Exercise 1 1.1 What is the difference between the transactions Display Current and Display at Key Date?

Q: The receiving activities are: O a. unloading, checking for discrepancies and repacking O b.…

A: Receiving process is one activity related to warehouse. When goods are being reached or received in…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: Which accounts are typically in debit?

A: As per double entry accounting system, one account will be Debit. and Other account will be…

Q: What entry would you use to account for the initial transaction?

A: The accounting process consists of various steps to record, analyze and report the data.

Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…

A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Briefly described the differences between a credit, charger , debit & smart card

A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…

Q: LO 7.4 Which special journals also require an entry to a subsidiary ledger?

A: A special journal is used in manual bookkeeping system where all the tedious amount of work can be…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

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: 4 t of estion The final step in the recording process is to Select one: a. enter the transaction in…

A: We know the first step in accounting is to record the transaction in journal. hence all journal…

Q: Debit postings to the individual accounts in an accounts receivable subsidiary ledger generally come…

A: 1. Cash payments journal: Records outgoing payments made by the business.2. Sales journal: Logs…

Q: 0 Confirmation of a credit may be given by______ A, the beneficiary at the request of the importer…

A: Banks provide credit to customers for doing business and this help to grow business.

Q: Billed customers in which Account (A/c) debited ?

A: Once you send an invoice (or bill), it becomes part of your accounts receivable – until it's paid.…

Q: Differentiate general journal from a ledger. 2. Is every transaction posted immediately to the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Question 14 A subsidiary ledger that contains only vendor accounts is a/an: Accounts payable ledger.…

A: This question deals with the a subsidiary ledger that contains only vendor account. Subsidiary…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.