7 - Which of the following is the document issued by the self-employed for all kinds of collections in their professional activities? A) INVOICE B) FREE VOCATIONAL RECEIPT C) EXPENSE COMPASS D) CERTIFICATE RECEIPT E) RETAIL SALES RECEIPT

Q: Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade…

A: The Unearned revenue is the revenue not earned yet but has been received in cash for future service.…

Q: Which of the following results to the recognition, in the books of accounts, expenses classified as…

A: Personnel expenses means the amount paid to employee for the services rendered. It is an expenses to…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Which of the following is not a user of internal accountinginformation?a. Store manager.b. Chief…

A: Accounting information: It can be defined as all the data or information that relates to the…

Q: Effective control over the cash payroll function would mandate which of the following?a. The payroll…

A: Internal controls are the systems, rules, and strategies executed by an organization to guarantee…

Q: A credit balance to a client’s accounts payable account representing right to receive payment for…

A: Accounts payable accounts are consisting of those supplier accounts from whom business has made…

Q: From the following list, identify which items are considered original sources: prepaid insurance…

A: Source documents:  The documents which contain evidence of accounting data to record the…

Q: 6 -. Which of the following is the document issued by first and second class traders and farmers who…

A: In order to maintain proper record of sale and purchases invoices are issued and received, but there…

Q: A company records its various business transactions in the book of original entries using various…

A: In this question, we will explain that the answer is True or False and if True then why it is True…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: For each of the following records, indicate the appropriate related file structure: master file,…

A: For online storage and processing of the data, data is stored in various files. These files are…

Q: ile, or archive file. a. customer ledgers b. purchase orders c. list of authorized vendors d.…

A: Master file, transaction file, reference file and archive files are computer processing files.…

Q: Identify the type of activity by choosing the best answer for each question. Select each item listed…

A: Introduction:- first we need to understand the following basic terms as follows under:-…

Q: b.It is used only when payment is made to an individual. c.It transfers title to the money.

A: option c is correct.  endorsement= transfer title to the money.

Q: 22 - What is the name given to the person who is the debtor of the policy and will pay his debt with…

A: A promissory note is a promise to pay a certain amount and it is drawn by a debtor of the policy.

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

A:

Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: A bill of lading, an invoice, a credit note, a remittance advise, and a monthly statement to clients…

A: Bill of Lading: The contract between seller and carrier for receipt and shipping of goods is…

Q: Which of the following transactions will increase the home office account in the branch's separate…

A: The question is related to Branch Accounting. In case of branch Accounting the branch will be a…

Q: Employee purchases of supplies with a company-issued credit card is typically recorded with a credit…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: debit to the Income Summary ledger account and a credit to the Home Office account appear in: A.…

A: Branch accounting indicates a process of bookkeeping where the accounts of the branch will be…

Q: . Master Supervisor E. Comptroller . Master Administrator What account type is considered a…

A: Correct option is (D) Master administrator. Master administrator is a person who is also known as…

Q: If the branch receives credit memo from the home office, the branch shall record it in its separate…

A: Branch accounting is defined as an a accounting system in which separate accounts are kept for each…

Q: Disclosure Note 2 discusses Target’s accounting for gift card sales. Does Targetrecognize revenue…

A: Revenue:   It refers to the earnings of the business from their normal business operations. This…

Q: Ways on how the law of sales and negotiable instrument can be applied in daily lives.

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Are there any regulations or procedures in place for source documentation and receipts for payments…

A: There are no separate regulations or procedures for source documentation of NPO's. however Not for…

Q: How do you journalize the purchase of office equipment into credit?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: 10 - From whom is VAT charged when a receipt is made from the cash register? A) FROM THE TAX OFFICE…

A: A VAT, i.e., Value-Added Tax is a consumption tax imposed on a good at whatever level of the supply…

Q: Match the described job with the job title from 1. Revenue Officer 2. Tax Compliance Officer 3.…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: the following w

A: the correct answer is  d. SALES INVOICES

Q: maintaining the appropriate separation of duties. The duties that have to be assigned are: а.…

A: Separation of Duties It is important for the business entity to allocate the work to their employees…

Q: FOUR yse the implications of employees accepting gifts and gra cribe the measures a business could…

A: Stakeholders refer to an entity or wide group of people who invests in a project of a company such…

Q: disbursements for salaries and wages shall be supported by:

A: GAM stands for Government Accounting Manual. NGA stands for National Government Agencies.

Q: 1. In ideal circumstances, each payroll check is delivered personally to the employee who signs a…

A: Payroll checks are related to salaries and wages of the employees. Income taxes are amount of dues…

Q: Operating activities include all of the following except:   Question 5 options:   purchasing goods…

A: Operating activities are the activities that are used in the main operations of the company like…

Q: 9. It is a fee that a business pays to a salesperson (agent) in exchange for his services in either…

A: A business usually hires salespersons to make their products available or to recommend their…

Q: The recording of a product warranty expense in the year the merchandise under warranty is sold is…

A: The recording of a product warranty expense in the year the merchandise under warranty is sold is…