Which record is not usually maintained under the single entry bookkeeping system? A. cash book B. general journal C. A/R subsidiary ledger D. property subsidiary ledger E. answer not given

Q: V. Prepare the Trial Balance

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

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: 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: __________ is the crediting of one account through the abstraction of money from another account. A.…

A: This relates to ‘fraud’ with regards to different set of accounts. There are different types of…

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: On a classified balance sheet, allowance for uncollectible accounts would be classified among

A: A balance sheet is a statement which provides financial data related to the assets, liabilities and…

Q: a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii.…

A: Consignment includes two parties (consignor and consignee) wherein the consignee will be the one in…

Q: What are the purpose of subsidiary ledger

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

Q: Withdrawal is a temporary account?

A: Temporary accounts refer to accounts that are closed at the end of every accounting period. These…

Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer…

A: This error is a self balancing error. One account is credited instead of other. It auto balances the…

Q: Which of the following statements is CORRECT relative to posting with the use of special journals?…

A: The accounting transactions are recorded in the receipt or invoice form, this is first step for…

Q: The following are the parties involved in a transaction that uses check as medium of exchange except…

A: >Checks are the financial instruments used to pay off entities though bank payments. >In a…

Q: What is a double-entry bookkeeping system?

A: The accounting is a process to classify the transactions, record the transactions and prepare the…

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: True (t) or False (f) ______ Notes receivable are generally reported as noncurrent assets.

A: Generally, Notes receivable are expected to be matured within 12 months. Therefore, notes…

Q: 66. The controlling account in the general ledger that summarized the individual accounts with…

A: Creditors are persons from whom a business has made credit purchases on account and the amount has…

Q: One of the following journals does not fall under the classification of books of prime entry: a.…

A: Assets are important part of accounting.They are of two types current and non-current.Some examples…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of…

A: A cash account, commonly referred to as a cash book, appears to be a ledger whereby all cash…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer:  If a journal entry includes a debit or credit to the Cash account, it is most likely an…

Q: Dengar

A: The objective of the question is to understand how credits are distinguished from debits in an…

Q: ny transaction between a current account and another current a

A: Answer:             Funds does not affect between a current account and another account.

Q: Which of the following documents will not be prepared by the seller in a transaction? Invoice Bill…

A: Buyer and Seller - Buyer is a person or an organization which buys goods from the company on credit…

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: The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note…

A: Accounting is the process of documenting a business's financial transactions. These transactions are…

Q: What is meant by reconciling an account?

A: 1. Usually, an account has a lot of transactions in a particular year. As accountant and auditors,…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: How does double entry bookkeeping work in JV?

A: Double entry book keeping, in accounting is a system of book keeping where every entry to…

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: Which of the following is related to Scientific system of maintaining account? [A] single entry [B]…

A: An accounting entry is a financial transaction that is recorded in the books using the double-entry…

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: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: The income: Branch ledger account is maintained is the accounting records of: a. Neither the home…

A: Answer: Branch ledger will be maintained by the home office only and not by the branch itself.

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…

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.