The Accounts Receivable Subsidiary ledger is a: O a separate ledger maintaining the details affecting individual vendor accounts O a separate ledger maintaining the details affecting individual customer accounts O controlling account

Q: Which files are often found in a sales order module as opposed to an account receivable (customer)…

A: The Answer

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: Match the definition to the term. The answer choices are : 1. Controlling account 2. Schedule of…

A: Solution: Definition that best matches with term is as under:

Q: When does an accounting information system becomes useful?  What is the relevance of having…

A: 1.When does an accounting information system becomes useful? 2. What is the relevance of having…

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: here are three types of ledgers; general ledger, payables ledger, and receivables ledger. Discuss…

A: Ledgers are important components of an organization's accounting system, used to record and…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

Q: What are the purpose of subsidiary ledger

A: Solution:- Introduction:- Subsidiary ledger gives the details that make up the balance of specific…

Q: What information is provided by the Vendor Balance Detail Report?

A: The Vendor Balance Detail Report provides a detailed summary of a vendor's balance, including…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

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

A:

Q: Subsidiary ledgers in merchandising business?

A: A subsidiary ledger is a subset to the general ledger and it contains the details to support a…

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: Discuss how the nature of the necessary internal control features is affected by switching from a…

A: Internal Control:- It is the process in which a company puts a check on their employees for each…

Q: The general ledger account that corresponds to a subsidiary ledger account is known as a   a.…

A: The objective of the question is to identify the correct term for the general ledger account that…

Q: Question 12 A statement listing the vendors, account balances, and total amount owed to all vendors…

A: A schedule of accounts payable is a statement that accumulates all the details of the suppliers to…

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: • Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to…

A: Step 1: Pros: The use of separate accounts receivable ledger for each customer will help the company…

Q: Which record is not usually maintained under the single entry bookkeeping system? a. cash book b.…

A: Single entry bookkeeping is the method of bookkeeping where every transaction effects single side of…

Q: Most agreements involving factoring of accounts receivable are made on a. O a. notification O b.…

A: Factoring, often referred to as accounts receivable financing, is a financial transaction in which a…

Q: Describe briefly the processing of transactions, including internal control features, in the…

A: Internal control:   It is a business activity that aids in the protection of a company's assets. It…

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

Q: The accounts receivable are sold to company known as a. Commission agent b. Accounting service…

A: Factoring is a financial transaction and a type of debtor finance in which a business sells its…

Q: What are the main definitions of credit facilitation, billing and invoicing, remittance processing,…

A: Credit facilitation-Credit facilitator refers to a person in the CFP Online System who is designated…

Q: Which record is not usually maintained under the single entry bookkeeping system? cash book general…

A: The general ledger follows the double bookkeeping system hence not maintained as per the…

Q: A digital structure that stores transactional records in a digital ledger is known as None Crowd…

A: A digital structure that stores transactional records in a digital ledger is known as Block chain…

Q: From the internal parties that the system deals with Accounting information *

A: Basically internal information can be accessed only by the internal users of an organisation. People…

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: Question 14 A subsidiary ledger that contains only vendor accounts is a/an: Accounts payable ledger.…

A: This question deals with the a subsidiary ledger that contains only vendor account. Subsidiary…

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: TRUE OR FALSE. If assignment of receivables is made under a notification basis, the company, the…

A: Assignment of accounts receivable is a loan agreement in which the borrower assigns the lender to…

Q: What mathematical relationship is used among proprietary account balances?

A: Answer:-  Mathematical relationship meaning:- A mathematical relationship in the general term can be…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.