Define the followings? 1.) Rubber cheque. 2.) Blank endorsement. 3.) Transposition error.

Q: How does the “Enter Bills & Pay Bills” feature differ from the “write check” feature

A:

Q: What are outstanding checks?

A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.

Q: The need to physically check bills of lading and other documents can be eliminated by using RFID.…

A: We first need to understand RFID technology and how it works. Radio frequency identification (RFID)…

Q: Give an example of an error or fraud that would misstate financial statements to affect the accounts…

A: Given: The example for the financial statement that would be misstated by the error or fault.

Q: Which common workflow error can cause duplicate expenses in QuickBooks Online? -Create a purchase…

A: Normal process for recording service bill is PO generating, invoice posting and vendor payment…

Q: Identify the wrong statement relating to receivables ledger:

A: Solution: Following statements are true with respect to receivables ledger: 1. All entries made in…

Q: The entry to eliminate the receipt of intercompany note receivable includes debit to Note payable  .…

A: Intercompany note receivable: When there is a transaction between parent and subsidiary company that…

Q: Select the term that best fits each of the following definitions and descriptions. a. Notes…

A: There are varied terms used in accounting in day-to-day operations. They have a standard meaning…

Q: Which one of the following will verify the documents and decide on their payability? Select one: A.…

A: Any agreement of consignment of goods through shipping or sale of goods through shipping has…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: [Based on Appendix A] What is the purpose of a worksheet? In a columnar worksheet similar to…

A: A worksheet is the summarized form of accounting information which is made in order to ensure that…

Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…

A: Banks: Banks are the financial institutions that regulate the money supply in an economy. It accepts…

Q: Most companies record liabilities when goods are received from the suppliers. Select one: True False

A: Lets start with basic understanding. Account payable is a person to whom we are require to pay for…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…

Q: A credit memorandum will show the collection of a note receivable by the bar True False

A: A credit memo is a commercial document sent by a supplier to a customer indicating that the amount…

Q: Receivables arising from sales to customers are best described as Select the correct response: Notes…

A: Revenue earned from sales to customers is a trading activity. Hence, the receivables from this…

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: Under IFRS: a.    the entry to record estimated uncollected accounts is the same as GAAP. b.…

A: Definition:   IFRS means international financial reporting standards developed and issued by IASB to…

Q: Explain the following terms:   a. Dishonoured cheques b. Credit transfer c. Standing orders d.…

A: Note: Since you have posted a question with multiple subparts only the first three sub-parts have…

Q: Which of the following situations may give rise to unearned revenue? O Providing trade credit to…

A: The Unearned revenue is the cash received feom customers but services would be provided in the…

Q: The entry to eliminate the receipt of intercompany note receivable includes a credit to Note…

A: In the preparation of consolidated accounts, intercompany elimination refers to the process of…

Q: What is the effect of the error in the net income of the current period and in subsequent period?

A: Payment made to supplier is debited for decrease in balance as accounts payable which is liability…

Q: Which of the following accounting entries is correct?    a) Record of issuance of bills receivable…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: A credit memo states the amount of a sales allowance or return

A: Credit memo is a document issued by the seller of the goods to the buyer as a source document

Q: Question 36 is used to settle an obligation arising from purchase of goods or services as a…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: For VAT and Percentage transactions, state when will be the deadline for the remittances

A: VAT is value added tax and it is indirect tax which means tax is paid by consumer of goods or…

Q: Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The…

A: Accounts payable forms a part of current liabilities of the business and represent the amount due to…

Q: Which of the following cannot be encashed but instead merely deposited? stale checks post dated…

A: The checks that can only be deposited not encashed are crossed checks. It is also called an account…

Q: Of the two methods of accounting for uncollectible receivables, the allowance method makes use of an…

A: Answer is true

Q: Decide if the following statements are true or false and select the correct answer: If a company is…

A: Allowance is made from the net income from the business. So any uncollectible accounts are then…

Q: The write-off of defaulted notes receivable must be approved in writing by the accountant of the…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Explain the differences between a CD, a checking account, and a saving account.

A: Introduction: CDs are short for certificate of deposits. CDs provide small business owners with…

Q: Where the correct accounts are used but each item is shown on the wrong side of the account is an…

A: Errors in the account books are the unintentional mistakes that the person preparing the account…

Q: An entity to which money is owed is known as a debtor and such transactions will be recorded in the…

A: Answer: FALSE

Q: What is the appropriate name of the error which was made under the following circumstances: A…

A: Ledger is the secondary book where transactions are being transferred from the journal. It contains…

Q: GAAP requires companies with a large amount of receivables to use the allowance method. True False

A: GAAP : GAAP means generally accepted accounting principles.

Q: When using the allowance method, what account is debited when writing off uncollectible accounts?…

A:

Q: n accounting for uncollectible receivables, the balance in Allowance for Doubtful Accounts will…

A: This method does not make allowance or estimation for uncollection accounts, instead, this method…

Q: Complete the following: (Do not round intermediate calculations. Round your final answers to the…

A: The terms 4/10, n/60 here means that the seller will give 4 % cash discount to the buyer if they pay…

Q: What control best prevents paying for items ordered, but not yet received? all PO's should be…

A: Solution : Concept Control to prevent paying for items ordered but not yet received…

Q: If using a short method if the account is not debit to rectify this error will debi that account O…

A: solution concept when a error of omission happens in debiting a account the error can be rectified…

Q: Total receivables will remain unchanged for which of the following?*   a. Collection of trade…

A: The firms or individuals who are obliged to pay the firm because of the goods or services acquired…

Q: d. ac EXCEPT a. the number of the check issued. b. the name of the supplier or other accounts…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…