Cash disbursement journal - Study guides, Class notes & Summaries

Cash Basis Accounting - ANSWERKeeping records that shows only income actually received during a fiscal period and only expenses paid during a fiscal year. *Record income when cash or check is received *Record expense when check is written Accrual Basis Accounting - ANSWERKeeping records that show all income earned during a fiscal period even though it isn't received yet and all expenses incurred during a fiscal period even though the expenses are not yet paid *Record income when a bill is...

Fraud Examination Exam 1 Questions and Complete Solutions ____________________ is the theft of cash from a victim entity prior to its entry in an accounting system. A. fictitious disbursement B. Skimming C. Larceny D. Conversion - Ans: B Which of the following best describes the objective of a fraud examination? a. To make recommendations to management about how to prevent fraud b. To determine whether financial statements are free of misstatements due to fraud c. To express an ...

Journal Voucher is a document that is most often prepared for the _________ and ___________ processes - Perios-End Close, Year-end Close. Journal Vouchers are used to request an adjustment to accounting entries that have a direct impact on General Ledger balances for the Period-End Close and Year-End Close processes. The JV Workflow is the six step process by which JVs are requested, reviewed, approved, and posted to the G/L - True The Period-End Closing Process is a set of activities carr...

7.33 Revenues are normally considered to have been earned when a. All possibility of return has expired b. The company has substantially accomplished what it must to be entitled to the benefits. c. The cash is collected. d. Goods have been shipped. - answer-b. Correct The earning process is complete at this point. 7.34 Sales are normally recorded on the date of the a. Customer purchase order. b. Bill of lading. c. Sales invoice. d. Payment check - answer-c. Corr...

NJ CALA Finance Exam Review with 100% Correct Answers Cash Basis Accounting *Ans* Keeping records that shows only income actually received during a fiscal period and only expenses paid during a fiscal year. *Record income when cash or check is received *Record expense when check is written Accrual Basis Accounting *Ans* Keeping records that show all income earned during a fiscal period even though it isn't received yet and all expenses incurred during a fiscal period even though the...

Forensic Accounting and Fraud Examination Midterm Exam Questions and Complete Solutions Forensic Accounting - Ans: Use of accounting knowledge or skill for courtroom purposes. Can therefore involve not only fraud, but also bankruptcy, business valuation, disputes, divorce, and other litigation. Fraud Examination - Ans: Involves obtaining documentary evidence, interviewing witnesses and potential subjects, writing investigative reports, testifying to findings, and assisting in the general d...

Accounting, Vol. 2, 9e Cdn. Ed. (Horngren) Chapter 11 Current Liabilities and Payroll Objective 11-1 1) Accrued interest on a note payable should be credited to interest payable. Answer: TRUE Diff: 1 Type: TF Learning Outcome: A-12 Define and record current and contingent liabilities Skill: Knowledge Objective: 11-1 Account for current liabilities of known amount 2) Interest payable is a contra liability account and is deducted from the note payable on the balance sheet. ...

SUA Exam Review. In the Acronym ARCS, A stands for: - correct answer Authorization Which of the following transactions would NOT be recorded in the Accounts Receivable journal? - correct answer Cash sale In the Accounting Process, what steps are considered inputs? - correct answer Transactions Occur, prepare documents A client's accounting records are unfamiliar to a new auditor. Where would a new auditor go to learn the names and numbers of the accounts being debited and credited in ...

SUA Exam Questions and Answers Already Passed Which of the following documents originates outside the company? Vendor Invoice The trial balance worksheet does NOT provide information sufficient to (blank) Trail balance worksheet is sufficient for all purposes. 1. prepare a statement of retained earnings 2. Compute net income 3. Prepare balance sheet Which step in the accounting process directly precedes the preparation of closing entries? preparation of financial statements Which of the follo...

Your client left the cash receipts journal open after year-end for an extra day and included January 1 cash receipts in the 12/31/XX totals. All of those cash receipts were due to cash sales. Assuming the client uses a periodic inventory system with a 12/31/XX count of the physical inventory, which of the following is most likely to be true relating to the year XX financial statements? A) Sales are understated. B) Accounts receivable are understated. C) Inventory is overstated. D) Net in...