Describe an account and its use in recording transactions.

Q: accounting is defined as the practice of keeping records of transactions and their

A: Accounting is the systematic recording, measuring, and reporting of all financial data. It is the…

Q: What is Accounting Information System?

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

Q: Explain how the accounting equation organizes financial information using T-accounts and debits and…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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: When is the general journal used in a manual accounting information system? Provide some examples of…

A: Accounting information system collects, records, stores and processes accounting data to produce…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: What does a ledger show? What’s the difference between a ledger and the chart of accounts?

A:

Q: Describe accounts receivable and how they occur and are recorded.

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

Q: Describe a ledger and a chart of accounts

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: What is an account and how is it related to the ledger?

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

Q: Briefly state the rules of debiting and crediting accounts classified on the basis of accounting…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

Q: What is meant by reconciling an account?

A: 1. Usually, an account has a lot of transactions in a particular year. As accountant and auditors,…

Q: How many account management in accounts

A: The accounting process includes the bookkeeping process which involves the journal entry of the…

Q: Give its general ledger and financial statements

A: General Ledger

Q: to the accounts payable control le = ledger. unts Payable to prove the balance

A: The entries are given as,

Q: State whether the account should be debited or credited and the normal balance of the account for…

A: All assets, expenses and withdrawals account will normally have debit balance. All liabilities,…

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

A:

Q: = does an Accounting Information System play in

A: Accounting Information System (AIS):  It is a system that is designed to collect store and process…

Q: Recording Transactions in a Financial Transaction Worksheet

A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

Q: en posting transactions to the general ledger, use the transaction

A: After posting each journal entry in respective ledgers, we will get closing balance of all the…

Q: State whether the account should be debited or credited and the normal balance of the account for…

A: In accounting, normal balance of all assets and expenses account is debit balance. For all…

Q: is the most common form of a transaction acco

A: A transaction account is a day-to-day account into which you can deposit your wages and other…

Q: Define accounting? Also elaborate the rules for debit and credit in detail.

A: Accounting - It is the recording of financial events along with other functions of storing, sorting,…

Q: What is the chart of the account? Explain?

A: A chart of accounts is a listing of the names of the accounts that a company has identified and made…

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: Compute the balance of the Home Office account

A: In order to calculate balance of home office account we will do assets-liabilities.

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: Should a transaction be first recorded in a journal or ledger? Why?

A: Transaction: In business, a transaction is an agreement between a buyer and a seller to exchange an…

Q: Define Accounts.

A: An account is a summary of the record of all the transactions relating to a person, asset , expense…

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: Describe the flow of accounting information from the business transaction to the ledger.

A: The accounting process includes identifying, recording and classifying the business transactions.

Q: How do I identify a transaction and whether it is debited or credited?

A: Transaction means any events which is denoted in money terms and which can be recorded in books of…

Q: When are transactions posted in a computerized accounting system?

A:

Q: What is the journal entry and adjusting entries for the transactions?

A: Accounting is the process of recording, classifying, and summarizing accounting transactions.…

Q: Give its general ledgers and financial statements

A: Cash A/c 1-Dec To, Cuneta Capital 20500…