Define each of the following terms:e. Purchase accounting

Q: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: two methods of acquiring accounting information sysytem, and list there disdvantages and advantages

A: Accounting information systems is a system of collection, processing and storage of accounting and…

Q: to be useful, accounting information should be presented using

A: The company will record each and every day to day transactions happened during the operations of the…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: Explain the impact of using indirect material on accounting equation.

A: Indirect materials are materials used in the production process, but which cannot be linked to a…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Explain the accounting processing cycle.

A:

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: What document initiates the sales process?

A:

Q: Briefly define accounting.

A: This question explains about accounting.

Q: xplain the accounting process in det

A: Answer: Accounting process is the process which involves maintaining books of accounts and record…

Q: Mention the key features of the Income and Expenditure Account.

A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…

Q: The "Cost of goods sold" account is associated with which of the following major categories? O…

A: The direct cost which is expended for the production of the goods is known as COGS. It includes…

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: general administrative, expenses selling expenses, and other expenses

A: Expenses are classified according to their nature while preparing the income statement for a…

Q: Define accounting equation

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What are the basic accounting formulas for beginning and intermediate accounting?

A: The basic accounting formula / equation for beginining Accounting and intermediate accounting…

Q: State the different types of accounting.

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

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

Q: Shown here is a partial entity-relationship diagram of a purchase system. Describe the business…

A:

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: Define the term accounts.

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

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

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: List and explain various functions of accounting.

A: Accounting is the process of recording financial transactions pertaining to a business. The…

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

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

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: Explain the methods of accounting.

A: Accounting methods refers to the ways which are adopted by the company in order to record its income…

Q: What are accounting conversion and summaries of the accountinting conversion?

A: Accounting is the process of recording financial transactions that are material to the business. It…

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: Identify the natural balance of each of the following accounts (DR = Debit, CR = Credit) - Inventory…

A: As per the Golden rules of accounting:     • For Real Accounts, the rule follows as: debit what…

Q: what document initiates the sale process

A: In the above questions we have asked about the document which initiates sale process.

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: what document initiates the sale

A: Sales Process:   Sales process is defined as a repeatable process that starts from accepting the…

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: anagerial Accounting uditing ost Accounting

A: a) An activity that provides financial and non-financial information to managers and other internal…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…

Q: ceives a credit terms of : e Inventory account?

A: Given terms as, 2/10 and n/30