Customer sales should only be recorded usin

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

A: The Answer

Q: In a system like QuickBooks Online, when should you create an invoice? a. When a customer…

A: There are two ways recording sales Transaction in Quick books.   1. If customer Do not pay at time…

Q: The accounting system will not post a sales transaction to the sales journal withouta valid bill of…

A: Sales Journal: Sales journal is one form of special journal book, which records all the sales…

Q: Normally revenue is recognized when:

A: Answer

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: ‘‘In an EDI system, only the customer needs to verify that the order being placed is from a valid…

A: Electronic Data Interchange: Electronic data interchange (EDI) is the channel between the computer…

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Which common workflow error can cause duplicate expenses in QuickBooks Online? -Create a purchase…

A: Normal process for recording service bill is PO generating, invoice posting and vendor payment…

Q: Identify which department has stewardship over the following journals,ledgers,and files. a.customer…

A: The answer is as fallows

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: OLTP VERSUS OLAP SERVERS For each of the following processes, state whether OLTP or OLAP is…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

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

A: The Answer:

Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales…

A:

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: In a manual accounting system, what advantage does the journal voucher system have over the…

A: Journal  Voucher Journal voucher is a special source of document which has been replaced for general…

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: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

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: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger…

A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger".

Q: The payables clerk obtains and matches the purchase order, receiving report, and vendor's invoice…

A: Clerk: A clerk refers to an individual who is an employee of a company or a bank and is responsible…

Q: Question 2 All of the following controls can ensure input validity of shipping notice, except? O…

A: The answer is provided as follows:

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: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…

Q: When a store purchases merchandise, why are individual departments not allowed to directly deal with…

A: Internal control helps an organization to safeguard its objectives. It helps to reduce risk and…

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: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

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: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared…

A: Shipping documents contained the number of units shipped, sales invoice contain the number of units…

Q: A seller generally records sales at the full invoice price, butthe buyer often records purchases at…

A: A seller generally records sales at full invoice price, but buyer often records purchase at net…

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: Which one of the following departments does not have a copy of the purchase order?a. the purchasing…

A: Answer:   Option d.

Q: sales where the customer is billed before delivery of the goods

A: First option is wrong because there is no such condition to recognize revenue before delivery of…

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

A: Software used:  QuickBooks Premier Plus Contractor Edition 2019-Desktop   Needed:  A report showing…

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: True or False: The posting of purchase transactions to the general ledger is done in the same manner…

A: Purchase transactions are the transactions relating to the procurement of goods from the party…

Q: At the time of the event, which of the following does not result in a journal entry and an update of…

A: A general ledger is one of the basic foundations of any company's double-entry accounting system…

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: r and shipping document?  O Invoice price, vendor, delivery date, quantity. O Invoice date,…

A: A three-way matching refers to the process that involves matching the desired purchase orders,…

Q: which of the following actions update/ record is: a master file, transactions file, special journal,…

A: Transaction- A business transaction, also known as a financial transaction, is one that can be…

Q: Which, if any,of the followingsituations represent improper segregationof functions? Explain your…

A: Segregation of functions is the method in which more than one individual is responsible to complete…