What questions should be asked after a returned item hasbeen counted and recorded?

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…

A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…

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: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: What document initiates the billing process?

A:

Q: How do you start a new ledger with the reversing entries?

A: The reversing entries are prepared to cancel the adjustment entries made at the year end.

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

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 are Post-audit Tasks?

A: An audit is conducted on the accounting records and financial statements of a firm. The purpose of…

Q: What is an updated report?

A: Report: It can be defined as a document that provides the information to a specified group of people…

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: How does Target record repairs and maintenance expense?

A: Revenue expenditures:   These costs are incurred to maintain the long-term asset in good condition…

Q: How is Inventory audited?

A: Introduction Inventory audit is an analytical procedure that cross checks the financial records with…

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Design a purchase requisition, purchase order and purchase specification

A: Here provide the details of the Purchase requisition, purchase order and purchase specification…

Q: Provide the proper format for recording a transaction.

A: Journal: Recording of a business transactions in a chronological order is called journal.

Q: Whose property are audit documentation (audit workpapers)? In what form must they be?

A: Auditing:                   It is a systematic verification of the books of accounts of an…

Q: What is the Permanent File?

A: Permanent file is file which contains information and documents of a company which are to be used by…

Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…

A: a.

Q: What is the purpose of a bookkeeping system?

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

Q: What is the relationship between an account and item?

A: it is important to understand the difference between item and account . the accounts are used to…

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: When is it necessary to estimate inventories?

A: Inventories are resources which are held to be sold in the market. Inventories can be in the form of…

Q: What is bookkeeping

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

Q: What is a prefiling conference, and why might it be helpful to a registrant?

A: Prefilling conference: A prefilling conference is requested by a company if it faces problems or…

Q: What is the purpose of the blind copy of a purchase order?

A: Definition: Blind copy: The copy of purchase order (PO) which contains no information about the…

Q: What is the purpose of a registration statement?

A: Registration statement is a legal document which is filed with the SEC to register securities for…

Q: What is the purpose of a journal? What is the purpose of a general ledger?

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Q: How should I record transactions?

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

Q: Describe the inventory recording methods.

A: Inventory recording methods are two types:   Periodic inventory system Perpetual inventory system

Q: What is just-in-time (JIT) inventory system?

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: What is the purpose of a check digit?

A: A check digit is a form of control check which is used for the purpose of error detection on…

Q: Identify and explain the various stages of and parties to the collection of a check.

A: Cheque refers to a financial document which acts as an order to a bank to pay a particular amount of…

Q: Explain how to record the purchase of supplies.

A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…