The name of the accounting system where transactions are recorded when they actually take place is called________________________ accounting.
Under accrual basis of accounting the transactions are recorded when they actually take place.
The answer is accrual basis.
The name of the accounting system where transactions are recorded when they actually take place is...
Chapter 5: accounting When COGS is recorded in a periodic inventory system and when it is recorded in a perpetual inventory system. Calculate gross profit, gross profit rate, net sales
Exercise 18-2
The following transactions take place. Indicate the name of the
fund(s) in which each of the transactions or events should be
recorded.
(a)
A commitment was made to transfer general revenues to the entity in
charge of providing transportation for all government
agencies.
General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded. (a) A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. o Capital Projects Funds Enterprise Funds O Pension and Other Employee Benefit Trust Funds Agency Funds Investment Trust Funds Permanent Funds O Private-Purpose Trust Funds Debt Service Funds o General Fund Internal Service Funds Special...
In a cash – less economic system, transactions take place due to existence of the perfect information. True / False? Explain.
Both exercises
EXERCISE 18-1 Identify the Fund The following transactions take place: 1. A cement mixer was purchased with resources of the general fund. 2. A contract was signed for the construction of a new civic center. 3. Bonds were issued to finance the construction of the new civic center. 4. Construction of the civic center was completed. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded. EXERCISE 18-2 Identify the...
Where does the activation of complement system take place? What molecule is responsible for the activation of complement system? How is the bacterial cell going to be destroyed eventually?
A chart of accounts: is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. serves as an index to the ledger, with each account numbered to facilitate frequent references that are made to it. is the same as a T-account, with debits on the left and credits on the right.
true or false: income items are recorded when they are earned and recorded deductions when expenses are incurred, regardless of when the cashflow actually occurs.
A ledger: Multiple Choice is where transactions are initially recorded. is where transactions are posted to after they are initially recorded. o is the same as a chart of accounts, with each account numbered to facilitate frequent references that are made to it. o o is the same as a source document, such as an invoice from a supplier or a copy of a credit purchase made by a customer.
Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific accounts are actually written off. true or false When the accrual basis of accounting is used, expenses are recognized only in the period during which they are paid. true or false Under the accrual basis of accounting, only income that has been earned appears on the income statement. true or false