2. Dual effect of a transaction which is also called double entry bookkeeping

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

Q: Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b.…

A: Revenue and collection cycle is business process related to the products delivery and collection of…

Q: Which accounts are typically in debit?

A: As per double entry accounting system, one account will be Debit. and Other account will be…

Q: Which of the following assets require the strongest of internal controls?A. inventoryB. credit…

A: Internal control procedures are those techniques and procedures which are established for the…

Q: Briefly described the differences between a credit, charger , debit & smart card

A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Explain the revenue recognition principle.

A: Accounting principle:

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: Most agreements involving factoring of accounts receivable are made on a. O a. notification O b.…

A: Factoring, often referred to as accounts receivable financing, is a financial transaction in which a…

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

Q: Difference between a debit and a credit.

A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…

Q: Generally, we can group transactions into different types based upon the other party to the…

A: Transactions can be categorized into different types based on the parties involved in the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.