Homework Answers
C.Account in general ledger
Source documents serves as a physical record based on which the transactions of business are recorded.They describe a business transaction,specifies the amount of money,date,signature etc.Examples of source documents include bank check,invoices sent to customer, deposit slips,lease contract etc.Account in general ledger is not a source document.
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Which of the following is not a source document?
Which of the following is not a...
Identify the items from the following list that are likely to serve as source documents
Identify the items from the following list that are likely to serve as source documents. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)CheckStatement of cash flowsLedgerPrepaid insurance accountInvoice from supplierIncome statementCompany revenue accountBank statementPurchase order
Which of the following is true of the chart of accounts ? Question 14 Not yet...
Which of the following is true of the chart of accounts
?
Question 14 Not yet answered Marked out of 1.00 P Flag question Which of the following is true of a chart of accounts? Select one: A. The first accounts listed are the revenue accounts B. It shows the account title and numerical code of all general ledger accounts C. It is the same thing as a trial balance D. It lists accounts in alphabetical order Previous B Save...
An audit trail enables a person to trace a source document to its ultimate effect on...
An audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Describe the audit trail of payroll and use a flowchart to depict your description. How do I create a flow chart for the following steps I came up with (are they correct)? I am having an issue conceptualizing the flow chart for these steps: 1. Connect timecard/ contract with...
When preparing a bank deposit which of the following is a best practice? Select one: a....
When preparing a bank deposit which of the following is a best practice? Select one: a. Group all customer payments with the same payment method together in one deposit b. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit c. Deposit all customer payments one at a time using the Bank Deposit form d. Leave payments in the undeposited funds account To...
Sales Order Processing System The customer sales order is received via phone or through the mail. Gus Grinwich, the sales clerk, receives the sales order and checks the customer’s credit record. Once...
Sales Order Processing System The customer sales order is received via phone or through the mail. Gus Grinwich, the sales clerk, receives the sales order and checks the customer’s credit record. Once Grinwich checks the customer’s credit record, he prepares the sales order. From this sales order, Grinwich prepares a customer copy, stock release, shipping notice, two copies of the invoice, ledger copy, packing slip, and the file copy. One of the invoice copies, the ledger copy, and the file...
I just need help on I. J. K. please, thank you. 5.12. Draw a document flowchart...
I just need help on I. J. K. please, thank you.
5.12. Draw a document flowchart to depict each of the following situations. a. An individual from the marketing depart- ment of a wholesale company prepares five copies of a sales invoice, and each copy is sent to a different department. b. The individual invoices from credit sales must temporarily be stored until they can be matched against customer payments at a later date. c. A batch control tape is...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: A. The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. B. After receiving...
which of the following is the best definition of a source document in the accounting process...
which of the following is the best definition of a source
document in the accounting process
Which of the following is the best definition of a source document in the accounting process? O A source document is used to determine who hired an employee that is assigned the duty of entering transactions into the accounting process. O A source document shows all the information about the legal rights a company has in relation to when it should pay a bill...
3. Consider the following partial credit approval process for sales to customers on account: A credit...
3. Consider the following partial credit approval process for sales to customers on account: A credit clerk in the Credit Approval Department receives three copies of a credit sales invoice from the Sales Department. The clerk reviews the invoices for math errors and confirms that all customer and product information on the invoice is correct. The three copies of the sales invoice are sent to the Credit Manager in the Credit Approval Department for approval. The Credit Manager manually pulls...
Which of the following would be considered a source document in an accounting system? (Check all...
Which of the following would be considered a source document in an accounting system? (Check all that apply.) Checks Employee speeding ticket Purchase order Sales receipt Payroll records
Which of the following is true of the chart of accounts
?
Question 14 Not yet answered Marked out of 1.00 P Flag question Which of the following is true of a chart of accounts? Select one: A. The first accounts listed are the revenue accounts B. It shows the account title and numerical code of all general ledger accounts C. It is the same thing as a trial balance D. It lists accounts in alphabetical order Previous B Save...
I just need help on I. J. K. please, thank you.
5.12. Draw a document flowchart to depict each of the following situations. a. An individual from the marketing depart- ment of a wholesale company prepares five copies of a sales invoice, and each copy is sent to a different department. b. The individual invoices from credit sales must temporarily be stored until they can be matched against customer payments at a later date. c. A batch control tape is...
At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description of their duties is as follows: A. The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to accountant 1, and one copy is mailed to the customer. B. After receiving...
which of the following is the best definition of a source
document in the accounting process
Which of the following is the best definition of a source document in the accounting process? O A source document is used to determine who hired an employee that is assigned the duty of entering transactions into the accounting process. O A source document shows all the information about the legal rights a company has in relation to when it should pay a bill...
3. Consider the following partial credit approval process for sales to customers on account: A credit clerk in the Credit Approval Department receives three copies of a credit sales invoice from the Sales Department. The clerk reviews the invoices for math errors and confirms that all customer and product information on the invoice is correct. The three copies of the sales invoice are sent to the Credit Manager in the Credit Approval Department for approval. The Credit Manager manually pulls...
Which of the following would be considered a source document in an accounting system? (Check all that apply.) Checks Employee speeding ticket Purchase order Sales receipt Payroll records
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