Describe the transaction that transpired for each of the following results of transaction analysis.   need to submit this on 09-20-21

Q: ntify and discuss the steps in the recording process. Be sure to discuss what each step does and how…

A: The business transactions cannot be directly posted into the ledger account. All the transaction…

Q: What are the primary stages and controls in the accounts payable transaction cycle, from receiving…

A: The accounts payable transaction cycle refers to the series of processes and activities involved in…

Q: The general ledger clerk receives summary data from which departments?what form of summary data?

A:

Q: When is the general journal used in a manual accounting information system? Provide some examples of…

A: Accounting information system collects, records, stores and processes accounting data to produce…

Q: tests involved in obtaining evidential matter on item

A: Option a is wrong because test of control is an audit procedure to check whether internal control is…

Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…

A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…

Q: involves checking the mathematical accuracy of documents.

A: Inquiry :- Inquiry means written or oral responses made by the management.    Analytical Procedure:…

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: Define and explain the following. Provide two references A: Audit  data analytics B: Audit data…

A: Data analytics has been for a long in a variety of forms, but businesses are now finding more…

Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…

A: A general ledger is an account in which the total of all accounts are posted and the total of this…

Q: Explain what is meant by ‘events occurring after reporting date’. Distinguish between events that…

A: "Event occurring after reporting date" is meant for those events that occur between the end of the…

Q: The auditor can evaluate the materiality of a transaction or a balance with the "nature of the item"…

A: Materiality of a transaction or a balance is determined by the extent of its effect on decisions…

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: Choose the Audit Objective: Choose the specific audit objective O

A: The verification of the accounts receivables and sales is one of the primarily tasks of the auditor…

Q: ________________involves checking the arithmetical accuracy of a source of document and accounting…

A: Audit evidence is the information and data so collected by the auditor in order to obtain the…

Q: In determining whether transactions were really exist, the direction of the audit testing should be…

A: In determining whether transactions were really exist, the direction of the audit testing should be…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: . Checking vouchers for details of a business transaction can be related to A) Trial balance…

A: In accounting, we use simple evaluations to identify and analyze transactions. To identify a…

Q: Structured form or document used to collect and analyze data, often done real time where the data…

A: Audit point sheet - These sheets are used to document potential audit findings. This sheets are…

Q: A debit to an expense account O directly affects the Owner's Drawings account. O decreases owner's…

A: In accounting, expenses are the money/cost incurred by a firm to generate revenue. In other words,…

Q: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: discuss the process of auditing the following: • Inventories • Revenues • Segment Reporting

A: Auditing is defined as the on-site verification activity of a process or quality system, such as…

Q: Describe common operating transactions and selectappropriate income statement account titles.

A: Common operating transactions are those business transactions which are directly related to revenue…

Q: Identify and explain credit scores and credit reports including accessing them

A: Credit is defined as the trust, which helps in allowing one party for providing the funds or…

Q: It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books…

A: The transaction recording is a process in which various steps are involved. Like recording the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is