Account ledger - Study guides, Class notes & Summaries

Bookkeeping Basics Questions and Answers Graded A+ What is a subsidiary ledger? A subsidiary ledger provides detailed information about specific types of transactions that are summarized in the general ledger, such as accounts receivable or accounts payable. What is meant by " accrual accounting"? Accrual accounting recognizes revenues and expenses when they occur, rather than when cash is received or paid. What does a trial balance reveal about a company's financial records...

Per the contract to buy and sell, the earnest money deposit will be held by A) the listing broker always. B) the buyer's broker until after the inspection. C) a third party, if agreed to by the parties. D) the title company always. - A third party can hold earnest money if the parties agree in the contract. Typically, a title company would act as the third party and will have similar rights and obligations as the brokerage firm in cases of dispute. The employing broker records an earne...

WORKDAY PRO PAYROLL CERTIFICATION PRACTICE EXAM |VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE . What is an example of an object? - ANSWER-Organizations, workers, and positions T/F You can calculate payroll multiple times during a pay period? - ANSWER-True T/F To include compensation data in your payroll results, you must run a compensation? - ANSWER-False What three items comprise the payroll processing framework, which identifies the when, ...

ETS MFT BUSINESS EXAM The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. General Bikes is debating which marketing research options to employ. The traditional p...

AAT Level 2 - Bookkeeping Transactions Questions and Answers 100% Pass What is the purpose of a sales invoice? A sales invoice documents the sale of goods or services, detailing the amount owed by the customer. How are purchases recorded in bookkeeping? Purchases are recorded as debits in the purchases account and credits in the accounts payable account. What is the function of a petty cash book? A petty cash book tracks small, everyday expenses paid in cash, helping to manage ...

Audit Planning Chapter 8 Test Questions and Answers All Correct Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality? A. The anticipated sample size of the planned substantive tests. B. The entity's annualized interim financial statements. C. The results of the internal control questionnaire. D. The contents of the management representation letter. - Answer B Which of the following controls most likely would pro...

3. The running balance form or the T account form is typically used in the trial balance to display the accounts and their amounts. True False 4. Dividends are an expense of a corporation and reduce both total assets and liabilities. True False 5. Dividends increase owners’ equity and therefore should be added to retained earnings. True False 6. Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account. True False 7. Earn...

Bookkeeping Ch 1-6 Questions and Answers Already Passed What is the primary purpose of bookkeeping? The primary purpose of bookkeeping is to systematically record and organize financial transactions to provide accurate financial information. What is an account in bookkeeping? An account is a record used to track financial transactions related to a specific asset, liability, equity, revenue, or expense. What is the difference between a debit and a credit? A debit increases a...

AAT Level 2 - Bookkeeping Controls Questions and Answers 100% Pass What is the function of a sales ledger in bookkeeping? The sales ledger records all transactions related to sales on credit, including amounts owed by customers and details of each sale. How should discrepancies between internal records and the bank statement be addressed? Discrepancies should be reviewed and investigated to determine the cause, and necessary adjustments should be made to ensure accuracy in the recor...

The Payroll Source CPP Practice Exam 100 Questions with Verified Answers Which of the following is LEAST likely to be considered when looking at the security of a new payroll system? A. regular data back-up and storage B. protection against computer viruses C. limited system access D. system edits - CORRECT ANSWER D. system edits Company deadlines for payroll data input documents are essential for: A. timely processing of the payroll B. accurate entry of data C. guaranteeing that al...