nal summطم معلومات محاسبية نظريThe revenue cycle consists ofSelect one:out ofa. one subsystem-order entryb. two subsystems-sales order processing and cash receiptsag questionC. two subsystems-order entry and inventory controlO d. three subsystems-sales order processing, credit authorization, and cash receiptsPrevious pageJump to..General

The revenue cycle is a fundamental business process that encompasses all the activities and steps a…

st of The revenue cycle consists of question Select one: O a. one subsystem-order entry O b. two subsystems-sales order processing and cash receipts O c. two subsystems-order entry and inventory control O d. three subsystems-sales order processing, credit authorization, and cash receipts Previous page

st of The revenue cycle consists of question Select one: O a. one subsystem-order entry O b. two subsystems-sales order processing and cash receipts O c. two subsystems-order entry and inventory control O d. three subsystems-sales order processing, credit authorization, and cash receipts Previous page

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Group of answer choices a.Inventory b.Prepaid expenses c.Accounts payable d.Cash in bank
An invoice is generated in the cash receipts process.sales order creation process.shipping process.picking process.billing process.
Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable
The operating cycle of a merchandiser with credit sales includes the following five activities. With merchandise acquisition as the starting point, arrange the events in the correct order. a. Prepare merchandise for sale b. Collect cash from customers on account c. Make credit sales to customers d. Purchase merchandise e. Monitor and service accounts receivable
18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets Ledger d. Purchase ledger
Each of the below describes a procedure consistent with a strong system of internal control except… Question 7 options: The customer order department determines when a sale has occurred and should be recorded. The accounts payable department agrees purchase requisitions, purchase orders, receiving reports, and invoices prior to payment. Quantities ordered are excluded from the receiving department copy of a purchase order so receiving personnel count and inspect merchandise received. The use of remittance advices for customers' payments on accounts receivable received in the mail.
5. Inventory structures for inventory receipt process Refer to figure 2-30 in the text and the discussion about updating master files from transaction files. The discussion pertains to the record structures for a sales transaction. Prepare a diagram (similar to figure 2-30) that presents the record structure for the receipt of inventory items that had been ordered previously. Assume that a purchase order file exists and will be updated through information collected via a receiving report, ehich is the transaction record. Further, assume that a purchase was made on account, and the vendor AP record needs to be updated. Do not show the general ledger records in your diagram. Explain each step in the update process.
Which of the following is NOT a financial transaction? Purchase of inventory Cash receipts update valid vendor file Question 2 Which is the least appropriate type of transaction for a real-time system? air traffic control systems point-of-sale transactions airline reservations payroll
The operating cycle of a merchandiser with credit sales includes the following five activities. With merchandise acquisition as the starting point, arrange the events in the correct order. a. Sell merchandise on credit to customers. b. Monitor receivables from customers. c. Receive payment in cash from customers on account. d. Acquire merchandise with cash. e. Arrange merchandise for sale.
Question 29 Which of the following is the best reason for pre-numbering in numerical sequence documents sucj as sales orders, shipping documents and sales invoices? Enables company personnel to determine accuracy of each document Enables personnel to determine the proper period recording of sales revenue and receivables Enables personnel to check numerical sequence for missing documents and unrecorded transactions Enables personnel to determine the validity of recorded transactions
Question 14 Revenue and accounts receivable in a company that sells product should be recorded when: only when items have been paid for The customer's order is received all supporting documentation of shipping is in complete and in order All of the answers provided would result in revenue recognition and accounts receivable being recorded.