Identify the items from the following list that are likely to serve as source documents. a. Sales receipt d. Prepaid insurance account g. Income statement b. Trial balance e. Invoice from supplier h. Bank statement c. Balance sheet f. Company revenue account i. Telephone bill

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Sources of input data is the the invoice or any other form of data from which data of a transaction…

Q: Which of the following transaction will be correct in regards to Source document of a Business? O a.…

A: Source documents are sort of documents that are part of accounting and are created when any monetary…

Q: Arrange them in proper order and indicate whether each step is a function of the TPS, GLS pr FRS.,

A:

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: The Ledger related to expenses is entered in which one of the ledger? Sales Ledger Purchase return…

A: Expenses are not recorded in a specific ledger.

Q: The adjusting entry to take up accrued expenses is recorded in the: (A purchases journal B general…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: Calculate Receipts from customers, payments to suppliers, payments for expenses, drawing

A: Cash received from customers shows how total amount has been received from the customers in the…

Q: A summarized statement of transactions relating to a particular person, item expense or income. a.…

A: Solution:   A summarized statement of transactions relating to a particular person, item expense or…

Q: The accountant of South Boot Company recorded a transaction by debiting Accounts Payable and…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…

A: The right answer is option d.   Journal is the primary book of accounting  which recognizes all…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: From the following list, identify those that are likely to serve as source documents.  Trial…

A: A source document refers to the original document that includes all the information of the business…

Q: Below are the steps in the measurement process of external transactions. Arrange them from first (1)…

A: Measurement process of external transactions:

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: Which of the following is an example of revenue or expense to be recognized in the current period’s…

A: Income statement forms a part of financial statements and is prepared with a view to show the net…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…

A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…

Q: Which of the following statements is true? a debit to at least one T-account and a credit to (A)…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: For each transaction show the double entry (debit and credit general ledger names), as well as the…

A:

Q: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: Post the transactions to T accounts which are Cash, Account Receivable and Service Revenue, lastly…

A: T-account: T-account refers to an individual account, where the increases or decreases in the value…

Q: From the options given below recognize a process that records the routine economic activities of the…

A: Book keeping is a process that records the routine economic activity of the business and…

Q: If the owner of the business wants to see both the debit and credit entry for a specific…

A: Accounting refers to system which summarize as well as reports the financial and the business…

Q: Identify the items from the following list that are likely to serve as source documents. Is this a…

A: >Analyzing and recording the transaction is the first stem in the Accounting…

Q: The current assets of FDN Company's Statement of Financial Position would have the following: Trade…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: debit to the Income Summary ledger account and a credit to the Home Office account appear in: A.…

A: Branch accounting indicates a process of bookkeeping where the accounts of the branch will be…

Q: The entry to record the purchase of supplies on account would include a: a. debit to the Retained…

A: When supplies are purchased, as per the real account rule, supplies will be debited. As supplies are…

Q: The income statement is drawn up from the figures in the _________________ Select one: a. Accounts…

A: An income statement may be defined as that type financial statement which is prepared to ascertain…

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: summarized statement of transactions relating to a particular person, item expense or income. a.…

A: An account is a summarized statement of transactions relating to a particular person, item expense…

Q: A chart of accounts is a list of all ledger accounts and an identification number for each. Identify…

A: >Ledger accounts are the accounts of various accounting elements. >These accounts are of…

Q: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare…

A: Income Statement: It is used to report a company financial statement during the accounting period…

Q: A worksheet a. is a journal used to record transactions. b. is a financial statement that reports…

A: Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of…

Q: The book where transactions related to a particular account is summarized. a. General Ledger b.…

A: Transactions are the monetary events that are supposed to be reported in the books of accounts to…

Q: sources of input data may include all of the following business documents except : a- sales invoice…

A: Source document refers to the document of original record, that is recorded when it is collected for…

Q: The controlling account in the general ledger that summarizes the debits and credits to the…

A: The control account is the summary balance of the subsidiary ledger's account. A subsidiary ledger…

Q: What does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports…

A: Accrual Basis of Accounting: The accrual basis of accounting is a method of accounting where the…

Q: A purchase of supplies on account is recorded in the ? Please explain with full explanation. a.…

A: Supplies: These are the general purpose consumables used for the purpose of business operations.…

Q: At the time of the event, which of the following does not result in a journal entry and an update of…

A: A general ledger is one of the basic foundations of any company's double-entry accounting system…

Q: Due to this accounting principle I have to store the accounting documents for example invoices, cash…

A: Accounting is based on various principles that are to be considered while preparing accounts of the…

Q: the company rendered services on account, what is the entry? O debit cash, credit service revenue…

A: Rendering services is called service revenue for the business. For services rendered, amount may be…

Q: Which of the following transaction will be correct in regards to Source document of a Business? a.…

A: The source documents the main place where transactions are recorded.