Operating activities include all of the following except: Question 5 options: purchasing goods for resale performing services Paying employee salaries Purchasing a cash register
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Operating activities include all of the following except:
Question 5 options:
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purchasing goods for resale |
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performing services |
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Paying employee salaries |
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Purchasing a cash register |
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- Record the following purchase transactions of Money Office Supplies.Record the following sales transactions of Money Office Supplies.Knowledge Check 01 Identify the type of activity by choosing the best answer for each question. Select each item listed below as being an identifying, recording, or a communicating activity. Items Preparing and entering a list of checks issued. Using a cash register to enter sales. Entering a list of the sales invoices, including the prices and quantities, for the company's recordke Interpreting information from financial reports. Preparing financial statements for creditors.
- Match each document in a voucher system with its description. Document 1. Purchase requisition 2. Purchase order 3. Invoice 4. Receiving report 5. Invoice approval 6. Voucher Description A. An itemized statement of goods prepared by the vendor listing the customer’s name, items sold, sales prices, and terms of sale. B. An internal file used to store documents and information to control cash payments and to ensure that a transaction is properly authorized and recorded. C. A document used to place an order with a vendor that authorizes the vendor to ship ordered merchandise at the stated price and terms. D. A checklist of steps necessary for the approval of an invoice for recording and payment; also known as a check authorization. E. A document used by department managers to inform the purchasing department to place an order with a vendor. F. A document used to notify the appropriate persons that ordered goods have arrived, including a description of the quantities and condition of…1. A special journal contains columns for Cash, Purchases Discounts and Accounts Payable. This journal is a (an) A. Invoice Register B. Sales Journal C. Cash Receipts Journal D. Cash Disbursements Journal 2. Which of the following is true of a voucher system? A. All major expenditures, including cash transactions for payment of rent and utilities expense, would first be credited to Vouchers Payable before payment is made. B. Transactions are first entered in the check register, and later, when payment is made, in the voucher register. C. The check register replaces the cash receipts journal. D. The voucher register contains a debit column for Vouchers Payable 3. An accounting clerk would take first which of the following steps? A. Post individual amounts to the subsidiary ledgers. B. File source documents C. Journalize the business transaction D. Post to the general ledgers. 4. The book of original entry that will accommodate entries which cannot be appropriately recorded in any of the…What are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Deposit
- DATA FLOW DIAGRAM—CASH DISBURSEMENTSPrepare a data flow diagram that reflects the activities presented in the process outlined in Problem 4.SYSTEM FLOWCHART APUsing the format presented in Figure 2-4 in the text, develop a similar flowchart for the process of paying vendor accounts payable.The Process: Vendors send invoices to the AP department where they are reviewed and approved for payment. Once approved, the invoice and a cash disbursement voucher are sent to the cash disbursement department, where a check is prepared and sent to the vendor. A copy of the check, the invoice, and the voucher are returned to the AP department and filed.A cash discount on purchases should be debited to ______________ Select one: A. a revenue account B. a creditor account C. a debtor account D. an expense accountExplain two methods that an organization could use to monitor its balances of : Cash Accounts receivable Inventory Explain two ways that an organization could reduce its balance of: Cash Accounts receivable Inventory
- Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Group of answer choices a.Inventory b.Prepaid expenses c.Accounts payable d.Cash in bankDescribe how you can use QuickBooks to perform the following tasks Carry out transfers between accounts Delete a Connected Bank Account Create a Budget Sorted by Customer and Service Item Enter a bill for inventory partDrawing from your basic accounting knowledge, list the relevant data attributes that constitute the record types below. Identify which attribute is the primary key for the record. Accounts Payable record Inventory record Customer Sales Orders record Purchase Orders to vendors Cash Receipts (checks) from customers Employee Payroll Earnings records
