Differentiate between source documents and vouchers.

Q: Post these transactions into ledger.

A: Ledger account: It is used to record the business transactions that were made during a financial…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: Explain how an IT environment affects access control.

A: Information technology plays the pivotal role in the survival and success of any entity in modern…

Q: What is a registration statement?

A: Statement: It can be defined as any sentence or a line that provides information in a definite or a…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

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: What is the purpose of a responsibility center file?

A: Definition: Responsibility center file: The departments of the organization are generally referred…

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: Differentiate the following terms - External and internal information

A: Internal data is information generated from within the business, covering areas such as operations,…

Q: Explain an example of internal users.

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

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Distinguish between source and voucher papers

A: Given : This question explains about distinguish between source and voucher papers.

Q: Define receivables and explain issues related to their recognition.

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

Q: post them in the ledger

A: T accounts are the general ledger account balances in the business, which will be used for…

Q: How do you find invoice

A: The  question is based on the concept of Invoice and method to retrieve it. Invoice is a commercial…

Q: After a receipt is uploaded into QBO, the user will need to ______ the data and ensure the receipt…

A: Quickbooks is very popular accounting software that is used for accounting and recording…

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: jorunalize the transactions

A: Journal entries recording is the first step in accounting cycle process, in which atleast one…

Q: Identify and describe the different billing schemes.

A: Billing schemes are those techniques in which fraudulent invoices are submitted for fictitious goods…

Q: Design a purchase requisition, purchase order and purchase specification

A: Here provide the details of the Purchase requisition, purchase order and purchase specification…

Q: Display graphically and explain the mechanism of settlements by collection orders

A: There are mechanism of company working for the settlements of collection orders where the sender of…

Q: Distinguish between a general journal and journal vouchers.

A: General Journal: A general journal refers to a book of original entry in which accountants and…

Q: Explain an example of source documents.

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

Q: Explain the purpose of having mail room procedures.

A:

Q: Create a Ledger.

A: Ledger is a principal book that contains all the accounts such as Assets Accounts, Liabilities…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: create a ledger

A: Bank statement: The bank passbook is only a copy of the customer's accounts in the books of bank.…

Q: Match the items

A: Answer: Deferred Tax Liabilities – are always presented as non-current liability in the statement of…

Q: What is a voucher system

A: Accounting transactions are a set of activities that take place as a result of the day to day…

Q: Explain the advantages of an electronic billing cycle

A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…

Q: Define Gift card.

A: Cash sales These refer to sales made by companies in the form of liquid currency as cash. These are…

Q: Explain Advertising and Other Forms of Solicitation Rule.

A: Definition:

Q: Read and interpret abalance sheet.

A: A balance Sheet or statement of financial  position shows the list of assets, liabilities and equity…

Q: entry system.

A: Cash basis accounting uses the single entry system of accounting in which entries are made only when…

Q: Give one advantage of using a vouchers payable system.

A: Voucher: It is a written document or statement that confirms the happening of certain transactions…