the objective of the account receivable phase in the revenue cycle is to ensure payments for...
- the objective of the account receivable phase in the revenue cycle is to
- ensure payments for goods and services are received on time and incorrect amount
- ensure payments for goods and services are correctly reversed, recorded and banked
- ensure the accounts payable record is updated accordingly when payments for goods and services are received
- ensure that payments for goods and services are made to the correct suppliers.
Homework Answers
| Answer : Option a [ ensure payments for goods and services are received on time and in correct amount ] |
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the objective of the account receivable phase in the revenue
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Part A: 15 Multiple Choice Questions (Total: 15 marks) (1 mark for each correct answer) (Please...
Part A: 15 Multiple Choice Questions (Total: 15 marks) (1 mark for each correct answer) (Please answer MC Questions on the answer sheet provided on page 16) What is the connection between the concept of accountability and corporate governance? The board reviews poor decisions and punishes the person responsible. b. The board delegates decision making to employees but retains ultimate responsibility. Decisions are made by the person who needs to act on the decision irrespective of their position in the...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 54,148 48,192 8,036 2,447 5,320 43,860 1,370 21, 118 2,707 The following activities occurred in 2019: 1. Performed advertising services on account, $64,050. 2. Received cash payments on account, $12,300. 3. Received deposits from customers for advertising services to...
Which of the following is a revenue account?
Which of the following is a revenue account?retained earningsfees earnedrent expenseunearned revenueWhich of the following accounts is increased with a debit?common stockprepaid insurancefees earnedunearned revenueWhich of the following errors will cause the trial balance totals to be unequal?entering an incorrect amount on the trial balancefailure to record a transaction or to post a transactionrecording the same transaction more than oncerecording the same erroneous amount for both the debit and the credit parts of a transactionWhich of the following types of...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55, 332 49,245 8,149 2,470 5,370 44,819 1,400 21,579 2,767 The following activities occurred in 2019: 1. Performed advertising services on account, $65,450. 2. Received cash payments on account, $12,600. 3. Received deposits from customers for advertising services to...
[The following information applies to the questions displayed below.) The following account balances are taken from...
[The following information applies to the questions displayed below.) The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising revenue Cash Accounts receivable Interest expense Accounts payable Operating expenses Unearned revenue Equipment Income tax expense $ 57700 51,353 8,375 2,516 5,470 46,737 1,460 22,503 2.885 The following activities occurred in 2016: 1. Performed advertising services on account, $68,250, 2. Received cash payments on account, $13,200. 3....
only final answers plz 15. The Accounts Receivable account has a beginning balance of $10,000 and...
only final answers plz
15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
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Part A: 15 Multiple Choice Questions (Total: 15 marks) (1 mark for each correct answer) (Please answer MC Questions on the answer sheet provided on page 16) What is the connection between the concept of accountability and corporate governance? The board reviews poor decisions and punishes the person responsible. b. The board delegates decision making to employees but retains ultimate responsibility. Decisions are made by the person who needs to act on the decision irrespective of their position in the...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 54,148 48,192 8,036 2,447 5,320 43,860 1,370 21, 118 2,707 The following activities occurred in 2019: 1. Performed advertising services on account, $64,050. 2. Received cash payments on account, $12,300. 3. Received deposits from customers for advertising services to...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55, 332 49,245 8,149 2,470 5,370 44,819 1,400 21,579 2,767 The following activities occurred in 2019: 1. Performed advertising services on account, $65,450. 2. Received cash payments on account, $12,600. 3. Received deposits from customers for advertising services to...
[The following information applies to the questions displayed below.) The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising revenue Cash Accounts receivable Interest expense Accounts payable Operating expenses Unearned revenue Equipment Income tax expense $ 57700 51,353 8,375 2,516 5,470 46,737 1,460 22,503 2.885 The following activities occurred in 2016: 1. Performed advertising services on account, $68,250, 2. Received cash payments on account, $13,200. 3....
only final answers plz
15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
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