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

Q: hy can not we wait to record transactions until the cash comes in or the cash goes out?

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: What is the normal balance of cash? Group of answer choices This is an ambiguous question debit…

A: Cash is a legal tender that can be used easily to buy something. It is the most liquid asset in the…

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: 0) Which scheme is considered to be skimming?     A. Unrecorded sales.   B. Understated…

A: Skimming entails engaging in illegal activities in order to generate additional cash, as well as…

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: A basic procedure of internal control over cash receipts is that the deposit of the cash and the…

A: Internal controls is the procedure applicable to ensure the operational efficiency and correct…

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: 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: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: The entry to eliminate the receipt of intercompany note receivable includes a credit to Note…

A: In the preparation of consolidated accounts, intercompany elimination refers to the process of…

Q: Which of the following statements correctly describes the reporting of cash? O Cash is listed first…

A: Cash is listed first in the current assets section.This statement is correct. In the balance sheet,…

Q: Th e assumption that the eff ects of transactions and other events are recognized when they occur,…

A: Given statement is: The assumption that the eff ects of transactions and other events are recognized…

Q: Why would the GST clearing account have a debit balance?.

A: GST means goods and service tax, which is charged by seller to customer and seller needs to pay it…

Q: The entry to replenish the petty cash fund debited Insurance Expense for postage. This would​ cause:…

A: A small amount or discretionary fund that has been kept aside for the purpose of meeting up the…

Q: Use the following cash receipts journal to record the transactions. (If a box is not used in the…

A: All the transactions are recorded according to the rules of debit and credit chronologically. The…

Q: Credit sales are recorded by crediting an account receivable for specific customer. True or false?

A: Lets understand the meaning of credit sales. Credit sales refers to transferring ownership of goods…

Q: Which of the following items does NOT cause a difference in the bank balance and the book balance on…

A: Introduction: Companies prepare bank reconciliation at the regular intervals to identify differences…

Q: Which of the following statements is FALSE? An entry to write off an uncollectible account does not…

A: credit memo is issued by the company for notifying that there is a reduction in the value owned by…

Q: The difference between the accounts receivable and the cash collection may be due to the following…

A: Trade discounts: Trade discounts is the discount which is given at the time of sale by which a…

Q: The Vendor Number can be left blank in the case of a cash purchase. 4 O False O True

A: Credit purchases, when the customer agrees to pay for the products or services at a later time,…