Some organization do not use an AP subsidiary ledger or a purchases journal. How is this possible? View Solution: Some organization do not use an AP subsidiary ledger or
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Some organization do not use an AP subsidiary ledger or a purchases journal. How is this possible? View Solution:
Some organization do not use an AP subsidiary ledger or
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- Which one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase orderWhich of the following statements is CORRECT relative to posting with the use of special journals? a. No subsidiary ledger posting is necessary. b. The general ledger posting has to coincide with the subsidiary ledger posting. c. The general ledger posting has to be ahead of subsidiary ledger posting. d. The subsidiary ledger posting has to be ahead of general ledger posting.Which of the following would not be used as a control account? a. Accounts receivable b. Accounts payable c. Plant and equipment d. Sales on account e. Inventory Please explain your answer
- Do you need to eliminate inter-company transactions when it comes to JV? explain briefly.Which of the below mentioned PPIs issued by an entity for facilitating the purchase of goods and services from that entity only a. Closed System PPI's b. Semi Closed System PPI's c. Open System PPI's d. NPCIExplain the difference between external transactions and internal transactions. If a company purchases supplies from a local vendor, would this be classified as an external or internal transaction?
- which of the following statement is correct relative to posting with use of special journals? A. The general ledger posting has to be ahead of subsidiary legder posting. B. The subsidiary ledger posting has to be ahead of general legder posting. C. The general ledger has to be coincide with the subsidiary ledger posting D. No subsidiary ledger posting is necessaryWhich of the following is incorrect regarding subsidiary ledger?a. The accounts receivable ledger is a common subsidiary ledgerb. An advantage of the subsidiary ledger is that it permits a division of labor in postingc. The purchases ledger is a common subsidiary ledger for creditor accountsd. A subsidiary ledger is a group of accounts with common characteristicsIntercompany sale of inventory a.should be eliminated only if the inventories are sold to third partyb.should not be eliminatedc.should be eliminated regardless of whether the inventories are sold to third party or notd.should be eliminated only if the inventories remain in the buying affiliate’s balance
- Which of the following statements best explains the relationship between the acquisition/payment process and the sales/collection process? Group of answer choices A. The same transaction can be considered part of both processes. B. All organizations that have a sales/collection process also have an inventory acquisition/payment process. C. Both the same transaction can be considered part of both processes and all organizations that have a sales/collection process also have an inventory acquisition/payment process. D. Neither the same transaction can be considered part of both processes nor all organizations that have a sales/collection process also have an inventory acquisition/payment process.1. Why should the function of requisitioning the purchase of goods be segregated from the function of issuing purchase orders? 2. Explain how an automated matching process works regarding the payment of accounts payable 3. What control objective is addressed by having prenumbered receiving documentsWhich of the following is not considered an important element of segregation of duties in the purchasing process: a) Separating thec heck signing and check mailing functions b) Separating the accounts payable and receiving functions c) Separating the purchasing function fromt he receiving function d) Separating the accounts payable and check signing functions