1. The vertical flow distributes information in the form of instructions, quotas, and budgets. Group of answer choices True False   2. A subsidiary ledger is a group of control accounts which provides information to the managers for controlling the operations of the entity. Group of answer choices True False   3. It is common to establish a control account and subsidiary ledger system for inventory. Group of answer choices True False

Q: ______codes are used to organize a company's assets and liabilities into categories within a chart…

A: The company uses assets to run the business and create some liabilities. The company should record…

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: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: 1. The first level of a computerized accounting system, which involves recording e company name,…

A: Accounting software is software designed especially for businesses to do their accounting in an…

Q: Which of the following are correct regarding why management uses internal controls? (Check all that…

A: The objective of this question is to identify the correct reasons why management uses internal…

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: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: s with a common characteristic, the total of which should equal the balance in the related ly known…

A: Control ledger is a summary account of individual accounts. It helps to keep track of the individual…

Q: What of the following is not a step in the general ledger and financial reporting cycle? a. Prepare…

A: The accounting cycle is a set of procedures or processes used by firms to record, categorize, and…

Q: 1. All of the following is an advantage of a computerized accounting system when compared to a…

A: Computerized Accounting Systems are software installed in the computer to analyze the daily basis…

Q: The financial data on the financial reports is built or generated on the base of A. Single entry…

A: Financial accounting is one of the important and useful branch of accounting. Under this, financial…

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: Which of the following would not be used as a control account?   a. Accounts receivable   b.…

A: Control accountA Control account is an account that is a summary account for all the small or…