A company records its various business transactions in the book of original entries using various business documents such as official receipts, check vouchers, sales invoices, etc. True False
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A company records its various business transactions in the book of original entries using various business documents such as official receipts, check vouchers, sales invoices, etc.
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- Which of the following will be not be called as Source Document of a Business? a. Debit note raised by the business b. Sales invoice issued by the business c. Purchase invoice received by the business d. List of suppliers are kept under Purchase ledger by the businessAll records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsDrawing from your basic accounting knowledge, list the relevant data attributes that constitute the record types below. Identify which attribute is the primary key for the record. Accounts Payable record Inventory record Customer Sales Orders record Purchase Orders to vendors Cash Receipts (checks) from customers Employee Payroll Earnings records
- Explain the concept of double-entry bookkeeping and how it helps ensure the accuracy of financial statements. What are the different types of accounts that businesses use in double-entry bookkeeping, and how are they classified?If a transaction cannot be recorded in a special journal, it indicates that the company should adopt an electronic accounting system. True Falsecompany should always use the same checking account for business transactions and for the owner's personal transactions to streamline recording transactions. a. True b. False
- 13-Which of the following will be not be called as Source Document of a Business? a. List of suppliers are kept under Purchase ledger by the business b. Debit note raised by the business c. Sales invoice issued by the business d. Purchase invoice received by the businessWhich of the following transaction will be correct in regards to Source document of a Business? a. cash received from customer will be recorded in cash disbursement journal b. Credit Purchase will be recorded in Purchase day book c. Cash paid to supplier will be recorded in a cash receipt journal d. Goods returned to supplier will be recorded in sales journalComputerized Accounting Systems Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7. a. Which of the following would NOT be a key input field (space) in an electronic invoice form. Customer name, Invoice Number, Amount of cost of merchandise sold, or Amount revenue b. What accounts are posted from an electronic invoice? Cash and fees earned, Accounts Payable and fees earned, Cash and Accounts receivable, or Accounts Receivable and fees earned c. Are special journal totals posted to control accounts at the end of the month in an electronic accounting system? YES OR NO
- The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer Sean. What is the effect of the error in the total assets of the entity?What is an example of a financial transaction? A firm purchases a fire insurance policy. An internal auditor discovers an error in a firm's inventory valuation. A potential customer accesses a firm's web page. A manager reviews the financial statements prepared by an accountant.The accounting assumption that states an owner of a business must keep the business checkbook separate from the personal checkbook is called? Monetary Unit Assumption Gong Concern Assumption Matching Principle Economic Entity Assumption
