What is the objective of a transaction log?

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: What is a registration statement?

A: Statement: It can be defined as any sentence or a line that provides information in a definite or a…

Q: Is a flowchart an effective documentation technique for identifying who or what performs a par-…

A: Flowchart:   A flowchart is a representation of the procedures related to transactions in the…

Q: Name the major transaction cycles

A: In simple terms, the transaction cycle categorizes the basic business processes. It helps in…

Q: Write up a transaction analysis chart from the given transaction.

A: The Accounting equation is a statement that shows the equality between the resources and the…

Q: What are the three cycles of transaction processing systems?

A:

Q: What are management’s responsibilities related to maintaining a transaction trail?

A: A transaction tail defines the sequence of evidences which helps in reconstruction of transaction…

Q: What is a transaction?

A: Transaction refers to the business activity which brings change in the business assets, liabilities…

Q: How to create journalizing transaction with this kind of problem?

A: Journal entries recording is the initial step in accounting cycle process. Under this, atleast one…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: Describe what is meant by transaction analysis.

A: Accounting Equation: Accounting equation is the mathematical representation of the relationship…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: What information is contained in the general ledger master file?

A: General Ledger:  The financial information required for the preparation of financial reports of…

Q: Describe the process of transaction analysis.

A: Process of Transaction analysis: The process of transaction analysis involves the selection of…

Q: needed, state the registr ts where the transaction ed.

A: The journal entries in the given question are made as follows:

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: Discuss transaction cycles.

A: A transaction cycle is an interlocking set of the  business deals. Utmost of these deals can be…

Q: Explain an example of internal events.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: What is the client-server model?

A: Client Server model: A client-server model can be defined as the architecture of distributed…

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: What role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

Q: What is an internal exchange transaction, and how is it reported?

A: Internal exchange transactions are those reciprocal exchange transactions that occur between funds…

Q: What is skimming?

A: Skimming: It is the fraudulent process under which the employees of the company steal the cash from…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: What is the purpose of the general ledger history file?

A: General Ledger:   The financial information required for the preparation of financial report; of…

Q: What are the operating activities? Give some examples?

A: The statement of cash flows is the statement which shows the change in the cash and cash equivalents…

Q: What is the Current File?

A:

Q: Explain the steps in processing transactions and the role of source documents.

A: Accounting cycle: It can be defined as the collective process of identifying, recording, and…

Q: For what purpose are entity relationship diagrams used?

A:

Q: Describe internal event with example.

A: Definition:   Accounting event: An accounting event is a transaction that is recorded in the books…

Q: How should I record transactions?

A: Recording of transactions is the first step in the accounting process.

Q: What is a control account?

A: Control account: It is a particular account that is recorded in the general ledger in a summarized…

Q: What information is provided by a record layout diagram?

A:

Q: What is a just-in-time management system?

A: Cost management system:   The system or unit of the entity which is responsible for management of…

Q: What documents constitute the AP packet? Whatevidence does each document provide?

A: An organization should record a liability in its books of accounts based on the invoice amount after…

Q: What is the purpose of a check digit?

A: A check digit is a form of control check which is used for the purpose of error detection on…

Q: What is the purpose of Transaction Tagging?

A: Tagging and tracking transaction: In tagging and tracking transaction technique, the auditor puts a…

Q: what is posting system in detail ?

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: Define transaction

A: A transaction is an instance of buying or selling something.

Q: Define Transaction exposure

A: Transaction exposure is the sensitivity of realized domestic currency values of the firm's…

Q: List the steps we use to measure external transactions.

A: Measurement process of external transactions: