Question

State the meaning of Receipt and Payment Account.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Final Accounts

Cash Book

Other

Accounting For Decision Making

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Using sensitivity analysis Caputo Company prepared the following budgeted income statement for the f...

A: Sensitivity analysis is a what-if’ analysis based financial model that determines how the variables ...

Q: Identifying variable, fixed, and mixed costs Holly’s Day Care has been in operation for several year...

A: Fixed Cost: That cost which remains same regardless of volume of activity is fixed cost. Variable Co...

Q: P/V Ratio is an indicator of [A] the rate at which goods are sold [B] the volume of sales [C] the v...

A: P/V ratio also known as profit volume ratio is a ratio that determines the amount of profit attained...

Q: How does Probability Proportionate to Size (PPS) sampling compare to Classic Variables sampling?

A: Probability Proportionate to Size ( PPS):  This is a form of variable sampling. It does not use stan...

Q: From the details given below, find out the credit sales and total sales.Opening debtors ...............

A:   Debtor's A/c Particulars Amount (Rs.) Particulars Amount (Rs.) To Balance b/d 45,000 By Dis...

Q: When units produced equal units sold, how does operating income differ between variable costing and ...

A: Absorption Costing:   It is a method of cost accounting where all the costs are related with the man...

Q: Explain how increasing production can increase gross profit when using absorption costing.

A: Absorption Costing:   It is a method of cost accounting where all the costs are related with the man...

Q: The worksheet of the MAHA Company as follows. MAHA COMPANY Worksheet (partial) for the year ended D...

A: 1)   MAHA COMPANY Date Accounts title & Explanation Debit $ Credit $ 31.12.201...

Q: Fill in the blanks:  Goodwill amortised is ________________ the profit made during the yearfor calcu...

A: While preparing cash flow statement, there are three type of activities - Operating Activities, Inve...

Q: Determine Cash Flows Can you please help?

A: Net cash flows indicate the forecast of cash inflows and outflows for a particular period.

Q: What is customer value? Choose the correct. A. Ratio between the customer's perceived benefits ...

A: A customer is an entity that buys goods or services from third parties. Accumulating a profitable an...

Q: Budgeting benefits List the three key benefits companies get from preparing a budget.

A: Budget: Budget is prepared by Managers. A financial plan that managers use to coordinate a business ...

Q: 1. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as foll...

A: Adjusting entries are the entries which recorded at the end of the period to ensure that the financi...

Q: Computing breakeven sales and sales needed to earn a target profit graphing CVP relationships, perfo...

A: Click to see the answer

Q: Compute Lead Time Jackson Fabricators Inc. machines metal parts for the automotive industry. Under t...

A: Working: 1. Value added time = Minutes in milling + Minutes in finishing                           ...

Q: Northern Company is preparing a cash budget for June.  The company has $12,000 cash at the beginning...

A: Definition:   Cash: Cash is the money that is readily available in the form of currency. Since cash ...

Q: Classifying quality costs and using these costs to make decisions Clason, Inc. manufactures door pan...

A: Prevention Costs = Training Employees in TQM + Training suppliers in TQM + Identifying suppliers who...

Q: Define outstanding stock.

A: Outstanding Stock is the stock which is currently outstanding and held by the shareholders of the co...

Q: Valencia Manufacturing Company manufactures and sells musical gadgets. The business earned Operating...

A: Target profit is a profit that the company wishes to obtain by changing certain variables like sales...

Q: What is allowance method?

A: Definition:   Allowance method of accounting for uncollectible accounts: This is the accounting meth...

Q: Define the term warranty.

A: A warranty is a type of guarantee that a manufacturer or similar party makes with regard to the cond...

Q: Al Falah Co. uses a periodic inventory system. Its records show the following for the month of May, ...

A: Total cost of goods available for sale = $935 Total units available for sale = 90 units Units sold =...

Q: Describe the methods used for computing depletion.

A: Depletion is mainly used for natural assets/resources like pool & gas, minerals etc. Depletion i...

