Briefly discuss the nature of Single entry and double entry system.

Q: Explain common principles and limitations of internalcontrol.

A: Internal Control is a concept which ensures management to to safeguard its assets. Internet control…

Q: Which of the following can be used to link two tables together? Select one: a. Primary Key b.…

A: Foreign key is a column or group of columns in a relational database table that provides a link…

Q: Explain the call-put parity relation and how it is justified?

A: call-put parity relation 1. It shows the prices of calls and puts , consistency of underlying…

Q: are we also user of accoutanting, if yes how?

A: Financial Accounting provides various useful information to various user groups which helps them in…

Q: Define the term reversing entries.

A:

Q: Explain Matching Principles?

A: Matching concept is an accounting principle which explains the need to match revenue with the…

Q: What is Single stage-Two envelopes procedure and Two stage-Two envelopes procedure?

A: When a company wants to auction its product or assets to other party for the purpose of obtaining…

Q: Explain the difference between external events and internal events. Give an example of each type of…

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: What are the advantages of the direct write-off method? And Explain Please.

A: Direct write-off method is an effective way for a company’s business to recognize bad debt. Bad debt…

Q: Explain how to link tables in a 1:1 association. Why may this be different in a 1:0,1 association?

A:

Q: What are the disadvantages of a Double Entry System?

A: Double entry system is a method of keeping records of transaction in the books of accounts, where…

Q: Define Matching principle

A: Introduction: The matching principle that needs a corporation to match expenditures with connected…

Q: Explain the limitations of ABC system.

A: ABC System is a method of costing i.e. Activity Based Costing. This is a costing method that assigns…

Q: Explain how a separate linking table works in a many-to-many association.

A: Database Management: Database management refers to management of databases held within an…

Q: Explain Matching concept and provide example.

A: In order to record revenue and expense for a company, it should consider the matching concept while…

Q: Define each of the following terms:f. White knight; proxy fight

A: A white knight is hostile acquisition security by which a 'friendliness' person or business who…

Q: Explain direct write off method.

A:

Q: ease with the following provisions: 'IL

A: Here asked for Multi sub part question we will solve for first question for you.  If you need…

Q: Identify and describe the different billing schemes.

A: Billing schemes are those techniques in which fraudulent invoices are submitted for fictitious goods…

Q: What are roll-forward procedures? Provide some examples

A: Roll-Forward Procedure: Auditors perform procedure to draw out the conclusion from an interim date…

Q: Display graphically and explain the mechanism of settlements by collection orders

A: There are mechanism of company working for the settlements of collection orders where the sender of…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: Explain discretionary access privileges.

A: In discretionary access privilege, the proprietor of the item indicates which subjects can get to…

Q: what is double entry system ?

A: Double entry system of accounting is based on the accounting equation as follows: ASSETS = EQUITY…

Q: Define two-bin method

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: What are the different stages of the Double Entry System?

A: The accounting is a process to identify the business transactions, classify the business…

Q: Define Physical location exchange

A: Exchange relates to a platform where the asking and bidding of various securities of different…

Q: How do HTTP and HTTP-NG differ?

A:

Q: Explain an example of prepayments.

A: The outflow of money to reduce the liabilities occurred in the current accounting period refers to…

Q: Explain the lockbox system.

A: A lockbox system is a collection of lockboxes strategically located near geographic clusters of firm…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is a double-entry? Give an example?

A: Double entry: Double-entry refers to the double effect of each financial transaction that occurs.…

Q: Explain the advantages of an electronic billing cycle

A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…

Q: What are some limitations of using the direct write-off method?

A: In order to increase sales generally business enterprises sales the goods on a credit basis. When…

Q: entry system.

A: Cash basis accounting uses the single entry system of accounting in which entries are made only when…

Q: Is it necessary to have several entries in a control structure? why?

A: Control structure is an amalgamation of the  polices and  procedure , which is implemented to ensure…

Q: Why is a separate link table required when an M:M association exits between related tables?

A:

Q: Define duality.

A: Duality is related to happening of an economic transaction. This concept arises when any transaction…

Q: Explain the double entry mechanism with an illustrative example.

A: The transactions are recorded in the books of accounts initially in the form of journal entries…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.