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- Which of the following statements are true? A journal provides a chronological record of a transaction. A journal entry contains the complete effect of a transaction. The first step in preparing a journal entry involves analyzing the transaction. I and II I and III II and III All of these are true.Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e. Governmental g. Language of businessb. Identifying d. Communicating f. Technology h. Recordkeeping (bookkeeping) is the recording of transactions and events, either manually or electronically.Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e. Governmental g. Language of businessb. Identifying d. Communicating f. Technology h. Recordkeeping (bookkeeping) requires that we input, measure, and log transactions and events.
- Which of the following journals is called an all-purpose journal? Please explain with full explanation. a. general journal b. purchases journal c. revenue journal d. accounting journalUse the flowchart above toanswer these questions: a. What accounting document is representedby symbol A?b. What is an appropriate name for thedepartment labeled B?c. What would be an appropriate descriptionfor process C?d. What is the location represented bysymbol D?e. What accounting record is represented bysymbol E?f. What is an appropriate name for thedepartment labeled H?g. What device is represented by symbol F?h. What device is represented by symbol G?i. What accounting record is represented bysymbol G?It is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizing
- ME7The process of initially recording a business transaction is called: a) Slidingb) Postingc) Journalizingd) TransposingPosting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.Please kindly assist with this question. As at 31 July 20.7, compare the account of GH Entity, as it appears in the records of AC Entity, with the statement received from GH Entity, and:a) If it appears that the account of GH Entity (in the records of AC Entity) is incomplete or contains errors:(i) Journalise the necessary entries in the records of AC Entity; and (ii) Open GH Entity’s account (in the records of AC Entity) with the credit balance of R290 700 and post the journals of a(i) to this account. The account must be provided in the formal column format. Note: Journal narrations and the effect on the accounting equation are not required.b) If it appears that the statement from GH Entity is incomplete or contains errors:(i) Prepare a payables reconciliation as at 31 July 20.7
- Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledgerWhich of the following accounting records is the main source of information used to prepare thefinancial statements?A. journal entriesB. T-accountsC. trial balanceD. chart of accountsPart A. Identify the following questions as most likely to be asked by an internal (I) or an external (E) user of accounting information.