Pls further explain and describe the diagram above and identify five types of errors that may cause a payroll record to be placed in the error file.

Q: Which one of the following documents is not needed to process a payment to a vendor?A. vendor…

A: Purchases of material and inventory is very important for the business. Payment for purchases can be…

Q: Normally revenue is recognized when:

A: Answer

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: It would be logical to maintain a separate Work in Process ledger account for each department. (T)…

A: Work-in-process ledger account consists of the goods that are partially completed and will be…

Q: What are three or more exception routines when a customer order is processed?

A: Nowadays we use the computerized system to handle the overall operations of the business. It…

Q: Client portals will allow a client to see basically all of the information regarding his/her account…

A: Account management systems are digital platforms designed to facilitate the organization,…

Q: The classes/categories of account that are always debited except when closing, correcting error,…

A: The objective of the question is to identify the classes or categories of accounts in accounting…

Q: Customer sales should only be recorded usin

A: Customer sales should only be recorded using Sales Receipts or Invoices .

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: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: Suggest five reasons why there might be a difference between the balance on the payables ledger…

A: Before reaching the difference between two , firstly we have to understand the meaning of the…

Q: Errors can occur in posting debits and credits from the journal to the ledger. One way to detect…

A: Errors in accounting refers to the mistakes made while recording the business transactions in the…

Q: How do you find and calculate FICA-Med on a payroll register?

A: FICA represents the tax amount charged on the paycheck of the employee for social security (SS) and…

Q: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

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: How do accounting books handle overhead overabsorption and underabsorption?

A: Overheads are the basic cost component of any product or service. It basically comprises of the…

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: The classes/categories of account that are always Credited except when closing, correcting error,…

A: In accounting, there are five main categories of accounts: assets, liabilities, equity, revenue, and…

Q: Exercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M)…

A: The overhead is applied to the production on the basis of a pre-determined overhead rate. The…