A T-account for Cash cannot contain any credits. True False

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: If the credit to record the payment of an account payable is not posted,a. cash will be…

A: The correct option is option “a”. a. cash will be overstated.

Q: It is inefficient to record all cash receipts in a general journal. true false

A: The general journal is the sub part of journal in which the fallowing types of transactions are…

Q: Cash received from loans is a deposit other than customer payments. Group of answer choices True…

A: Cash received from the loan is considered as the current liabilities with the name of deposits.

Q: rder is an example of an adjusting difference. True or False Bank understates a deposit on the bank…

A: Adjusting differences are necessary in the account when there is mismatch between the debit and…

Q: Which of the following statements, if any, is false? O Under the cash receipts method, income is not…

A: Tax is a compulsory payment to the tax authorities of a government on the account of income…

Q: TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should…

A: Accounts receivable is the revenue that has been earned but the payment for the same has not been…

Q: rue or False. All payments by cheque are recorded in the cash payments journal. Any  GST/HST paid on…

A: Cash payment journal is a accounting book, which records all type of payments such as payment for…

Q: Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable.…

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: Which side of the account increases the cash account? Select one: a. Debit b. Credit c. Either debit…

A: Solution:- Introduction: - A debit is an entry recorded on the left side of an account. It either…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

A:

Q: Which of the following is not used by a company to manage cash receipts efficiently? A-…

A: The company requires cash for the long-term and short-term requirements. Efficient cash management…

Q: 1. The revenue recognition concept a. Determines when revenue is credited to a revenue account. b.…

A: Accounting principle:   These are the guidelines which are to be applied while preparing the…

Q: Which of the following applications of the rules of debit and credit is true?

A: Debit and credit are the left and right sides of a T-account. Depending on the type of account, the…

Q: Money spent from a debit card is money that is borrowed and must be paid back. O True O False

A: Money spent from debit card is the money owned by the customer and is in  customers account only. i,…

Q: Promissory notes are not used

A: Option a is wrong because when the business borrows money, promissory note can be issued to the…

Q: Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable.…

A: If there is any cash collection on account, then cash will be increased hence should be debited. And…

Q: With drawl slip is used for Remit money None of these Transfer money Deposit money

A: Withdrawal slip is the document filled by the bank account holder and submitted to banker to…

Q: Business receives cash RO 180 from Ms. Asma was wrongly entered RO100 in both the accounts. This…

A: Business receives cash = RO 180 Amount Wrongly entered = RO 100

Q: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue…

A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual…

Q: Cash paid for merchandise is an operating activity. Select one: a. FALSE b. TRUE

A: Operating activity: Operating activity can be defined as those business activities which are related…

Q: Which one of the following is considered as cash? a. Credit card. b. None of these c. Certified…

A: Cash of the business means cash in hand and all other short term instruments or objects that can be…

Q: 1) When all of the cash for an account previously written off under the direct write-off method is…

A: The MCQ's has Covered the concept of Accounts Receivable , Notes Payable , and Merchandise Inventory…

Q: The cash payments journal only has one column because all entries recorded in this journal require a…

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: The allowance method for uncollectible accounts a. Is required by Generally Accepted Accounting…

A:

Q: 4. Ms. Tania Hamid records sales when cash is received and records purchase only when cash is paid.…

A: The rule of "Accrual" states that all transactions should be recorded as an when they accrue,…

Q: Which statement(s) concerning cash is (are) true? a.cash will never have a credit balance b.cash is…

A: Introduction: Real Account: Debit what Comes in Credit what goes out.

Q: Which of the following sentences is Not correct:    Monetary unit assumption states that only…

A: Book Keeping: Financial transactions are recorded through book keeping.

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: Over/Under: Alpha's bookkeeper made a mistake by erroneously recording a loan from Beta Bank as a…

A: Every transaction has dual effect on the accounting equation. Total Assets = Total liabilities +…

Q: When recording credit card or debit card sales using the net method, a. cash received equals sales.…

A: When a client or customer pays the payment with credit card or debit card usually a card processing…

Q: A deferral refers to an event:

A: Answer  A deferral refers to an event

Q: Explain and answer the following questions below: 1. Explain the measurement of accounts receivable.…

A: Note: As per Bartleby guidelines,I am supposed to answer only the first question because these…

Q: If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as…

A: The income statement is the statement in which all the revenue and expenses concerning operations…

Q: Both Accounts Receivable and Notes Receivable represent claims that are expected to be collected in…

A: Answer is true

Q: Why can't Accounts Receivable ever have a credit balance? Why can't Accounts Payable ever have a…

A: Whenever goods are sold on account that is cash to be received in future from debtor we get an…

Q: With regard to the journal, state whether each of the following transactions is true or false? A The…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: R FALSE? Material overdraft in one bank must be deducted from the another bank's acco

A: Bank overdraft is a negative cash balance where the bank has extended credit when the accountholders…

Q: ME8 Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr,…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Cash book does not record transaction of :(i) Cash nature(ii) Credit nature(iii) Cash and credit…

A: (ii) Credit nature- is the correct option.

Q: The use of a debit card is similar to: Select one: O a. Using currency O b. Paying with a check O c.…

A: The main aim of the shops to earn profits from selling the products to the customers. The shops will…

Q: trial balance does not balance. The owner believes the following mistakes WOULD cause an imbalance.…

A: A)Since the whole entry is not recorded, it will not cause any imbalance. B) since the amount is…