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- All records in a file must be uniquely identifiable in at least one attribute, which is its primary key. Drawing on your general knowledge of accounting, identify the primary key for the following types of accounting records. To illustrate, the first record is done for you.Record Type Primary KeyAccounts Receivable Customer Number Accounts Payable Inventory Customer Sales Orders Purchase Orders to vendors Cash Receipts (checks) from customers Cash Disbursements (checks) to vendors Employee Payroll Earnings recordsA company records its various business transactions in the book of original entries using various business documents such as official receipts, check vouchers, sales invoices, etc. True FalseExplain the concept of double-entry bookkeeping and how it helps ensure the accuracy of financial statements. What are the different types of accounts that businesses use in double-entry bookkeeping, and how are they classified?
- Which one of the following is not an advantage of slip system of accounting? a. It ensures smooth flow of accounting b. It ensures the recording of entries in all the books of accounts immediately by making a single entry c. It helps in keeping the accounts of customer up to date d. It can distribute the work of posting among many persons7. What is the purpose of double entry bookkeeping system? A. To avoid careless mistakes. B. To prepare the books of prime entry accurately. C. To ensure that every transaction is recorded on the debit and credit sides with the same amount in at least two accounts. D. To record cash received and paid from business transactions. Reset SelectionThe collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer Sean. What is the effect of the error in the total assets of the entity?
- Why would a company want to use account numbers on its Chart of Accounts? Multiple Choice To be able to check the current account balance quickly To uniquely identify each account on the Chart of Accounts To confuse users of the Chart of AccountsLedgers differ from journals in that ledgers _____ A. serve as a check-and-balance tool of the company. B. provide a chronological record of the company’s transactions. C. are grouping of all accounts of company with its outstanding balance. D. help prevent and locate errors as the debits and credits can be easily compared.Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
- Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer entered the wrong account number on the memo line of the check mailed to the company. Consequently, another customer’s account was credited for that payment. The most effective way to prevent such problems would be to use:a. Turnaround documentsb. A validity check of customer account numbersc. Closed loop verificationd. Check digit verification of customer account numbersIf a transaction cannot be recorded in a special journal, it indicates that the company should adopt an electronic accounting system. True FalseA check was deposited in error and cleared the bank account for company A (example). The check deposited in error was written for company B(let's say). Company A wrote a check to company B to return the money. Company C (example) wrote the check for Company B, not company A, and is not a customer or vendor to company A. What is the correct way to record the journal entry?
