If you set a closing date with a password, can a client's office manager with standard access make changes to transactions? If so, how would you track any changes they make in the closed period?

Q: Prepare the entry to record the purchase of Cullumber Company on Linden's books. (Credit account…

A: The acquisition is one of the transactions where one company purchases or acquires another company…

Q: Accounting equation system

A: The answer is provided as follows:

Q: classified balance sheet

A: Classified balance sheet is a part of financial statements in which items are classified under…

Q: Define Unclassifi ed balance sheet

A: Introduction: Unclassified balance sheets are typically utilized only for internal purposes.…

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: Basic purpose of accounting

A: There are two basic purpose of Accounting they are 1. Ascertaining Financial results (Profit ans…

Q: 65. Accounting, as a support function, should include: O A. Financial accounting. OB. Cost and…

A: Accounting is the process of identifying, collecting, organizing, summarizing, grouping,…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: Prepare the appropriate journal entries for the above transactions for Ayayai Corporation.

A: Ayayai Corporation is Buying Trucks for their Business Let put the Journal Entries for all the three…

Q: A trial balance shows a subtotal for current assets and current liabilities.   True or False

A: Trial balance: It is the statement prepared at the end of the year to close all the accounts. The…

Q: Briefly outline accounting standards  IAS 2 and IFRS 15 with examples

A: IAS 2, Inventories, provides guidance on the accounting treatment for inventories (i.e., goods held…

Q: Wite short notes on the following terms.. iii. Adjustment Letter

A: In a business operation, goods and services are sold to the customers who in return make the payment…

Q: Under IFRS it is greater than probability that an obligation is going to arise and the amount can be…

A: International Financial Reporting Standards (IFRS) is an acronym for International Financial…

Q: From the following sub areas of accounting information system, identify, which one belongs to the…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: Difference of Perpetual and Peiodic

A: Perpetual:-It is the inventory management system that keeps the record of the inventory in…

Q: classify 3 activities of accounting

A:

Q: in which one of the following market, transaction regarding the Goods and Services appears on…

A: Financial market refers to the place where it provides a platform to the traders to buy or sell…

Q: 25. The amount commissions earned will appear in the balance sheet. O True O False

A: Commissions - It refers to the compensation which is paid to an employee after completion of a…

Q: 2. State three importance general journals

A: The accounting cycle is a series of methods used by businesses to keep track of transactions and…

Q: 16. In an Excel worksheet, what would result in cell C5 from -NOT(C4-10) if cell C4-11? A. 10 B. 11…

A: =NOT(Cell reference=condition) function changes FALSE to TRUE , or TRUE to FALSE

Q: Name the various types of Accounting Select one: a. none of the above b. Financial Accounting c.…

A: Accounting means a process of identifying, classifying, summarising, analysing and preparing…

Q: Write any two important features of Income and Expenditure Account?

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. All…

Q: 17. Where is Accumulated Other Comprehensive Loss reported on the balance sheet?

A: A financial statement that lists a company's assets, liabilities, and shareholder equity at a…

Q: Bramble Corporation builds in-home theater systems. Bramble's business is growing quickly.…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Which of the following is an INCORRECT formula in cell C18? B 1 Productive Capacity 567SAWN2 3 4 9…

A: Contribution margin=Sales-Variable costsContribution margin=Units produced and sold×Contribution…

Q: Explain promissory note

A: A promissory note is a financial instrument that contains a written promise by one party (the note's…

Q: state the accounting equation and itss components - pls explain in details with examples

A: Accounting refers to the process of recording, posting, analyzing, and reporting the transactions of…

Q: 1)      What are the items to provide the reporting? (short answer)

A: Annual Financial Report Annual financial report which was published by the company for the result of…

Q: Differentiate the Revenue Cycle and Expenditure cycle

A: The processes of the business are divided into different accounting cycles. The revenue cycle,…

Q: what are 5 types of assets not included ob balance sheet?

A:

Q: Which of the following is not an issue associated with liabilities?

A: Liabilities:   Liabilities are the obligation of the business or amount payable by the business.…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.