Q: Recording manufacturing costs for a JIT system Low Range produces fleece jackets. The company uses J...

A: Click to see the answer

Q: Cash Payback Period for a Service Company

A: Capital Budgeting is a technique to identify avenues for investments by a company and measure them a...

Q: Calculating cost-volume-profit elements The budgets of four companies yield the following informatio...

A: Click to see the answer

Q: If Intervale Railway’s fixed costs total $90,000 per month, the variable cost per passenger is $45, ...

A: Breakeven point in units = Fixed costs / contribution margin per unit Where, Contribution margin per...

Q: What is asset specificity?

A: It is a term which is specially used to depict the inter party relationships amongst transactions 

Q: Define the term merchandiser.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and techniq...

Q: Using Excel for cost-volume-profit (CVP) analysis Download an Excel temp/ate for this problem online...

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer...

Q: Calculator Drivers and Product-Costing Accuracy McCourt Company produces two types of leather p...

A: Direct labor costs: The costs that are associated with the labor employed in the production process ...

Q: Provide some examples of items that would be adjusted directly against equity, rather than being inc...

A: Adjusted directly against equity here means, directly recognized in the shareholder's equity through...

Q: Samantha Manufacturing Company manufactures and sells musical gadgets. The business earned Operating...

A: Click to see the answer

Q: Suppose Mallcentral sells 1,000 hardcover books per day at an average price of $30. Assume that Mall...

A: Answer:   Option b.

Q: Valencia Manufacturing Company manufactures and sells musical gadgets. The business earnedOperating ...

A: Operating profit refers to gain which is obtained from operations of organization after deducting di...

Q: Why is it appropriate to use variable costing when planning production in the short term?

A: Under Variable costing method, Fixed Manufacturing overheads are treated as a part of period cost He...

Q: Hassan Company reports the following for the month of June.     Units Unit cost Total C...

A: Definition:   Perpetual inventory system: The method or system of maintaining, recording, and adjust...

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.

Q: Interest earned is a [A] personal account [B] real account [C] nominal account [D] Intangible real ...

A: Real account: A real account is used to record material assets of a business. Nominal Account: A nom...

Q: Which of the following is the cornerstone of the master budget? a. The selling and administrative ex...

A: Master Budget: It includes companies budget plan for purchases, production, overhead, cost of goods ...

Q: The worksheet of the MAHA Company as follows. MAHA COMPANY Worksheet (partial) for the year ended D...

A: 1)   MAHA COMPANY Date Accounts title & Explanation Debit $ Credit $ 31.12.201...

Q: Computing margin of safety Robbie’s Repair Shop has a monthly target profit of $31,000. Variable cos...

A: 1. Contribution Margin = Fixed costs + Profit(target) = $19,000 + $31,000 = $50,000 2. Contribution ...

Q: Distinguish between statement of affairs and balance sheet.

A: Difference between Statement of Affairs and Balance Sheet: Objective of balance sheet is show finan...

Q: Assigning Cost of Resources to Activities, Unbundling the General Ledger Golding Bank provided the f...

A: Supervisor spends 2000 hours on supervision It is concluded that the supervisor spends 2000 hours on...

Q: Define the term payroll taxes.

A: Payroll accounting:   The process of payroll accounting includes the computation and payment of earn...

Q: Ch5 5 Four new computers, for which the cost exceeded the city’s capitalization threshold, were purc...

A: In the given situation, the journal entries that would be required to completely record the transact...

Q: The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows...

A: Definition:   Trial balance: Trial balance is a summary of all the ledger accounts balances presente...

Q: Trading account is a [A] personal account [B] real account [C] nominal account [D] none of the abov...

A: Trading account refers to account of investments that consists of securities, cash and other possess...

Q: Hemphill Corporation uses customers served as its measure of activity. During June, the company budg...

A:   Particulars Actual result $ Flexible budget $ Variance Revenue 85400 85500 100...

Q: Explain how to record accrued interest.

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as ...