State the purpose of footing the total column in the client’saccounts receivable trial balance, tracing individual customer names and amounts to theaccounts receivable master file, and tracing the total to the general ledger. Is it necessaryto trace each amount to the master file? Why

Q: The total of the amounts on the accounts receivable listing agrees with the general ledger balance…

A: Accounts receivable refers to the amount that is owed by the customer for the goods purchased from…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: Which files do you usually find in a sales order module versus an account receivable (customer…

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: Which of the following are unique identifiers associated with checking accounts? account number O…

A: Account number: An account number is a unique identifier for your personal bank account. It tells…

Q: .   c.   completeness of receivables.   d.  collectibility of the invoices.

A: The four qualities of a confirmation are as follows: Receipt. Responses can be written or spoken.…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: Business papers, such as checks, invoices, receipts, letters, and memos, that furnish proof that a…

A: Ledger is the accounts where the transactions from the journal entry are prepared by the company. It…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and…

A: Pre numbered documents are a main feature of an internal control system. The pre numbering of…

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: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…

A: A general ledger is an account in which the total of all accounts are posted and the total of this…

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Here the context is match the following to choose the correct one in the missing words which are…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Debtors represent the term that is used when a payment is due to be received from the customers and…

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Question: What would be the correct system flowchart for this given process:  Accounts Payable and…

A: The question is based on the concept of preparation of flow chart. A flowchart is a  graphical…

Q: Match the transactions below with the journal or ledger in which it would be entered.   Clear All…

A: Cash receipt journal: All cash receipts should be recorded in this journal Cash payment journal: All…

Q: What can you do to ensure that all payments are accurately coded and allocated to accounts?

A: SOLUTION- Coding in accounting is the process of assigning numbers or letters to data to create a…

Q: Which of the following will be the most appropriate test to determine wherether purchase orders are…

A: Purchase order: Purchase order is a document send by a buyer to seller indicating all the…

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: If the company has a multiple trasactions, what ledger should you post the trasaction?

A: Financial accounting involves recording of financial transactions of a firm during the accounting…

Q: What type of internal control is matching supporting documents before paying an invoice?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To…

A: Audit is the process of checking and examining books of account of the business, so that it can be…

Q: To gather audit evidence related to accounts receivable, the client should mail the confirmation…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…

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

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…

A:

Q: Suggest Four reasons why there might be difference between the balance on the receivable ledger…

A: A control account is a general ledger that contains a single debit or credit balance which is the…

Q: Ledgers Balancing off the accounts Trial balance

A: Trail Balance is the statement in which the all the carrying balances of the accounts which are…

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

Q: 2) A proper manual payment certification includes whose signature? [List the types of…

A: The certifying officer

Q: ware to analyze the customer and vendor’s Payments and Receipts? Justify the figures using

A: Software used:  QuickBooks Premier Plus Contractor Edition 2019-Desktop   Needed:  A report showing…

Q: Which of the following statements is true?a. Journal vouchers detailing transaction activity flow…

A:

Q: In maintaining the accounts receivable, the method that applies a customer’s payment to the account…

A: The balance forward method is used to apply a customer payment to the account balance. It does not…

Q: What is a sub-ledger

A: Sub - ledger means as follows