Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns etc.

Q: When a merchandising business is compared to a service business, the financialstatement thatis…

A: Merchandising business: It is a set of activities we do to sell our product and services to the…

Q: Which of the following would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: Which of the following is not a business transaction?                                        Sell…

A: Business transactions are measured in money and are recorded in the accounting books.

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Accounting principles are designed and implemented to bring consistency in financial statement for…

Q: Sales are recognized as earned revenue when a)Cash is received from credit sales b)An order is…

A: The revenue recognition is one among the various generally accepted accounting principles (GAAP).…

Q: Define the measurement principle. Select one: O a. Requirement that accounting records should all be…

A: Accounting principles: Accounting principles are the rules or policies which are required to be…

Q: 1. Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts…

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

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: When the goods are sent on consignment, the goods are recorded in the books of a. Business have…

A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…

Q: In which account, how do businesses keep track of their profits arising from the sale of tangible…

A: In a business, a situation arises when the firm has to sell its assets due to various reason. On…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: Which principle states that businesses should use the same accounting methods and procedures from…

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

Q: Which of the following is an example of revenue or expense to be recognized in the current period’s…

A: Income statement forms a part of financial statements and is prepared with a view to show the net…

Q: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

Q: Which accounting concept or principle states that the transactions of a business must be recorded…

A: It is true that business as an entity is different from its owners and its accounts shall be…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: 2. Classify the following expenses if it is Selling and Distribution, Administrative, Finance…

A: The student was asked to provide an Answer for 2nd question hence answer is given to 2nd question…

Q: Revenue is properly recognized:  (Hint: What is Revenue Recognition principle?) Group of answer…

A: Introduction: Revenue Recognition Principle: According to the revenue recognition principle ,…

Q: Using the following invoice answer the following questions. 1. How would this transaction be…

A: Since you have asked multiple questions under a single question but as per our protocol we provide…

Q: When using a manual accounting information system, which of the following transactions would be…

A:

Q: procedure will complete the purchase procedure in a company?

A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…

Q: Is there a significant difference between adjusting and closing for a service firm and a merchandise…

A: Merchandise Company is a company that purchases finely finished goods and commodities and later…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: Which one of the following is not a nominal account? A. purchases account B. sales account C.…

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

Q: When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Differentiate…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Identify the suitable accounting concept which would best apply to thefollowing scenarios: (i) An…

A: (i) An amount included in financial statements to represent the amount expected not to be…

Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…

A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…

Q: An accountant must be familiar with the concepts involved in determining earnings of a business…

A: Since you have posted a question with multiple subparts, we will solve first three subparts for you…

Q: Which of the following is an example of Current Asset of a Mobile shop Merchandise Business? a.…

A: A current asset is the assets that only include those assets that can be easily converted to money…

Q: Which of the following states that the business should use the same accounting methods from period…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: Discuss the importance of reporting transactions in the correct

A: (1) On the basis of accrual accounting a company's financial statements will present a more…

Q: Which of the following is a business event that is not considered a recordable transaction? O A…

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

Q: it is urgent  A promise received from a business's customers to pay for goods and services that…

A: Introduction Sales may be defined as the activity of exchanging goods and services for money. It may…

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: st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A…

A: Revenue : Revenue is the income generated from normal business operations. In other words it is the…

Q: external event that would be recorded as a transaction, an internal event that would be recorded as…

A: For the above transactions it would be classified as below :

Q: Identify which one of the following formula is used to calculate the net income of the service…

A: NET INCOME= REVENUE - EXPENSES.

Q: Which of the following best describes an application of the entity concept?

A: The business entity concept states that the transactions associated with a business must be…

Q: What do you understand by the term booking, explain the process of bookkeeping to be aopted by a…

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

Q: Which of the following transaction will be correct in regards to Source document of a Business? a.…

A: The source documents the main place where transactions are recorded.

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.