Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of the below expenditure or revenue cycle activities will not have journal entries? Processing the sales order Billing the customer Paying a supplier Receiving payment from the customer Returning inventory to supplier

Q: Are there significant distinctions between conducting adjustment and closing for a service firm and…

A: Service Industry Service industry mainly focus on the providing services to the customers and the…

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: Sales revenues are usually considered earned when Select one: a. goods have been transferred from…

A: Definition: Sales Revenue: Sales Revenue is considered as the income received from the sale of the…

Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

Q: Which of the following would not be considered an internal user of accounting data for the LMN…

A: Internal user means the person with in the company who use the financial information or accounting…

Q: Which of the following is a feature of the transaction file? Conceptually similar to the ledger in…

A: A transaction file is the file which contains the list of transactions. It is used to update the…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: Which of the following is not a user of internal accountinginformation?a. Store manager.b. Chief…

A: Accounting information: It can be defined as all the data or information that relates to the…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

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: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…

A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…

Q: A trial balance represents the:   Multiple Choice   Chronological record of all transactions…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: Working paper that bridges the gap between the accounting records and the financial statements are…

A: Accounting records are based on multiple documentary evidences like vouchers, ledgers, Bank…

Q: Please select the aspect of accounting associated with the following activities   1. analyzing and…

A: The aspect of accounting through which all accounting process is operate the aspects are identifying…

Q: How is the accounting cycle different for a merchandising operation, as compared to a service…

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

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

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

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

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: Under the new revenue recognition standard, what most companies do at the end of the period related…

A: Revenue recognition principle: According to revenue recognition principle, when the goods are sold…

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: Which transaction cycle includes interactions between an organization and its suppliers? Select one:…

A: Transaction cycle is set of various business transactions which can be aggregated to small number of…

Q: Under the new revenue recognition standard, what must companies do at the end of the period related…

A: Revenue recognition principle: According to revenue recognition principle, when the goods are sold…

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

A:

Q: Answer the following questions You were hired to assist Oman based Company in designing an…

A: a) The data to be collected on each document is as follows: ·         Sales invoice – The important…

Q: I have a couple of questions. PLEASE answer thoroughly and explain.1) Are all types of revenue…

A: Dear student, as you have not mentioned the question number to be answered, so we are answering the…

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: Before paying an invoice for goods received on account, the controller or treasurershould ensure…

A: Treasurer or controller:

Q: When recognizing revenue, a company has a performance obligation when it agrees to a. perform a…

A: A performance obligation is satisfied when the company delivered goods or performed services to…

Q: In general, revenue is recognized whena. The sales price has been collectedb. A purchase order has…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: You were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has…

A: We will answer only first three subparts of the question as it is not specified which sub part is to…

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: Which of the following statements is true about a retail business? The operating cycle for a…

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: d contrast a manual accounting system with a computerized accounting system for process vendors…

A: manual accounting system requires the acting accountant or bookkeeper to post business transactions…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: What are the limitations of a manual accounting information system in business? How simple is the…

A: Limitations of manual accounting information system Manual accounting system is the system where…

Q: Give the journal entry for the following service/merchandising business transactions without the…

A: Journal entries refer to recording and classifying the business transaction into books of accounts…

Q: Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human…

A: Selling expense is the expense which involves any kind of cost that is incurred through the…

Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the…

A: Option B is correct.

Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…

A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…

Q: At the time of the event, which of the following does not result in a journal entry and an update of…

A: A general ledger is one of the basic foundations of any company's double-entry accounting system…

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: which of the following actions update/ record is: a master file, transactions file, special journal,…

A: Transaction- A business transaction, also known as a financial transaction, is one that can be…

Q: accounts receivable

A: Correct answer :- C   all supporting documentation of shipping is in complete and in order

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.