2 Which of the following statement is not true?A,The format of special journals that a business uses depends on the nature of the business.B.A subsidiary ledger is a secondary ledger that supports a controlling account in the general ledger.C.The company should design different special journals to record every single kind of transaction, e.g. RevenueJournal.D.When subsidiary ledgers are used, the primary ledger is then call the general ledger.AВO CD

Financial accounting process starts with journalizing the transactions. It is also known as…

Answered: 2 Which of the following statement is…

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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What are the limitations of a manual accounting information system in business? How simple is the process to switch from a manual accounting information system to an electronic accounting information system?
st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A manufacturer delivers a component to a supplier, b. A retailer sells a product to a consumer. C. A bank provides a service to a customer. d. All of the above would result in the recognition of revenue.
answer quickly
3. The main objective of management accounting is _________ a. To record all the business transactions b. To know the amount due from customers and suppliers c. To maintain the accounting records d. To ascertain, analyze and interpret the results of business operations
The main user group of management accounting is the O A. managers O B. investors O C.creditors O D. lenders
E4B. Items a-e below are a company's departments. Items f and g are firms with which the company has transactions. a. Requesting department b. Purchasing department c. Receiving department d. Accounting department Use the letter of the department or firm to indicate which one prepares and sends the following business documents: c. Treasurer f. Vendor g. Bank Prepared by Recelved by 1. Bank statement 2. Purchase requisition 3. Purchase order 4. Check authorization 5. Invoice 6. Check 7. Receiving report
The business entity assumption is important because O a. it requires that the company record all of its economic transactions in accordance with GAAP. O b. it limits economic data in the accounting system to data directly related to the activities of the business. O c. it limits the amount that a company can record for its transactions in the accounting records. O d. it requires that all transactions be recorded in the period in which they occur.

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