Cash receipts journal - Study guides, Class notes & Summaries

Revenue correct answers inflows of assets from delivery or producing goods or rendering services - realized and earned Realized correct answers product/service is exchanged for cash/promise/other asset Earned correct answers products have been delivered or services provided Criteria for Revenue correct answers - evidence - delivered/rendered - price fixed and determinable - assured collectability Fraud Risk - Revenue correct answers - Alter Terms - Channel Stuffing - Related-Par...

Assets Cash, inventory, equipment, prepaid assets, invoices Liabilities Accounts payables, salaries, sales taxes payable, unredeemed gift certificates, long term debt Owner's Equity Contributed capital, retained earnings Module 4 Explicit transactions triggered by some sort of activity, event, or transfer of resources (usually cash) from one party to another; often accompanied by invoices, receipts, or other paper documentation that initiate the recording of the transaction...

SAGE 50 - Ch 6 Exam Questions and Answers 100% Pass 1. The sales journal may be used for - A) all credit sale transactions B) all cash sale transactions C) all credit card sale transactions D) all of the above - Answer- D) all of the above 2. Transactions entered in the sales journal will allow all but one of the following - A) recording of all necessary details surrounding the invoice B) only one type of transaction C) more than one type of transaction D) omitting the GST from the in...

Bookkeeper Practice Test with Complete Solutions What is the main purpose of a general journal? The main purpose of a general journal is to record all types of transactions in chronological order before they are posted to individual ledger accounts. What does "depreciation" refer to in bookkeeping? Depreciation refers to the gradual reduction in the value of a fixed asset over time due to wear and tear or obsolescence. How is an expense invoice typically handled in bookkeepin...

Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good. Table of Contents: Accounting Concepts and Procedures An Introduction Debits and Credits Analyzing and Recording Business Transactions Beginning the Accounting Cycle Journalizing, Posting, and the Trial Balance The Accounting Cycle Continued Preparing Worksheets and Financial Statements The Accounting Cycle Completed Closing and Post-Closing Trial Balance Special Journals and Subsidiary Ledger...

Bookkeeping Final Exam review with Complete Solutions What is the purpose of maintaining a fixed asset register? A fixed asset register tracks details about a company's long-term assets, including their purchase price, depreciation, and current value, helping manage and account for these assets effectively. How should a company record the receipt of a loan? When a company receives a loan, it debits the cash account to increase its balance and credits the loans payable account to...

Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good. Table of Contents: Accounting Concepts and Procedures An Introduction Debits and Credits Analyzing and Recording Business Transactions Beginning the Accounting Cycle Journalizing, Posting, and the Trial Balance The Accounting Cycle Continued Preparing Worksheets and Financial Statements The Accounting Cycle Completed Closing and Post-Closing Trial Balance Special Journals and Subsidiary Ledger...

BBK99E1 Practical Final Exam Questions and Answers Sheets. Basic Bookkeeping – Level 1 F I N A L EX A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Name: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practica...

CFA Level 1 Financial Statement Analysis 44 Questions with Answers Income statement - CORRECT ANSWER A financial statement that provides information about a company's profitability over a stated period of time. Also called statement of operations or profit and loss statement. Revenue - Expenses = Net income or loss Liquidity - CORRECT ANSWER The ability to purchase or sell an asset quickly and easily at a price close to fair market value. The ability to meet short-term obligations u...

Bookkeeping correct answersInvolves the accurate recording of all financial transactions that occur in the business. Financial Statements are derived from this information The Accounting Cycle correct answers1) Classifying and recording Transactions. 2) Posting transactions. 3) Preparing a trial balance. 4) Preparing an adjusted trial balance. 5) Preparing financial statements. 6) Analyzing financial statements. Transaction correct answersIs an event that either increases or decreases...