FAR 1

100問 • 1年前

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Only a limited number of transactions can be processed daily because only one person at a one time can introduce entries into the _____.

general ledger

Transactions recorded in the _____ must be posted individually in the general ledger resulting to a great deal of posting labor.

general journal

To overcome these limitations, entities adopt an accounting system that incorporates either the use of the usual ______ (_______) or the _____.

special journals (non-voucher) voucher system

Entities adopt an accounting system that uses _____ in the GENERAL LEDGER and separate subsidiary ledgers to record and control the accounts of individual customers and creditors.

control accounts

Entities adopt an accounting system that uses control accounts in the general ledger and separate ______ to record and control the accounts of individual customers and creditors.

subsidiary ledgers

A problem where having too much transactions to record in one journal can be best addressed using an _______ CONTROL ACCOUNT in the general ledger and individual customer accounts in a subsidiary ledger.

accounts receivable

A problem where having too much transactions to record in one journal can be best addressed using an ACCOUNTS RECEIVABLE _____ in the general ledger and individual customer accounts in a subsidiary ledger.

control account

A problem where having too much transactions to record in one journal can be best addressed using an accounts receivable control account in the general ledger and _______ in a subsidiary ledger.

individual customer accounts

A problem where having too much transactions to record in one journal can be best addressed using an accounts receivable control account in the general ledger and individual customer accounts in a _____.

subsidiary ledger

It is a controlling account in the sense that ist balances should equal the total of the individual account balances in the subsidiary ledger.

accounts receivable control account

The ______ are the subsidiary accounts.

individual customer accounts

The individual customer accounts are the _____.

subsidiary accounts

The sum of all the individual balances in the _____ must equal the balance in the ACCOUNTS RECEIVABLE CONTROL ACCOUNT in the general ledger.

accounts receivable subsidiary ledger

The sum of all the individual balances in the ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER must equal the balance in the ______ in the general ledger.

accounts receivable control account

These are journals of original entry other than the general journal that are designed for recording specific types of transactions of a similar nature.

special journals

The ______ technique can be used to yield a detailed breakdown of many general ledger accounts, not just accounts receivable.

control account-subsidiary ledger

What are the four most common types of special journals?

sales journal cash receipts journal purchases journal cash disbursement journal

Sales of merchandise on account journal

sales journal

Receipts of cash journal

cash receipts journal

Credit purchases of merchandise and other items journal

purchases journal

Payments of cash journal

cash disbursement journal

Entries that do not fit in the other journals

general journal

Posting abbreviation for SALES JOURNAL

Posting abbreviation for CASH RECEIPTS JOURNAL

Posting abbreviation for PURCHASES JOURNAL

Posting abbreviation for CASH DISBURSEMENTS JOURNAL

Posting abbreviation for GENERAL JOURNAL

When SPECIAL JOURNALS are used, the GENERAL JOURNAL is maintained for ____, _____, and ______; and for recording transactions that do not fit in the other special journals.

adjusting closing reversing entries

A major advantage of SPECIAL JOURNALS is that their use permits _____.

division of labor

When _____ are used, the recording step in the accounting cycle can be divided among several persons, each of whom is responsible for particular types of transactions.

SPECIAL JOURNALS

The use of special journals often reduces _____. Special journal transactions need no routine explanations for each entry.

recording time.

Probably the most significant advantage of using special journals is the time safe in posting from the _____.

journals to the ledgers

This journal lists all credit sales for the month.

sales journal

The information for each sale in SALES JOURNAL is obtained from a copy of the related _____, which should be pre-numbered for control purposes.

sales invoice

This journal is specifically designed to record sales of merchandise on account.

sales journal

Cash sales are recorded in the _____.

cash receipts journal

Credit sales of assets other than merchandise inventory (e.g. property and equipment) are entered in the _____.

general journal

Amounts recorded in the SALES JOURNAL are posted _____ to the SUBSIDIARY LEDGER to keep a current record of the ACCOUNTS RECEIVABLE from each customer.

daily

A ______ is placed in the POSTING REFERENCE COLUMN of the sales journal to signify the amount has been posted to the customer's account in the subsidiary ledger.

check mark

Updating the _____ daily also allows the credit department to review and monitor a customer's account balance at times other than a billing date.

subsidiary ledger

The advantage of _____ is that statements of account can be mailed throughout the month rather than in one large group at the end of the month.

cycle billings

The advantage of cycle billings is that ______ can be mailed throughout the month rather than in one large group at the end of the month.

statements of account

At the end of the month, the total sales figure is posted to the general ledger as a DEBIT to the ______ and as a CREDIT to the ______.

accounts receivable control account sales account

When amounts are posted to the ledger, the ______ is entered in the account to identify the source of the data.

journal page number

All transactions involving cash receipts are recorded in a _____.

cash receipts journal

In a merchandising business, the main sources of cash are _____ and ____.

collections on account cash sales

Does journal has DEBIT columns for cash and sales discounts; and CREDIT columns for accounts receivable and sales.

cash receipts journal

_____ are evidence by source documents like PRE-NUMBERED OFFICIAL RECEIPTS (OR), CASH REGISTER TAPES (CRT) or CASH SLIPS, and BANK CREDIT MEMORANDUM (CM).

CASH RECEIPTS

CASH RECEIPTS are evidence by source documents like _______, ______, and _______.

PRE-NUMBERED OFFICIAL RECEIPTS (OR) CASH REGISTER TAPES (CRT) or CASH SLIPS BANK CREDIT MEMORANDUM (CM)

A _______ in the subsidiary lecture is usually prepared at the end of each accounting period to verify that the subsidiary ledger agree to the related control account.

schedule of account balances

Is the sign to account for purchases of merchandise, supplies and other assets on account.

purchases journal

Cash purchases are recorded in the _____.

cash disbursements journal

In the _____, the primary source document used as the basis for the entries in the journal is the RECEIVING REPORT (RR).

