Which of the following statements about a journal is false?  (a) It is not a book of original entry. (b) It provides a chronological record of transactions. (c) It helps to locate errors because the debit and credit amounts for each entry can be readily compared. (d) It discloses in one place the complete effect of a transaction.

Q: Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales…

A: Posting a credit to sales instead of accounts payable may be an incorrect entry but it will have the…

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: MENT 2: The process of analyzing subsidiary ledger acounts of accounts receivable to ine those…

A: Answer: Concept: Audit is performed with proper verification and compliance tests.

Q: The purpose of testing the quality of debits and credits is to find errors recorded in the amounts.…

A: The purpose of testing the quality of debits and credits in accounting is to ensure that all…

Q: Crediting means O a. Entering the amount on the left side of the account O b. Entering the amount on…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: All bad debts balances should be removed from accounts receivable balances when they are determined…

A: Accounts receivables can be defined as the payment which is yet to be received by the business in…

Q: Which statement is false?  a. The amount of Accounts Receivable pledged should be excluded from…

A: Accounts receivables:-Accounts receivables includes the balance which is due to firm on the goods…

Q: Under the direct write-off method, uncollectible accounts are recorded: Multiple Choice O Never. in…

A: The direct write-off method is one of the methods to recognize bad debt expenses. This methods…

Q: What are the different types of errors that are found in the books of accounts?

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: What is the process of confirming accounts receivable balances. Why is it important for auditors to…

A: The main objective of the auditor is to provide an opinion on the financial statement audited. The…

Q: If the two totals of a trial balance are equal, does this mean that there are no errors in the…

A: If the  total debits equal the total credits, the trial balance is considered to be balanced and…

Q: When an uncollectible account is recovered after it has been written off, which of the following…

A: When an uncollectible account is recovered after it has been written off, allowance for doubtful…

Q: Which of the following documents will not be prepared by the seller in a transaction? Invoice Bill…

A: Buyer and Seller - Buyer is a person or an organization which buys goods from the company on credit…

Q: TRUE OR FALSE? Allowance for doubtful accounts will never have a debit balance.

A: Allowance for doubtful accounts is maintained for making provision for those where the debtors are…

Q: A backlog in recording transactions is an example of a warning sign from the accounting system. True…

A: In an accounting system,financial transactions need to be recorded to account for them. A…

Q: If the total debit balance equals the total credit balance on the trial balance, the accounting…

A: Accounting records may contain many types of errors. Some of them are posting mistakes, compensating…

Q: Which of the following statements regarding the balance ledger form is inaccurate? It displays…

A: Answer: Ledger balances are the balances that are summarized from journal entries and this balance…

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: The Accounting Cycle Question: What does it mean to adjust accounts for timing mismatches? What is…

A: Adjusting accounts for timing mismatches refers to the process of aligning the recognition of…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…

Q: A debit to an expense account O directly affects the Owner's Drawings account. O decreases owner's…

A: In accounting, expenses are the money/cost incurred by a firm to generate revenue. In other words,…

Q: Can you give any examples of transactions that must be recorded or journalized? Could you provide me…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Explain the concept of double-entry bookkeeping and how it ensures accuracy in financial records.

A: By recording every financial transaction in at least two different accounts, the double-entry…

Q: Why do you think the loan officer suspected that the accounts had not been adjusted prior to the…

A: 1. Rule of Adjustments - .In an accrual basis of accounting all Income and Expenses incurred during…

Q: 3. An auditor should perform alternative procedures to substantiate the existence of accounts…

A: Answer:-  Account receivable meaning:- The amount owned to a business for goods or services that…

Q: Is it still necessary to record a transaction if it has no net effect on the accounting equation?…

A: Accounting equation says that total assets in the business must always be equal to total liabilities…

Q: ul Accou

A: For accurate financial reporting and determining the true value of accounts receivable, bad debts…

Q: Which of the following sentences is Not correct:    Monetary unit assumption states that only…

A: Book Keeping: Financial transactions are recorded through book keeping.

Q: The accountant for Kerns company mistakenly posted an expense amount as an asset in the general…

A: The financial statement refers to the accounting records that help us to know the financial position…

Q: Which of the following evidence provides the least assurance of reliability? A. Accounts receivable…

A: Audit evidences can be collected from internal and external sources. Internal evidences are based on…

Q: record all transactions in accounting

A: Transactions are recorded to get a true picture of the state of affairs of a business during a…

Q: True or False Transactions are recorded in either a journal or a ledger, but not in both.

A: Introduction:- An accounting cycle is a process of recording, identifying, and analyzing accounting…

Q: uncollectable accounts recognized

A: The term Receivables refers to the amount of debts owed to a firm by its customers for goods or…

Q: The classes/categories of account that are always Credited except when closing, correcting error,…

A: In accounting, there are five main categories of accounts: assets, liabilities, equity, revenue, and…

Q: is a report generated from the general ledger and cannot be produced independently. 12. The

A: The journal entries are prepared to record day to day transactions on regular basis. The ledger…

Q: Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account…

A: We have the following question: Which error cannot be revealed on the preparation of the trial…