Which of the following is not a special journal: Multiple Choice O о O Sales journal. Purchases journal. Cash receipts journal.

Q: Documents and files related to initiating credit sales would be customer master file and sales…

A: Credit sales are those where the remaining balance is to be paid at a later time. Put differently,…

Q: The accounting system will not post a sales transaction to the sales journal withouta valid bill of…

A: Sales Journal: Sales journal is one form of special journal book, which records all the sales…

Q: Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales…

A: Posting a credit to sales instead of accounts payable may be an incorrect entry but it will have the…

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: Credit memos are manually applied to customer balances Select one: a. on the Receive payment form b.…

A: A credit memo, short for credit memorandum, is a document issued by a seller to a buyer, informing…

Q: What report would you run in Xero to view all of the sales invoices that have been issued by the…

A: Business -A business is any organization or enterprising body that is involved in business,…

Q: Which document helps to ensure that the receiving clerks actually count the number of goods…

A: Option b is the answer

Q: Consider the following information items as you respond to the question: i. Customer master file…

A: The five basic elements of AIS system are: 1. Output 2. Input 3. Storage 4. Internal control 5.…

Q: If a business uses special journals (single purpose sales and purchases journals), which of the…

A: Journal entries recording is the first step in accounting cycle process. Special journals are used…

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: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Inputs to the entire order-to-cash process (revenue cycle) normally could include all of the…

A: Revenue cycle is the process by which the company records the selling of goods and service to the…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…

A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…

Q: multiple choice question  When special journals are used, a General Journal is   still required…

A: Special journals means a book to be maintained for recording specific items like purchase , sale ,…

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: 33.This is the type of special journal where sales invoice from a supplier may be found.    A. sales…

A: There are various types of journals which are being maintained as part of books of accounts.…

Q: The General Ledger Question: Can the General Ledger be represented in different formats? I have seen…

A: An organization employs a general ledger (GL)—a group of numbered accounts—to record its financial…

Q: Which of the following is not a vendor transaction? Multiple Choice Order products Pay bills Make…

A: Vendor are the the one which does the Sales of Products and/or provide the services to another…

Q: The Accounts Receivable subsidiary ledger is updated (increased and decreased) by using which of the…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: Required: A sales invoice typically includes the date of sale, salesperson, customer data, items…

A: A foreign key (FK) is a column or combination of columns that is used to establish and enforce a…

Q: Which of the following tests is directed towards the management assertion of completeness of sales?…

A: It is one of the fundamental accounting principles that costs and revenues should be recognized as…

Q: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

Q: Question 2 All of the following controls can ensure input validity of shipping notice, except? O…

A: The answer is provided as follows:

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: Computerized Accounting Systems Most computerized accounting systems use electronic forms to record…

A: Computerized accounting systems have transformed the way firms manage their financial data and…

Q: A journal that is not commonly used by a business is a sales journal purchase journal cash flow…

A: A journal is the written record of a transaction taken place in a business. The journal includes…

Q: (Give the explanation of why the sentence is true or false.and do not provide ai based solution) The…

A: The objective of the question is to determine the validity of the statement 'The cash receipts…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is