Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and general ledger functions?

Q: What is Accounting Information System?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

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: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: What document intiates the sales process

A: Answer: Sales order procedures involves accepting a customer order and processing it, filling the…

Q: What is the definition of a general ledger account?

A: A company's double-entry accounting system is built around the general ledger.

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: An introduction to what are the most effective internal control systems or techniques available for…

A: Introduction to Internal control system: The internal control system consists of procedures and…

Q: What purpose is served by the output devices of an accounting system?

A: Output devices: Output devices help in taking the information out of the system and provide it to…

Q: Explain briefly the purpose of making accounts receivable subsidiary ledger and accounts payable…

A: Accounts receivable subsidiary ledger  Records each and every transaction and maintains the history…

Q: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: What is difference between general ledger and balance sheet. If possible, can you give me an…

A: The accounting is a process to record the financial transactions on regular basis and prepare the…

Q: Define cash receipts journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: What is an electronic form, and how is it used in a computerized accounting system?

A:

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger…

A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger".

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: From the internal parties that the system deals with Accounting information *

A: Basically internal information can be accessed only by the internal users of an organisation. People…

Q: What does an effective accounting information system provide?

A: Accounting Information Systems:

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition:   General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: What are computerized accounting systems?

A: Computerized Accounting System: In the traditional approach, accounting is done as per a manual…

Q: What is the relationship between an account and item?

A: it is important to understand the difference between item and account . the accounts are used to…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: what account balances are included in a revenue and collection cyle?

A: Revenue means proceeds or amount that is received from sale of goods and services in the business.…

Q: Explain the use of the general ledger in the financial management process.

A: A general ledger is a financial data record-keeping method that contains debit and credit account…

Q: What is a general ledger account?

A: Ledger: Ledger is a master account document which records all the transactions of an account at one…

Q: What's the difference between a chart of accounts and general ledger?

A: Charts of Accounts: Charts of accounts are the list of all the accounts which the company has. It is…

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: 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: An invoice is generated in the cash receipts process. sales order creation process. shipping…

A: Invoice is a copy issued by the Seller to the Buyer. It consists of all the details such as, Date…

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting…

A: Control system and subsidiary accounts that should be included in Ermler & Trump’s manual…

Q: what does a general ledger do?

A: The ledger seems to be a book of accounts that contains the categorized and summarised information…

Q: The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing…

A:

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: When dealing with receivables, give an example of a subsidiary account.

A: Accounts receivable:   Accounts receivable refers to the amounts to be received within a short…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

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.