Which of the following best describes the activities of the accounting function? a. inventory control, accounts payable, fixed assets, and payrollb. fixed assets, accounts payable, cash disbursements, and cost accounting c. purchasing, cash receipts, accounts payable, cash disbursements, and payroll d. inventory control, cash receipts, accounts payable, cash disbursements, and payroll e. inventory control, cost accounting, accounts payable, cash disbursements, and payroll

Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…

A: Given: To determine the following transactions would be recorded if using the accrual basis…

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: Which entity is most likely to be part of both the payroll cycle Pand the expenditure cycle اختواحد…

A: Cash disbursement represents the distribution of cash from one party to another. It is the cash…

Q: What aspects of accounting for inventory on financial statements would be of interest to…

A: Inventory can be defined as assets held for sale in the ordinary course of business or in the…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: is the amount of goods remaining unsold in a particular period a. Cash O b. Accounts receivable O C.…

A: Goods are the items that the entity purchase from the supplier to sell to the customer and earn…

Q: describe accounting methods (choices and estimates) that could be used to manage earnings,cash fl…

A: there are several accounting choices that can be made which will allow company mangers to give the…

Q: Which of the following is true? a. The cash disbursement function is part of accounts payable. b.…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

Q: hich of the following is managed by an accounting department's dministrator? O A. bills and expense…

A: Accounting department refers to the corporate overhead group part of the firm and this department is…

Q: Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a.…

A: Accounting can be done in  both cash and accrual method

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: Under the cash basis of accounting, revenue is recorded A. when realized. B. when earned. C.…

A:

Q: The current assets are :- a - ending raw materials inventory. b - account receivable. c - notes…

A: Current assets are assets that are in cash form or that can be converted into cash in 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: Which of the following is a method to generate cash from accounts receivable? a. Assignment b.…

A: Assignment of accounts receivable refers to the process where the account receivables are assigned…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying means identification of relevant transactions. Recording means recording the accounting…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: Prepare an entity relationship diagram, in good form, for the expenditure cycle, which consists of…

A:

Q: What does each of the following definitions refer to:    All aspects of the administration of cash,…

A: Current Assets are those assets which can be converted into cash within the accounting period or…

Q: Arrange the following items in current assets according to its liquidity:   A . Cash, Inventories,…

A: The company’s  generally  lists  the current assets according to its liquidity in order to  Knowing…

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: Using accrual accounting, when is revenue recognized? A. When cash transfers B. When the…

A: There are two type of accounting merhods used in business. One is cash basis of accounting and other…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: Which of the following balance sheet items are commonly associated with the purchases and cash…

A: The balance sheet is one of the financial statements of a company, that is, prepared at the end of…

Q: relationship would you expect between inventory and accounts payable

A: Relationship between inventory and accounts payable:-   The main connection between the inventory…

Q: True or False?    The cash basis of accounting is a system in which revenues are recorded when…

A: PLEASE GIVE A LIKE, your response matters  Answer: correct option is "False"

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: List and explain the substantive tets of Cash and Inventory.

A: Substantive tests It is the procedures by which evidence is gathered by auditors. It is inclusive of…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: Differentiate the cash basis of accounting from the accrual basis of accounting.

A: Difference between cash basis and accrual basis: Cash basis accounting:  Under this method, income…

Q: he time between the acquisition of inventory and the collection of cash from receivables is which of…

A: The operating cycle(OC) is the time from the beginning of production process to collection of cash…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: One output of the accounting information system is the balance sheet. Transactions commonly…

A: Accounting information system is one of the important system that is being used for maintaining and…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: What are the two accounting systems are used to record transactions involving inventory?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Which of the following account will be least likely involved in the purchasing sub-process of the…

A: The purchasing sub-process of the purchasing and disbursement cycle starts with authorization of…

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: How are revenues and expenses reported on the income statement under (a) the cash basis of…

A: Under the cash basis of accounting, revenues are recorded when a business receives cash or cash…

Q: The journal entry to record the purchase of inventory on account is:

A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…

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: ich of the following account will be least likely involved in the purchasing sub-process of the…

A: Solution: Purchasing and disbursement cycle is the cycle in which purchasing needs of a business are…

Q: How do you find total sales in financial accounting?

A: Total sales in accounting: It refers to the net revenue of the organization that is reported in the…