In a manual system, after which event in the sales process should the customer be billed?

Q: Which one of the following documents is not needed to process a payment to a vendor?A. vendor…

A: Purchases of material and inventory is very important for the business. Payment for purchases can be…

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: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: Seller is notified of goods returned by the buyer when he receives a

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: What are the ways that payments by a seller to a customer is done?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: Describe the nature of the following documents and records andexplain their use in the sales and…

A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…

Q: What document initiates the sales process?

A:

Q: What are the normal balances of the various sales-related accounts?

A:

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: Explain the posting process of the sales journal?

A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: (A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a…

A: The process of sales and collection is officially known as Sales and Collection Cycle and RRR…

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

Q: When granting a sales allowance, is there a return of merchandise inventory from the customer?…

A: Sales allowance is an allowance where reduction in reduction in selling price is granted to customer…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: Describe post sales service arrangements the firm does or should provide

A: After sale services help the companies achieve customer satisfaction and retain their customers.…

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a…

A: Sales can be in cash or credit. Cash sales amount is received immediately and credit sales amount is…

Q: Differentiate between a remittance advice and a customer invoice within the sales process of an…

A: Accounting exchanges are those exchanges that legitimately influence the financial statements of a…

Q: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

Q: f merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Answer -  Correct Answer is - Credit memorandum, Because, A credit note or credit memorandum is a…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected -   1) if we are…

Q: In accounting for consignment sales, sales revenue and the related cost of goods sold should be…

A: Introduction:- Consignment arise when goods are sent by their owner to an agent who undertakes to…

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: sales where the customer is billed before delivery of the goods

A: First option is wrong because there is no such condition to recognize revenue before delivery of…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

Q: Discuss the trade-off in choosing to update the customer credit, should the sales clerk ever be…

A: The credit limit of each customer is decided by the credit manager based on the customer's credit…

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer:   Option c.

Q: When a seller receives payment from a customer who takes the discount for paying early, the journal…

A: When a  seller receives payment within discount period, cash account will be debited with accounts…

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: r and shipping document?  O Invoice price, vendor, delivery date, quantity. O Invoice date,…

A: A three-way matching refers to the process that involves matching the desired purchase orders,…