Question 29 Show
Which of the following is the best reason for pre-numbering in numerical sequence documents sucj as sales orders, shipping documents and sales invoices?
 Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices,and… A: Pre numbered documents are the main feature of an internal control system. The pre numbering of… Q: Why do companies use sequential prenumbering for documents such as checks, sales invoices, and… A: Pre numbered documents are a main feature of an internal control system. The pre numbering of… 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: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices? A: Click to see the answer Q: What general ledger journal entries does the purchases system trigger? From which departments do… A: Purchasing System: The identification and procurement of the inventory needs for the organization is… Q: Which one of the following departments does not have a copy of the purchase order?a. the purchasing… A: Answer: Option d. Q: For each of the following items, indicate whether a sequential, block, group, alphabetic, or… A: State Codes - Alphabetic Code - Because it corresponds to abbreviation of postal Service. Check… Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit… A: Click to see the answer 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: What steps are followed in posting from the sales journal to the accounts receivable ledger? A: Sales Journal A journal is a book of original entry where all journal entries are recorded on the… Q: Describe the flow of data in the purchasing process that is initiated when the purchasing… A: As per the question the flow of data is asked which means to provide step by step explanation of a… Q: Describe the flow of data in the purchasing process that is initiated when the purchasing… A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a… Q: Which files do you usually find in a sales order module versus an accounts receivable (customer)… A: Sale is the outflow of the commodities or the inventory held with the business entity to generate… Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?… A: “Since you have asked multiple questions, we will solve the first question for you. If you want any… Q: Which files do you usually find in a sales order module versus an account receivable (customer… A: The sales order module contains an open sales order which is an internal document issued by seller… Q: Describe the data flow in the buying process that begins when the purchasing organization sends a… A: The Answer: Q: The Accounts Receivable subsidiary ledger is updated (increased and decreased) by using which of the… A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service… 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: Which document helps to ensure that the receiving clerks actually count the number of goods… A: Option b is the answer 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: What are the normal balances of the various sales-related accounts? A: Click to see the answer Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.… A: Under QBO there is a feature to customize your forms. Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC… A: The person responsible for releasing an order is the material planner. Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.… 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: 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: Which of the following tests is directed towards the management assertion of completeness of sales?… A: It is one of the fundamental accounting principles that costs and revenues should be recognized as… Q: 33.This is the type of special journal where sales invoice from a supplier may be found. A. sales… A: There are various types of journals which are being maintained as part of books of accounts.… Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales… A: Click to see the answer Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales… A: Answer is C. Sales invoice. Sales are normally recorded on the date of the Sales invoice date as per… Q: Explain how to journalize sales transactions. A: Journal Entry: It is a systematic record of a financial transaction of an organization recorded in… Q: In a manual system, after which event in the sales process should the customer be billed? A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of… Q: posting from a sales journal to an accounts receivable ledger? A: Sales journal is also referred as sales book or sales day book. All the credit sales are recorded… Q: what steps are followed in posting from the purchases journal to the accounts payable ledger? A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on… Q: The Sales Returns and Allowances account is reported as a A: Sales Return refers to the process of returning goods by a customer back to the company or… Q: Compare and contrast a manual accounting system for processing customer transactions. Include an… A: A manual accounting system is a bookkeeping system for recording business activity transactions,… Q: Business documents used to keep track of sales and purchases are called _____. F.O.B. shipping… A: The invoice is prepared by seller and buyer at the time of sale and purchase. Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible… A: It is the process followed by the organization in order to ensure the reliability of the financial… Q: Sales Returns and Allowances account is report it like A: Sales returns occur when goods are given back by the customer due to defects in terms of… Q: What are the columns that are typically used in the purchases journal? A: Click to see the answer Q: What are the columns that are typically used in the purchases journal? A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the… Q: Which of the following journal entry is correct for the transactions of goods returned by a… A: When we make a sales to customer, we pass the following entry:- Trade receivables Dr To… Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,… A: Click to see the answer Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,… A: For each of the transactions, state which special journal (sales journal, cash receipts journal,… Q: Why is it important to obtain shipping and receiving cutoff information during the inventory… A: Cut-off Procedures: The audit procedures applied to separate the transactions from one period to… Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets… A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,… Q: What are the two journal entries involved when recording the sale of inventory when using the… A: Perpetual inventory system refers to the inventory system that maintains the detailed records of… Q: he following describes the expenditure cycle manual procedures for MODALITY Company. The inventory… A: Step 1: The inventory control Clerk examines the inventory records for items that must be… Q: record the following transactions in their corresponding journals it could be in: -sales journal… A: An accounting cycle refers to the different stages in the preparation of the final accounts. Final… Q: What is just-in-time (JIT) inventory system? A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you Accounting Information Systems ISBN:9781337552127 Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill Publisher:Cengage Learning Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning College Accounting, Chapters 1-27 ISBN:9781337794756 Author:HEINTZ, James A. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Pkg Acc Infor Systems MS VISIO CD ISBN:9781133935940 Author:Ulric J. Gelinas Publisher:CENGAGE L Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Accounting Information Systems ISBN:9781337552127 Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill Publisher:Cengage Learning Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning College Accounting, Chapters 1-27 ISBN:9781337794756 Author:HEINTZ, James A. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Pkg Acc Infor Systems MS VISIO CD ISBN:9781133935940 Author:Ulric J. Gelinas Publisher:CENGAGE L Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Which of the following is the most effective procedure for determining the collectibility of an account receivable?The most effective audit procedure for determining the collectability of an account receivable is the: review of the subsequent cash collections.
Which of the following audit procedures is the most effective in testing sales for understatement?Which of the following audit procedures is the most effective in testing sales for understatement? Trace a sample of shipping documents to sales invoices recorded in the sales journal. To determine whether sales transactions have been recorded in the proper accounting period, the auditor performs cutoff tests.
Which of the following procedures would probably be most effective in identifying duplicate billing of customers during the year?Which of the following procedures would probably be most effective in identifying duplicate billing of customers during the year? Confirmation of accounts at year end.
Which of the following is not a valid reason for an auditor deciding not to send a R confirmations?Which of the following is not a valid reason for an auditor deciding not to send accounts receivable confirmations? The client requests alternative procedures be performed instead.
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Which of the following is the best reason for Prenumbering in sequence such documents as sales orders shipping documents and sales invoices?
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