What additional issues are involved with miscellaneous, other, and clearing accounts?

Q: Which of the following is related to Scientific system of maintaining accounts?

A: Double entry system is the scientific system of  maintaining accounts

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: How would you find errors in recording transactions and what is the process to correct errors?

A: Often, adding a journal entry will fix an accounting error. The journal entry adjusts the retained…

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: What exactly is a real account?

A: There are basically three account types in accounting, that are real account, nominal account and…

Q: What is the definition of a general ledger account?

A: A company's double-entry accounting system is built around the general ledger.

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: What is difference between general ledger and balance sheet. If possible, can you give me an…

A: The accounting is a process to record the financial transactions on regular basis and prepare the…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: What is an account and how is it related to the ledger?

A: Accounting is the process of identifying, recording, classifying and summarising accounting…

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: What is the definition of bookkeeping?

A: Bookkeeping is considered as a part of accounting. It deals with the recording of day-to-day…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: Define receivables and understand issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

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: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: Define the term accounts.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: What is account?

A: The account is a very important term that is used in the accounting process. It includes assets,…

Q: What are the main classification/types of accounts?

A: Accounting is the scientific recording of financial transactions with a view to compute the…

Q: What mathematical relationship is used among proprietary account balances?

A: Answer:-  Mathematical relationship meaning:- A mathematical relationship in the general term can be…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: what account balances are included in a revenue and collection cyle?

A: Revenue means proceeds or amount that is received from sale of goods and services in the business.…

Q: What is an internal exchange transaction, and how is it reported?

A: Internal exchange transactions are those reciprocal exchange transactions that occur between funds…

Q: What is bookkeeping

A: Book Keeping is one of the functions of accounting.

Q: Are both registers and special journals necessary?

A:

Q: Define Temporary accounts.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What is a general ledger account?

A: Ledger: Ledger is a master account document which records all the transactions of an account at one…

Q: Define transactions balance

A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…

Q: what are checks and balances ?

A: Checks and Balances:-It is a system where each branch of government has power and helps in…

Q: How should I record transactions?

A: Recording of transactions is the first step in the accounting process.

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: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: what does a general ledger do?

A: The ledger seems to be a book of accounts that contains the categorized and summarised information…

Q: What is the difference between an account and a ledger?

A: Difference between Account and Ledger: Meaning: Account: A record, that documents or records the…

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy,…

A: Classes of transaction includes the transactions of the company which are grouped together for…

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: how do debits and credits work?

A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…

Q: Which of the following is most likely to be described as a depository institution?

A: Depository institutions are those institutions who have the authority to accept monetary deposits…

Q: What is a sub-ledger

A: Sub - ledger means as follows

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.