1. Please explain whether the item is an example of IPE from a transaction process, and 2. Please explain why or why not in some level of detail: Item IPE? Why or why not? A. A payroll exception report prepared by ADP B. A report containing new vendors approved by the purchasing department C. An unpaid vendor invoice D. A list of product liability claims from customers E. The allocation of overhead to various products in production F. Warranty conditions provided to customers on sales contracts G. The bank reconciliation prepared by the Company's bank

1. Please explain whether the item is an example of IPE from a transaction process, and 2. Please explain why or why not in some level of detail: Item IPE? Why or why not? A. A payroll exception report prepared by ADP B. A report containing new vendors approved by the purchasing department C. An unpaid vendor invoice D. A list of product liability claims from customers E. The allocation of overhead to various products in production F. Warranty conditions provided to customers on sales contracts G. The bank reconciliation prepared by the Company's bank

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Access the FASB’s Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: What are the five key steps to applying the revenue recognition principle? What are indicators that control has passed from the seller to the buyer, such that it is appropriate to recognize revenue at a point in time? Under what circumstances can sellers recognize revenue over time?
In a sales transaction, which of the following is an assertion of existence or occurrence:a. All sales transactions that occur are recordedb. Sales transactions have been recorded at the correct periodc. The sales transaction has been recorded according to the amount that has been sent and the correct amount has been invoicedd. Sales transactions that have been recorded are valid sales to customers
In general, revenue is recognized whena. The sales price has been collectedb. A purchase order has been receivedc. A good or service has been delivered to a customerd. A contract has been signed
A Company pays its suppliers for inventory that it previously purchased. The entry to record that transaction should be: Group of answer choices A debit to accounts payable and a credit to cash A debit to cash and a credit to accounts payable
Current Attempt in Progress Expenses are recognized when they are billed by the supplier. O they are paid. the invoice is received. they contribute to the production of revenue.
The internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion.A. OccurrenceB. CompletenessC. AccuracyD. ClassificationE. Cutoff_______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts?_______ 2. Are all purchases made only on the basis of approved purchase requisitions?_______ 3. Are vendors' invoices listed immediately upon receipt?_______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?_______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?_______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?_______ 7. Are shipping documents authorized and prepared for goods returned to vendors?_______ 8. Is the accounts payable department notified of goods…
A receiving report is filled out when we receive: An inventory shipment from a vendor. Items that a customer is authorized to return from a previous sale. A payment on a customer's account. a and b only. Answer is not the First option!
Compare and contrast a manual accounting system with a computerized accounting system for process vendors transactions. What uses are there for using tje vendor balance summary and AP aging summary reports? Explain why the balance in merchandise inventory different than in accounts payable? Be sure to include at least one reference from an online resource.
It is used to who is responsible for paying shipping and when the title of the goods passes from seller to buyer: This term will be applicable to a. Discount term b. Credit terms c. Cash term d. Shipping terms
With consignment sales, at the time of the sale to a third party: the consignee only records revenue the consignor only records revenue the customer records the sale the consignee and the consignor record revenue
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Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable