Which of the following would not be used as a control account?   a. Accounts receivable   b. Accounts payable   c. Plant and equipment   d. Sales on account   e. Inventory  Please explain your answer

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

A: Answer: b. Accounts payable ledger.

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

A: Single Entry Book-Keeping System: Single Entry Book-Keeping System is a simple book-keeping system,…

Q: ould appear in an REA diagram as an example of which kind of entity? a.... Description

A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

Q: s with a common characteristic, the total of which should equal the balance in the related ly known…

A: Control ledger is a summary account of individual accounts. It helps to keep track of the individual…

Q: Which of the following transaction is not recorded in the general journal? Select one: A. All of…

A: Correct option is A i.e.  All of the above

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

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: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: relationship would you expect between inventory and accounts payable

A: Relationship between inventory and accounts payable:-   The main connection between the inventory…

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 is not transferred from the journal to the ledger in the posting process?…

A: Journal- it is the book of prime entry in which day to day transactions are recorded when they…

Q: Which of the following is not considered an important element of segregation of duties in the…

A: The assignment of distinct steps in a process to different personnel is known as the segregation of…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: Which files do you usually find in a sales order module versus an accounts receivable (customer)…

A: Sale is the outflow of the commodities or the inventory held with the business entity to generate…

Q: What are the two accounting systems are used to record transactions involving inventory?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?

A: Sales revenue: The amount of price of merchandise sold during a certain period is referred to as…

Q: All of the following are documents used for inventory control except Oa. a receiving report. Ob. a…

A: There are various documents that works as evidence of a transaction.

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.