Which of the following is not a business event? Deliver goods to customer. Order raw materials. Hire a new employee. Accounts receivable.
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- What is the effect on the accounting equation when a business purchases supplies on account?At what point does revenue recognition occur? A. When the purchase order is received B. When the seller receives the money for the job C. When the seller has met performance D. When the purchaser makes paymentWhich of the following would normally be classified as a Selling expense of Merchandising business? a. Insurance expense of the office b. Rent expense of the office c. Advertising expense d. Telephone expense of the office
- Many business events are recorded in the GL from feeder processes. The first list below identifies eight business events. The second list specifies five feeder processes. Match the events with the processes. Each process may have one or more event specified. Some events may not be used. Business Events Sales order is received from a customer. Inventory is sold to a customer. Inventory is received from a vendor. Inventory is returned from a customer. Cash is disbursed for inventory purchased. Bad debts are written off. Employer taxes are accrued. Cash is received from a sale. Employer taxes are deposited. Feeder Processes blank 11. B/AR/CR process blank 22. Purchasing process blank 33. OE/S process blank 44. AP/CD process blank 55. Payroll processWhich of the following scenarios increases accounts payable? A customer fails to pay an invoice. A supplier delivers raw materials on credit. Office supplies are purchased with cash. None of the aboveDetermining the cost of producing specific products or providing services and analyzing for cost effectiveness. Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions. The process in which accountants help managers develop a financial plan. A business that buys a product from another business to sell to customers. Telling the results of the financial information. A type of ownership structure in which more than one person owns the business. Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases. A system of gathering financial information about a business and reporting this information to users. Bringing various items of information together to determine a result. A business that makes products to sell. A business that provides a service. Generally supervises the work of…
- "Do the steps in the accounting cycle for a merchandising company differs from the steps in the accounting cycle for a service company?" Is the measurement of net income in a merchandising company conceptually the same as in a service company?Before paying an invoice for goods received on account, the controller or treasurershould ensure thata. the company is paying for the goods it actually received.b. the company is paying for the goods it ordered.c. the company has not already paid this invoice.d. all of the above.Please select the aspect of accounting associated with the following activities 1. analyzing and interpreting reports 2. Presenting financial information 3.maintaining a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Establishing revenues generated from a product 7.determining employee tasks behind a service
- Required Given that prudence is the main consideration, discuss under what circumstances, if any, revenue might be recognized at the following stages of a sale. (a) Goods have been acquired by the business, which it confidently expects to resell very quickly.(b) A customer places a firm order for goods.(c) Goods are delivered to the customer.(d) The customer is invoiced for goods.(e) The customer pays for the goods. (f) The customer’s cheque in payment for the goods has been cleared by the bank.Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of the below expenditure or revenue cycle activities will not have journal entries? Processing the sales orderBilling the customerPaying a supplierReceiving payment from the customerReturning inventory to supplierWhat are the similarities and differences between the Transaction Detail by Account and the General Ledger? (Quickbooks) When would you use one versus the other as a business owner or manager? Give specific examples.
