Account ledger - Study guides, Class notes & Summaries

FAC1601 Assignment 2 Semester 1 2023 () 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25479 811 9845 . Which of the following statements is correct: 1. W hen revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is then closed off to the accounts of theexisting partners according to their existing profit-sharing ratio. 2. The selling price of a partnership is determined by the cos...

FAC2246 October Exam (DETAILED ANSWERS) 2023 100% TRUSTED workings, explanations and solutions. For assistance call or us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 . Question 1 (20 Marks) The partnership agreement of Madi-Maxi Traders provided for the following: Balances on 1 March 20.19: Capital: Madi R 125 000 Maxi R 85 000 Current Account: Madi R 24 000 Maxi R 8 000 (debit) Net profit for the period: R 366 000 Transactions during the year, not included in profit: 1. Madi wi...

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...

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...

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...

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...

Peregrine Exam(question with correct answers 100%)2023 updatedWhat is a general ledger? - correct answer A general ledger account is an account or record used to sort, store and summarize a company's transactions. asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits stockholders' equity accounts such as Common Stock, Retained Earnings, Tr...

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...