Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll

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: Which of the following best describes the current revenue recognition principle? Recognize revenue…

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of…

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: What is the departmental accounting system

A: solution concept department in an organization There are various departments in an organization for…

Q: How are organization expenses reported?

A: Expense: It can be defined as the cost of running a company's operations to generate or earn…

Q: What is the purpose of Financial Reporting Releases and Staff Accounting Bulletins?

A:

Q: retained earning balance for

A: Retained earnings is the part of stockholders' equity. It is a measure of amount of profit retained…

Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?

A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: What is the invoice total (in $)?

A: Insurance on the invoice is $32.99

Q: Briefly describe the guidelines provided by GAAP for the recognition of revenue by a franchisor for…

A: Franchise arrangement and performance obligation:   In a franchise transaction, the franchisor has…

Q: Design and perform tests ofdetails of balances for accounts inthe payroll and personnel cycle.

A: Step 1 Identification of transactions and accounts in personnel and payroll cycle.   Initially, the…

Q: purchase discount is relevant into the followings cycles: a. payroll and personnel O b. sales and…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: What is accounts receivable management?

A: Accounts receivable management is method for ensuring that whether the customers are paying their…

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

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: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: Define accounting earnings.

A: Accounting Earnings: Accounting Earnings is a Earning which stated on income statement. Accounting…

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: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

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: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition:   General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: Understand the disclosures required for revenue recognition, accounts receivable,contract assets,…

A: Much disclosure is required for revenue recognition. For example, a seller recognises contract…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Describe the costs and the basic accounting activities relationg to payroll

A: Payroll:- Payrolll may be a list of workers who get paid by the corporate. Payroll also refers to…

Q: Define net pay.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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: Discuss the accounting concepts behind reporting unearned income.

A: Unearned income, also known as deferred income, is money received by a firm from a client for items…

Q: xample of Payroll re

A: A payroll withholding statement is notification from an employer to an employee or tax office…

Q: ayroll records serve as backup for

A: Payroll refers to the desired dum of money a company or an employer pays to its employees for the…

Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…

A: Cost accounting is a branch of accounting which is used to determine the costs of different…

Q: Define salaries expense.

A: Salaries expense is the fixed pay earned by employees. The expense represents the cost of non-hourly…

Q: What account type is office expense

A: Accounts can be three types i.e Personal account, real account, and nominal account. The personal…

Q: Define payroll.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: Explain Staff Accounting Bulletins.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: Define salaries payable.

A: Salaries payable is a liability account.

Q: Explain the function of the receiving department in the revenue cycle.

A:

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: Which of the following best describes the activities of the accounting function? a. inventory…

A:

Q: Define accounting income

A: Income: It can be defined as the amount received by the business or an individual from selling its…

Q: What is the basic sequence of activities and accounting in a revenue and collection cycle?

A: Revenue Collection Cycle:   A collection cycle is a process that begins when a customer approaches…