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Q: What is the process of transferring the debits and credits from the journal entries to the accounts…

A: Journal entry is the primary recording of business transactions. Every transaction has debit and…

Q: two methods of acquiring accounting information sysytem, and list there disdvantages and advantages

A: Accounting information systems is a system of collection, processing and storage of accounting and…

Q: Which item below is not considered a major input to the general ledger and reporting system?…

A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…

Q: (using the above information) how do you fill out the general ledger?

A: All of the Accounts that have been established based on transactions recorded in various journals…

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 information is provided by the Vendor Balance Detail Report?

A: The Vendor Balance Detail Report provides a detailed summary of a vendor's balance, including…

Q: What is reconciling an account? Why it is needed? Give three examples?

A: Reconciliation:It is a process of accounting process that compares two sets of record to check…

Q: ould appear in an REA diagram as an example of which kind of entity? a.... Description

A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

Q: Define Disclosure notes.

A: Disclosure notes in accounting refers to the footnotes which are included in financial statements.

Q: s with a common characteristic, the total of which should equal the balance in the related ly known…

A: Control ledger is a summary account of individual accounts. It helps to keep track of the individual…

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: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…

A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…

Q: List the DPSystems accounting system's account number and category charts

A: The DP accounting system account numbers and primary categories are listed as follows: A list of…

Q: Write down the number of groups that provide financial information as well as several external user…

A: Internal users of financial statements are those entities who operate within the organization.…

Q: What columns are included in a typical ledger format?

A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…

Q: What is the most common type of customer statement? Select an answer: transaction balance…

A: In accounting, there are three common types of customer statements: transaction, balance forward,…

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition:   General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: What are the main classification/types of accounts?

A: Accounting is the scientific recording of financial transactions with a view to compute the…