What are the following steps and formats of the procedures after computing the Manufacturing Account of a Business extracted Trial Balance in order to prepare the Statement of Profit or Loss Account.

After computing the Manufacturing Account from the extracted Trial Balance of a business, the next…

Answered: What are the following steps and…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter6: Work Sheet And Adjusting Entries For A Service Business

Section6.1: Creating A Work Sheet

Problem 2AYU

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Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Keeping a log of service costs.
Please select the aspect of accounting associated with the following activities 1. analyzing and interpreting reports 2. Presenting financial information 3.maintaining a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Establishing revenues generated from a product 7.determining employee tasks behind a service
Products that have been completed and are ready for sale at the end of the accounting period are known as a.work in process. b.finished goods. c.cost of goods sold. d.materials.
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
What document is the source for (A) debiting the accounts in the materials ledger and (B) crediting the accounts in the materials ledger?
Order the following steps in the accounting process that focus on analyzing and recording transactions. a. Prepare and analyze the trial balance. b. Analyze each transaction from source documents. c. Record relevant transactions in a journal. d. Post journal information to ledger accounts.
When should a manufacturing company recognize raw material purchase returns in its accounting records?
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If a product is made to customers’ orders or specifications or if products are made in separate identifiable “lots” or “batches”, the appropriate accounting system is: a. periodic b. process c. perpetual d. job order
Which of the following is not one of the general ledger and reporting activities? A. Updating the general ledger by posting entries from the accounting subsystems and treasurer B. Posting adjusting entries to the general ledger C. Preparation of managerial reports D. Recording entries in general journal
Is Warehouse included in a post closing trial balance?
Which transaction cycle includes interactions between an organization and its suppliers? Select one: O a. HR/Payroll cycle O b. Revenue cycle O c. Expenditure Cycle O d. General Ledger & Reporting system

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