Chapter 1, Problem 1M

Answer True or False to each of the following. 1.  To add a customer you click on the Task menu.         True/False 2.  A list of all the accounts used by a company showing the assigned numbers to each account is called Chart of Accounts. True/False 3.  Reports can only be generated for final accounts when using an accounting software package. True/False 4. Under the File Menu, more than one company can be viewed at a time. True/False 5.  To  add a vendor click on Maintain,  add vendor. True/False Answer True or False to each of the following. 1. A quote can be converted to a sales invoice  2. Most companies use batch posting instead of real-time posting for transactions  3. The Peachtree system can use both the accrual basis and cash basis to record   transactions of accounting  4. To set up a new company, you would select the maintain option on the menu bar  5. Accounts descriptions cannot be changed once they have been saved

Select all of the source documents: Group of answer choices   Check written for office supplies  Invoice from a supplier of inventory - Yes Payroll check - Yes Time card - Yes Computer software Keyboard Grocery store barcode scanner - Yes Printer Flash drive Hard drive - Yes The cloud Computer screen   Am I missing any?

Answer the following questionsYou were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has developed a list of the journals, ledgers, reports and documents that he thinks Oman Co., Ltd. The company asks you to complete the following tasks:a) Specify what data you think should be collected on each of the following four documents: Sales invoice, purchase order, receiving report, employee time card.b) Design a report to manage inventory.

For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.

your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business 1 Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1.   2 Make the adjustments entries for the following transactions before preparing the final accounts for LLC company: On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only. The business has a Equipment with book value of 17000, with annual depreciation rate of 10%. On the 1st of July the business purchased a one-year…

In which team access level do users have view-only access to the QuickBooks Online Accountant firm information, but no access to team billing, subscription billing, or the firm's books?-Full access-VIP access-Customer access-Basic access-Standard access

Computerized accounting systems help businesses efficiently record and utilize financial information. QuickBooks is a popular software package for small businesses. Explore the QuickBooks website at https://quickbooks.intuit.com/. Select one of the QuickBooks plans, and discuss some of the capabilities of the software. Taking the perspective of a small business owner, explain how this software might help the business.

Users of Accounting Information and Their Needs Havre Company would like to buy a building and equipment to produce a new product line. Information about Havre is more useful to some people involved in the project than to others. Required Complete the following chart by identifying the information listed on the left with the users need to know the information. Identify the information as one of the following: Need to know Helpful to know Not necessary to know

need answer  with full working please answer in text please underline answer with all work