PURCHASES JOURNAL

In the PURCHASES JOURNAL, the primary source document used as the basis for the entries in the journal is the ______.

RECEIVING REPORT (RR)

The journal showed special columns for DEBITS to purchases, office supplies, and store supplies, as well as for CREDITS to accounts payable.

purchases journal

The amounts in the ACCOUNTS PAYABLE column are posted to the ACCOUNTS PAYABLE SUBSIDIARY LEDGER on a _____ basis.

daily

All cash payments are recorded in a _____.

cash disbursement journal

Note the special columns for credits to cash and purchases discounts, and for debits to accounts payable and purchases.

cash disbursement journal

This special journal has columns for the date and the number of check issued for each cash payment.

cash disbursement journal

When special journals are used, transactions that cannot be recorded appropriately in a special journal are recorded in the ______.

general journal

Examples of transactions here include merchandise returns; write offs of uncollectible accounts; uncertain non-cash transactions involving notes receivable and notes payable.

general journal

Total debit balances and total credit balances of the accounts in the general ledger should be _____.

equal

The balance of the _______ in the general ledger and the sum of the ______ in the accounts receivable subsidiary ledger must be equal.

ACCOUNTS RECEIVABLE CONTROL ACCOUNT INDIVIDUAL CUSTOMER ACCOUNTS

The functions of _____ are to reduce and simplify the work in accounting and to allow for division of labor.

special purpose journals

These journals should be designed to fit the business for which they are used.

special journals

These journals should be designed to suit transactions commonly encountered by an entity.

special journals

Most entities control purchases and cash disbursements by formalizing the process of verification and approval of payments using a method known as the ______.

voucher system

Under this system, checks may be drawn only upon a written authorization in the form of a voucher approved by responsible officials.

voucher system

The _____ consists of VOUCHERS, VOUCHER REGISTER, UNPAID VOUCHER FILE, CHECK REGISTER, and PAID VOUCHER FILE.

VOUCHER SYSTEM

The VOUCHER SYSTEM consists of ____, ____, ____, ____, and _____.

VOUCHERS VOUCHER REGISTER, UNPAID VOUCHER FILE CHECK REGISTER PAID VOUCHER FILE

The ______ takes the place of the PURCHASES JOURNAL while the _____ substitutes the cash DISBURSEMENTS JOURNAL.

VOUCHER REGISTER CHECK REGISTER

The VOUCHER REGISTER takes the place of the _____ while the CHECK REGISTER substitutes the cash ______.

PURCHASES JOURNAL DISBURSEMENTS JOURNAL

Is a serially numbered form that identifies the name and address of the payee, the due date, terms, description and invoice amount.

voucher

This form includes a section for designated officers to sign their approval for payment.

voucher

It also has spaces for details such as the date of payment, check number and ledger entries.

voucher

Before the VOUCHER is approved for payment, comparison of _____, _____, ____, and ______ for agreement of quantities, prices, types of goods, in terms must be verified.

purchase requisition purchase order invoice receiving report

Before the VOUCHER is approved for payment, the personal will verify and review of _____ and ______ in the invoice.

extensions footings

Before the voucher is approved for payment, the the personal performs verification procedures that includes approval of _____ (i.e. the general ledger accounts to be debited)

account distribution

Copies of the ____, ____, ____, and ____, should be attached to the voucher.

purchase requisition, purchase order, invoice, receiving report

Copies of purchase requisition, purchase order, invoice, and receiving report documents will comprise the ______.

voucher package

Takes the place of the purchases journal and provides a record of all authorized check payments.

voucher register

In a voucher system, all expenditures are recorded first in the ______.

voucher register

Approved vouchers are entered in the _____ in numerical sequence.

voucher register

The vouchers should be _____ so they can be accounted for and referred to easily.

pre-numbered

Has columns to record payment date and check number, what's your entered when the voucher is paid.

voucher register

Has columns for expense and asset accounts frequently debited such as purchases, transportation in, office supplies and transportation out.

voucher register

The absence of entries in the payment date and check number columns of the voucher register indicate that the voucher is _____.

unpaid

Is a simplified form of the cash dispersements journal.

check register

Is a record of all check payments.

check register

Are issued only in payment of approved and recorded vouchers.

checks

Every _____ issued is recorded by a debit to accounts payable and credit to cash, and to purchases discounts if appropriate.

check

On or before the due date, the VOUCHER PACKAGE is removed from the unpaid file and forwarded to the disbursing officer for _____ of payment.

final approval

The check number and payment date are recorded in the _____, which is done returned to the accounting department.

voucher

The safeguard against irregularities, the voucher and its underlying documents should be _____ by the disbursing officer before the voucher is returned to the accounting department.

cancelled

The paid voucher along with its supporting documents are filed in a numerical sequence in a ______.

paid vouchers file

This file is then available for examination by internal or external auditors requiring information about a specific expenditure.

paid voucher file

Under the _____, discounts may cause the amount of the check to differ from the gross amount of the voucher.

voucher system

If the company who already anticipate taking all discounts, should miss a discount, an adjustment must be made in the voucher (or the original voucher must be _____ and a new one prepared)

cancelled

An alternative solution for handling lost discounts when the net price method is used is to provide the ______ in the check register.

discounts lost column

100

Companies. usually handle _____ by canceling the original voucher and issuing a new one for the lower amount

purchases returns and allowances

Business Finance

Sab Sescon · 46問 · 2年前

Business Finance