63.80 121.60

Q: Explain receivables conversion period

A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…

Q: Which one of the following documents is not needed to process a payment to a vendor?A. vendor…

A: Purchases of material and inventory is very important for the business. Payment for purchases can be…

Q: ork in the warehouse. All lls below the reorder lev their choice. The invento accounts payable…

A: An internal control is a system or strategy set up by the board to defend resources, advance…

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: Which document helps to ensure that the receiving clerks actually count the number of goods…

A: The question is asking us to identify the document that helps receiving clerks to verify the number…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: What is a double-entry bookkeeping system?

A: The accounting is a process to classify the transactions, record the transactions and prepare the…

Q: accounts receivable,

A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…

Q: Name the two types of ledgers.

A: Two types of ledgers are: General ledger Subsidiary ledger

Q: WHAT IS A DISTRUBUTED LEDGER?

A: A distributed ledger is a digital record of transactions that is shared across a network of…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Explain what what four steps to be taken in a purchase /account payble process to insure there is…

A: Step 1: Authorization and ApprovalPurchase Requisitions and Orders:Ensure that all purchase…

Q: What should be in the credit file

A: Following is the contains in credit file

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: Which is not a book reconciling items? A. Credit Memo B. NFS Checks C. Debit Memo D. Outstanding…

A: The bank reconciliation statement is prepared to to record and equate the book balance and bank…

Q: The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note…

A: Accounting is the process of documenting a business's financial transactions. These transactions are…

Q: How a General Ledger Works With Double-Entry Accounting

A: The Double Entry Accounting basically consists of a cycle that starts with recording and ends till…

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: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

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: After analyzing transactions, the next step would be to post the transactions in the ledger. True…

A: Posting of transactions in the ledger can be done after their recording the journal.

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: In the sales/OE system, when a customer's order is entered into the system, and before accepting the…

A: Every entity before accepting the order from the customer needs to check the master data. It…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Suggest five reasons why there might be a difference between the balance on the payables ledger…

A: Before reaching the difference between two , firstly we have to understand the meaning of the…

Q: What is double entry bookkeeping and what are its rules?

A: The accounting is a process to identify the business transactions and record the transactions and…

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: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

Q: In Tally, Vouchers serve as a medium to record an entry of any transaction or event and it’s posting…

A: Voucher A voucher is a document that contains details of a monetary dealings and is needed for…

Q: Describe the accounting for correction of errors.

A: Accounting errors refer to the errors made while recording, classifying or summarizing accounting…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…