ware to analyze the customer and vendor’s Payments and Receipts? Justify the figures using

Q: Which files are often found in a sales order module as opposed to an account receivable (customer)…

A: The Answer

Q: control weakness

A: Option a is wrong because the approval of consumer credit is done by the credit department, the…

Q: What is the difference between a Manual and a Computerized accounting system?  What is e-commerce…

A: Manual accounting systems involves performance of accounting functions by accountants who perform…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: Which files do you usually find in a sales order module versus an account receivable (customer…

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: What is a credit memo? Why it is used? Give an example?

A: Credit Memorandum: This is a document by the seller for the reduction in the amount owed by the…

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: Discuss the trade-off in choosing to update the general ledger accounts in real time.

A: Real Time versus Batch Processing: Real time processing refers to the changes that are updated in…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: Explain the posting process of the sales journal?

A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…

Q: In what way are sales to MasterCard and VISA customers recorded?

A: The Answer:

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: (A) Explain the fundamental purpose of the sales and collection process. (B) Differentiate between a…

A: The process of sales and collection is officially known as Sales and Collection Cycle and RRR…

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: journal

A: Purchase journal is a systematic book where Purchase related transactions are recorded. It is also…

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: what information do you need to capture from a customer in order to accurately and completely fill…

A: Information captured from a customer to complete an order the accurate and complete filled order…

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: Question: What would be the correct system flowchart for this given process:  Accounts Payable and…

A: The question is based on the concept of preparation of flow chart. A flowchart is a  graphical…

Q: What can you do to ensure that all payments are accurately coded and allocated to accounts?

A: SOLUTION- Coding in accounting is the process of assigning numbers or letters to data to create a…

Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…

A: It is the process followed by the organization in order to ensure the reliability of the financial…

Q: Use the information from the T account to journalize the transaction from the vendors perspective.

A: Journal means the book of prime entry where all entries are recorded in different pages. Journal…

Q: Differentiate between a remittance advice and a customer invoice within the sales process of an…

A: Accounting exchanges are those exchanges that legitimately influence the financial statements of a…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected -   1) if we are…

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

Q: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: All of the following can provide source data except ________.A. a scanning device at the grocery…

A: Source data is the data or information which becomes the input for further processing. This source…

Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

Q: d contrast a manual accounting system with a computerized accounting system for process vendors…

A: manual accounting system requires the acting accountant or bookkeeper to post business transactions…

Q: What does the QuickBooks Online Check Register do?

A: Quick Books: Intuit created and markets QuickBooks, an accounting software program. QuickBooks…

Q: Identify at least three risks that auditors need to consider for companies that process web-based…

A: Audit risk is the possibility that financial statements are materially incorrect, even if the audit…

Q: How are sales to customers using MasterCard and VISA recorded?

A: Sales: Sales is an activity of selling the merchandise inventory of a business.

Q: Discuss the trade-off in choosing to update the customer credit, should the sales clerk ever be…

A: The credit limit of each customer is decided by the credit manager based on the customer's credit…

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: State the purpose of footing the total column in the client’saccounts receivable trial balance,…

A: A necessary audit procedure is to test the information on the client's trial balance for detail…

Q: process measurements : This kind of information includes the effectiveness of the checkout process,…

A: Note:- Since you have asked multiple questions, we will solve the first question for you. If you…