Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger.

Q: The total of the amounts on the accounts receivable listing agrees with the general ledger balance…

A: Accounts receivable refers to the amount that is owed by the customer for the goods purchased from…

Q: Accounts receivable are appropriately aggregated and clearly described in the financial statements.…

A: Management assertion is the claim made by the management regarding the items in the financial…

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: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: A Subsidiary ledger can be described as a list of individual accounts which is having common…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that…

A: Subsidiary ledger Subsidiary ledger refers to the ledger that provides the detailed information of…

Q: Accounts receivable can be classified as ____

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

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: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: What steps are followed in posting from the cash payments journal to the general ledger?

A: Cash payments journal:   Cash payments journal refers to the journal that is used to record the all…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: What is the purpose of subsidiary ledgers? Select one: a. Provide supporting details on groups of…

A:

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Explain briefly the purpose of making accounts receivable subsidiary ledger and accounts payable…

A: Accounts receivable subsidiary ledger  Records each and every transaction and maintains the history…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is accounts receivable management?

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

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: Define Accounts receivable.

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: ______best describes the classification and normal balance of the accounts receivable account?

A: The Answer :

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting?…

A: Answer:-  Internal control meaning:- Internal control is a procedure implemented by a company's…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

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: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: explain the relationship of fi nancial statement elements and accounts, and classify accounts into…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

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: Explain accounting issues related to valuation of accounts receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…

A:

Q: Suggest Four reasons why there might be difference between the balance on the receivable ledger…

A: A control account is a general ledger that contains a single debit or credit balance which is the…

Q: Identify the cycle to which each of the following general ledgeraccounts will ordinarily be…

A: General ledger:   A general ledger is also referred to as a nominal ledger which is a book keeping…

Q: how are accounts receivable measured and what are the control measures on accounts receivable?

A: Account receivable measured by using account receivable to sales ratio. Account receivable turnover…

Q: What steps are followed in posting from the cash receipts journal to the general ledger?

A: (1) Cash receipts journal can also be called as the accounting journal that is considered as the…

Q: Accounts receivable's subsidiary ledger should have a total of all accounts

A: Solution:- Introduction:- The accounts receivable subsidiary ledger includes an account balance for…

Q: Explain the two methods of recording account receivables and credit sales and the PFRS 15…

A: *Two method of recording  account receivable  are: 1. record receivables and sales gross 2 .record…

Q: [Based on Appendix C] Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recorded are posted. All the transactions in a ledger are…

Q: The Vendor Ledgers report displays the

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: A subsidiary ledger contallillg O Accounts payable ledger. O Accounts receivable ledger. O Customer…

A: The subsidiary ledger includes accounts receivable ledger, accounts payable, sales ledger and…

Q: When dealing with receivables, give an example of a subsidiary account.

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

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.