Journal entry(iii) Ledger account(iv) All of…

A: Voucher:   A voucher is a pre-numbered document which indicates the authorized approval of payment…

Q: Identify and describe any four areas validity checks can be applied?

A:

Q: Explain what an account is and how it helps in the recording process

A: An account is used to record changes in the asset, liability, equity, revenue, and expense. It is…

Q: List and describe the eight general types ofaudit procedures for gathering evidence

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: a. Which department is responsible for initiating the purchase of materials? b. Typically, multiple…

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: After a receipt is uploaded into QBO, the user will need to ______ the data and ensure the receipt…

A: Quickbooks is very popular accounting software that is used for accounting and recording…

Q: needed, state the registr ts where the transaction ed.

A: The journal entries in the given question are made as follows:

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: Explain how the magnetic audit trail functions.

A:

Q: Provide the proper format for recording a transaction.

A: Journal: Recording of a business transactions in a chronological order is called journal.

Q: What is the Permanent File?

A: Permanent file is file which contains information and documents of a company which are to be used by…

Q: Match the following transactions to the special journal you would use to record them:

A: 1. Sold inventory for cash is recorded in the Sales journal . 2. Paid cash to purchase inventory is…

Q: Input validation includes field interrogation that examines the data in individual fields. List four…

A: Before processing, the input controls, also known as validation controls, conduct a test on…

Q: The process of making the units of the filing name (pr segment) by which the record is to be stored…

A: The process of making the units of the filing name by which the record is to be stored is called…

Q: In the Invoice Lookup, when view

A: Answer: SAGE 50 is the accounting software that is used by many business to record their day to day…

Q: The individual data observations in a data series are called __________.   Multiple Choice…

A: The correct option is  D. Data points

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: When are adjusting entries made to the worksheet, and what is their purpose? When are the…

A:

Q: What is the primary motive for using the approaches Time Study Standard Data and Predetermined Time…

A: Direct labor is regarded as the employers who are engaged in the production of goods or services in…

Q: What type of internal control is preparing batch totals for check processing?

A: Internal controls: It refers to those rules and procedures that are implemented by an enterprise for…

Q: Explain the GPC backup technique. Is it used for sequential files or direct access techniques?…

A:

Q: Differentiate between source documents and vouchers.

A: A source document is generated routinely when the transaction takes place as a cash memo; invoice,…

Q: an account should be referred to a professional collection agency if

A: an account should be referred to a professional collection agency in following case

Q: Explain the steps in processing transactions and the role of source documents.

A: Accounting cycle: It can be defined as the collective process of identifying, recording, and…

Q: A schedule set up to combine similar general ledger accounts, the total of which appears on the…

A: Trial balance is a summary of all general legder account balances of the business. Financial…

Q: For each of the following records, indicate the appropriate related file structure: master file,…

A: Personnel action form: Archive File because these are past transactions records which are retained…

Q: What is the basic purpose of inventories? In what five areas do they provide a buffer?

A: The inventory indicates the current assets of the corporation which is directly related to the…

Q: Identify and explain the various stages of and parties to the collection of a check.

A: Cheque refers to a financial document which acts as an order to a bank to pay a particular amount of…

Q: Computer-assisted audit tec

A: Definition: Audit procedures are the processes, techniques, and strategies that auditors perform to…

Q: journalist the entry to record the issuance of materials

A: Manufacturing companies has various types of inventories at a certain level of production, these…