accbp 7

34問 • 1年前

問題一覧

Together information about transactions or events generally through the source documents

identification of events to be recorded

To record the economic impact of transactions on the firm, in a journal, which is a form that facilitates transfer to the accounts

transaction are recorded in the journal

To transfer the information from the journal to the ledger for classification

journal entries are posted to the ledger

To provide a listing to verify the equality of debits and credits in the ledger

preparation of a trial balance

To aid in the preparation of financial statements

preparation of worksheet including adjusting entries

To provide useful information to decision makers

preparation of financial statements

To record the accruals, expiration of deferrals, estimations and other events from the worksheet

adjusting journal entries are journalized and posted

To close temporary accounts and transfer profit to owners equity

closing journal entries are journalized and posted

To check the equality of debits and credits after the closing entries

preparation of a post closing trial balance

To simplify the recording of certain regular transactions in the next accounting period

reversing journal entries are journalized and posted

What are the two kinds of journal

general journal and special journal

General journal and special journals are called as

books of original entry

What are the specialized groups of original entries

sales journal purchase journal cash receipt journal cash disbursement journal

Only transactions involving sale of merchandise on account or on credit terms are recorded in this book

sales journal

Only transactions involving purchase of merchandise on account or on credit terms are recorded in this book

purchase journal

Only transactions involving receipts of cash are recorded in the book

cash receipts journal

Examples of these are sale of merchandise in cash Collection from customers account Investment of the owner in terms of cash Cash received from a bank loan Refund from a supplier for return of merchandise purchased in cash

cash receipts journal

Only transactions involving cash payments are recorded in this book

cash disbursement journal

Examples of these are Purchase of merchandise in cash Payment of suppliers account Owners withdrawal in cash Cash refund to customers who's merchandise purchase in cash was returned Cash payment of fixed assets Payment of expenses

cash disbursements journal

Will still be used but it is limited to recording of transactions which cannot be recorded in the special journals

general journal

What are the source documents

sales invoice official receipt delivery receipt purchase order receiving report cash or check voucher

The supplier will issue this, when the business buys goods from its supplier

sales invoice

This document will then be used by the business as a supporting document to record purchases

sales invoice

The same document will also be used by the supplier to record its sales

sales invoice

If the goods are sold in cash, what type of sales invoice is used

cash sales invoice

If the goods are sold an account or on credit term, what type of sales invoice is used

charge sales invoice

This document is normally prepared and issued by the business to the customer in the latter pays his account

official receipt

Is a confirmation made by the business that payment of the customer has been received and on the part of customer, an acknowledge affect payment made to the business

official receipt

This is a document that usually accompanies with the sales invoice as a proof that the goods have been delivered and acknowledged by the customer

delivery receipt

This is a document that the business used in ordering goods

purchase order

This document is used by the business for internal control purpose

receiving report

The goods are physically checked against what has been indicated in the sales and voice and delivery receipt issued by the supplier

receiving report

This can be used in lieu of purchase invoice

receiving report

This document is used to accompany cash or check in payment of account or disbursement of whatever nature

cash or check voucher

Business Finance

Sab Sescon · 46問 · 2年前

Business Finance