Don't use Ai.Answer in step by step with explanation. Regardless of your business's size, the one essentialelement of an accounting is that is accurate, easy touse, and tracks all checks written and all depositsmade

The one essential element of an accounting system is Cash counting, which is accurate, easy to use,…

Answered: Regardless of your business's size, the…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 4E

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Similar questions

Explain the concept of double-entry bookkeeping and how it ensures accuracy in financial records.
All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings records
Knowledge Check 01 Identify the type of activity by choosing the best answer for each question. Select each item listed below as being an identifying, recording, or a communicating activity. Items Preparing and entering a list of checks issued. Using a cash register to enter sales. Entering a list of the sales invoices, including the prices and quantities, for the company's recordke Interpreting information from financial reports. Preparing financial statements for creditors.
Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3) a lockboxaccount.
Your client has requested that you assist them in setting up their accounting system and asks that you provide a brief description of what key systems and controls are required to ensure that they produce an accurate set of monthly reports. The client has specifically requested that you include in your comments: the accrual system of accounts preperation, the bank reconciliation, the use of accounting journals, the double entry system and the type of reports to be produced.
LO 1-3 1.63 Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivable account as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.4 to help you answer this question.
In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to record income deposited in the business accounts that is not related to a specific customer transaction to reconcile bank statements with QuickBooks Online records to record a transfer of funds between bank accounts to track customer payments received for open invoices
An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:A. Accounts Receivable.B. An expense account.C. Cash.D. Cash Over and Short.
What entry is required in the company's accounts to record outstanding checks? Select one: A. no entry required B. debit Cash; credit Accounts Receivable C. debit Cash; credit Accounts Payable D. debit Accounts Receivable; credit Cash
Business papers, such as checks, invoices, receipts, letters, and memos, that furnish proof that a transaction has taken place are called: source documents accounts debits O ledgers
The main purpose of factoring accounts receivable is a. To invest accounts receivable in another business b. To meet immediate cash needs c. To create an additional guarantee of collection d. To establish a legal proof for future use
7. What is the purpose of double entry bookkeeping system? A. To avoid careless mistakes. B. To prepare the books of prime entry accurately. C. To ensure that every transaction is recorded on the debit and credit sides with the same amount in at least two accounts. D. To record cash received and paid from business transactions. Reset Selection

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Regardless of your business's size, the one essential element of an accounting is that is accurate, easy to use, and tracks all checks written and all deposits made