Define the term journal.

Q: What is a special journal?

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

Q: Define Account class exercise

A: Account class is the term used in the accounting software where there is need to classify customer…

Q: Define special journals and explain their usefulness.

A: General Journal   It is a chronological record of the transactions, showing an explanation of each…

Q: Wha is the general journal

A: General Journal is a financial book in which all the business transactions are recorded in…

Q: Read and interpret anincome statement.

A: It shows the income generated by the company.

Q: Define roadshow

A: Roadshow: Roadshow is a sequence of conferences across diverse towns in which topmost managers from…

Q: Explain the recording process of special journals.

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: What is difference between specific journal and general journal?

A: A specific journal is a type of journal in which primary transactions of a entry is recorded such as…

Q: Define the term posting process.

A:

Q: Define the term internal users.

A: Internal users are people within a business organization who use financial information. Examples of…

Q: Explain the purpose of the conceptual framework.

A:

Q: Justapose the relevance of a general journal

A: Justapose the relevance of a general journal?

Q: Journalizing

A: Journal entries recording is the first step of accounting process, under which atleast one account…

Q: Describe the usefulness of a conceptual framework.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Match each transaction with its related term: Terms Definitions

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Define association.

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: Create journal

A:

Q: Describe the purpose of caash receipts journal.

A: The cash receipts journal is a special section of the general journal specifically used to record…

Q: Explain the status and purpose of the Conceptual Framework.

A: Solution The purpose of conceptual framework for financial reporting is to assist the IASB in the…

Q: Define Hedging.

A: Hedging is the transfer of risk from a risky financial instrument to another instrument by buying or…

Q: describe the steps in the fi nancial statement analysis framework.

A: Introduction: The analysis of financial statements refers to the method of reviewing and evaluating…

Q: Name the two types of journals.

A:

Q: Describe the process of special journal.

A: Definition: Special journal: Special journal refers to the journal that is used to record a single…

Q: Explain an example of source documents.

A: Source documents: The documents which contain evidence of accounting data to record the transactions…

Q: What is Journal?

A: Journal is a primary book of account in which transactions are first recorded in a chronological…

Q: Define the term external users.

A: An external user is a person outside of an organization who does not directly run its operations and…

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: Describe the different types of journal.

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

Q: inform Label

A: Gross Income of any individual refers all types of taxable…

Q: Which of these processes leads to the preparation of Journal?

A: Answer

Q: Record the above transactions in the classical journal

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

Q: Define structured note

A: A structured note is a debt obliged derivative that helps portfolio managers to provide their…

Q: What is Journal? Explain

A: Journal is a book in which all transactions are passed including cash , sales , purchase , expenses…

Q: Journalize

A:

Q: Define Source documents.

A:

Q: Record the following transactions in the general journal.

A: RRR has started a merchandising business under the name of WEEN Trading. We are given transactions…

Q: he general journal

A: The profits of the firm at the end of the accounting year are transferred to the retained earnings.

Q: Explain the distinguishing characteristics of (a) a generaljournal and (b) a special journal.

A: The journals are used by the companies to record the financial transactions of an organization on…

Q: Create a General Journal.

A: When the transactions take place in an entity they are first recorded in the General Journal. From…

Q: What are the types of special journals?

A: Special journal:   The special journal represents similar types of transactions that are recorded…

Q: Define exit conference.

A: Exit conference is a meeting held in the course of audit. Audit means checking and verifying the…