what is the name of the source documents 1. invoice received by the business. 2. invoice issued by the business.
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- Name a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or servicesFrom the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementA __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheet
- What is the effect on the accounting equation when a business purchases supplies on account?Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleWhat is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
- PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial conditionWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common StockACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
- name the source documents for: 1. receipts received by business. 2. receipts issued by business.1.The chart of accounts is a listing of the accounts presently having balances in the general ledger. True or false? 2.. Revenue is the amount of money your business brings in by selling it's products or services to clients. True or false?Task 1. Think of situations or scenarios where the services of each brank of private accounting can be stated or explained. SCENARIO 4 (focus on Accounting Information System) ___________________________________________________________