s is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected uncollectible accounts.

s is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected uncollectible accounts.

Name: Which one of the following statements is true?a. When a company uses a
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Description: Which one of the following statements is true?a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1TP: Why must the Accounts Receivable account in the general ledger match the totals of all the...

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Why must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
Which of the following statements is true? A. There are fewer subsidiary accounts than control accounts B. The number of control accounts must always equal to the number of subsidiary accounts C. The amounts in the subsidiary ledgers must at all times be equal to the total related general ledger account. D. Subsidiary accounts are usually maintained for accounts receivable, accounts payable, notes receivable and notes payable.
A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that are made “on account” are posted to the individual customer or creditor accounts.a. Why do companies use subsidiary ledgers for accounts payable and accounts receivable?b. Identify another account that could benefit from using a subsidiary ledger.
Discuss, using practical example the effect of prepayment figures on the preparation of a financial statement? Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of the list of accounts receivable ledger balances.? Discuss, using practical example how revenue expenditure should not be capitalized ?
Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B. Supplier's debit balances C. Accounts receivable D. Customers's credit balance
TRUE OR FALSE?The debit balances in suppliers' accounts should be netted against accounts payable.
Which of the following is true? a. When individual customers’ accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers’ accounts on the statement of financial position. b. Sales revenue is increased by a recovery of an account previously written off. c. It is appropriate to measure the impairment of receivables based on recognized sales and other revenues. d. A noninterest-bearing promissory note is measured on the statement of financial position at face value less the amount of unamortized discount.
5. TRUE OR FALSE. If assignment of receivables is made under a notification basis, the company, the assignor records any collection from its client ahead of the financing institution.
18. If a company employs the net method of recording accounts receivable from customers, then sales discounts taken should be reported as O a. a deduction from sales in the income statement. O b. an item of "other income and expense" in the income statement. O c. a deduction from accounts receivable in determining the net realizable value of accounts receivable. O d. should not be used.
Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a. Cash b. Accounts Receivable c. Accounts Payable d. Inventory
Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash disbursements maintain the check register.b. Accounts payable maintains the accounts payable subsidiary ledger.c. Accounts payable is responsible for paying invoices.d. Accounts payable is responsible for authorizing invoices.