Which of the following functions is not included in the typical expenditure cycle involving goods? A. Disbursing payments to the vendors B. Placing an order for goods or services C. Posting to the accounts payable subsidiary ledger D. Processing a credit memo E. Ascertaining the validity of payment obligations

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: 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: Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B.…

A: Solution : Which of the following is classified as current non-trade receivable? A. Advances to…

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

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: Which of the following is not an external failure cost?   a. correcting invoice errors   b. rework…

A: External failure costs are costs incurred after the product or service has been delivered to the…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product…

A: Revenue is the money earned by providing services or selling goods to customers. The Revenue…

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

A:

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

A: Solution: - the following documents is not needed to process a payment to a vendor.

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: Which of the following accounts does not belong in the purchases and disbursement cycle? A.…

A: Purchase Cycle: Purchase cycles (also known as buying cycles) refer to the steps that customers take…

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: 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: Which of the following accounts does not belong in the purchases and disbursement cycle?

A: A disbursement is the paying out of funds, whether to make a purchase or other transaction.…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: which of the following account will be least likely involved in the purhasing sub-process of the…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: In accounting for consignment sales, sales revenue and the related cost of goods sold should be…

A: Introduction:- Consignment arise when goods are sent by their owner to an agent who undertakes to…

Q: Which of the following steps in the expenditure cycle would not appear as event entities in an REA…

A: Which of the following steps in the expenditure cycle would not appear as event entities in an REA…

Q: It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: The goods and services are usually exchanged between two parties. One is seller and the other is…

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…