Most of the accounting cycles have journal entries that accompany the activities of each cycle. Which of the below expenditure or revenue cycle activities will not have journal entries? Processing the sales order Billing the customer Paying a supplier Receiving payment from the customer Returning inventory to supplier

Q: Which of the following is an agent in a purchases and payments structure model? Question 6Answer…

A: The objective of the question is to identify the agent in a purchases and payments structure model…

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: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: In the preparation of the worksheet of a merchandising business, the ending balance of the…

A: Merchandise inventory is the current assets, goods purchased or manufactured with the purpose of…

Q: If a credit is issued to a Vendor, how will this affect the General Ledger Account?

A: General ledger account: It implies to the main component or part of general ledger maintained by the…

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: What are the normal balances of the various sales-related accounts?

A:

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

Q: Briefly describe the guidelines provided by GAAP for the recognition of revenue by a franchisor for…

A: Franchise arrangement and performance obligation:   In a franchise transaction, the franchisor has…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

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: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

Q: A sales on account transaction is recorded: a. in the general journal after it has been recorded in…

A: The question is asking about the correct procedure for recording a sales on account transaction in…

Q: 1. Please explain whether the item is an example of IPE from a transaction process, and 2. Please…

A: IPE from a transaction process: IPE is short for Information Produced by the Entity. It can be…

Q: comparing the accounts of a merchandising company with those of a service company, what additional…

A: Merchandise company sales goods to customers while service company provide services to customer and…

Q: Which of the following would not be used as a control account?   a. Accounts receivable   b.…

A: Control accountA Control account is an account that is a summary account for all the small or…

Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…

A: The journal entries are prepared to record daily transactions of 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.