• XACC 280 Complete Class
    ? When would you use each type? o What is a subsidiary ledger and what purpose does it serve? o What is a control account and what purpose does it serve? o Which two general ledger accounts may act as control accounts for a subsidiary ledger? o What are the advantages of using subsidiary ledgers...
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  • Acgt
    : 1 4. What type of data is found in the general ledger master file? a. a chronological record of all transactions b. the balance of each account in the chart of accounts c. budget records for each account in the chart of accounts d. subsidiary details supporting a control account ANS: B PTS: 1 5...
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  • Accounting Syllabus
    control accounts for a subsidiary ledger? • What are the advantages of using subsidiary ledgers? Day 4 25 Individual Preparing a Financial Statement Worksheet Complete E4-1 on pp. 176 and 177 of Financial Accounting. Use the template in Appendix E to complete the 10-column worksheet. Post...
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  • STUPID REQUIREMENT
    memo to her advising how she might modify her current manual accounting system to accommodate the expanded business activities. Geiger is accustomed to checking her ledger by using a trial balance. Your memo should explain the advantages of what you propose and of any other verification techniques...
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  • Accounting Notes
    Purchases Journal: records credit purchase of inventory o Cash Receipts: records all cash inflows using cheques, including cash sales o Cash Payment: records all cash outflows using cheques, including cash purchases Subsidiary Ledger and Control Accounts Subsidiary ledgers are a set of ledger...
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  • Accounting Information System 12
    accuracy and completeness by providing instructions or prompts about what data to collect, grouping logically related pieces of information close together, using check off boxes or pull-down menus to present the available options, and using appropriate shading and borders to clearly separate data items...
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  • Chapter 2
    Learning 2013. Accounts Receivable Subsidiary Ledger id bs Su ile ger c d on ec l Le y R nera ll e ica od o G eri ger t P d Le ia r y © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part...
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  • Xacc280 Subidiary Ledgers
    the general ledger. The advantage of using subsidiary ledgers is to provide more detailed information that would be available in the General Ledger. The information in a subsidiary ledger is intended to be used by a company's managers and employees and is not used in the preparation of financial statements. References www.ehow.com; what are the Advantages of a Subsidiary Ledger? Aug. 2013...
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  • Accounting Main Manual
    this system a cash book and other ledger are maintained. Disadvantages of Single Entry System. Ø Since every debit does not have a corresponding credit, a Trial Balance can not be extracted to test the arithmetical accuracy of the entries. Ø In absence of proper records of any assets and of any...
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  • Principle of Accounting
    Debtors Ledger • Purchases or Creditors Ledger • General Ledger a.1. Cash Books In the cash book and petty cash book, the columns for cash transactions serve as prime entries and ledger accounts for the bank and cash accounts respectively. a.2. Subsidiary Ledgers: Sales Ledger and...
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  • Love
    Control: Bank/Disc. Exp; Sales/GST Clearing o Subsidiary ledgers have SAME cross-reference as Control a/c • Complete means Close or Balance after adding relevant information Stock card: • When there are multiple cost prices on hand: • use most conservative cost...
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  • Xacc280 Wk 4 Checkpoint
    control account. Most accounts in the general ledger are not control accounts; instead, transactions are recorded directly into them. The advantages of using subsidiary ledgers are detail information, control and limited access. A control account is a summary-level account in the general ledger...
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  • Btn 7 - Geiger
    critical for you to understand how and what transactions are occurring in your business. A small business like yours can be effective with a manual process and with the use of special journals and subsidiary ledgers. With the issues you mentioned in mind, most of your transactions can be...
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  • Bankfinance
    – Classification of Accounts – Advantages of double entry system 12 JOURNAL Introduction – Journalising of different transactions – Advantages of Journal 05 13 LEDGER 06 Meaning – Ledger postings – System of balancing the account – Advantages of Ledger 14 SUBSIDIARY BOOKS 05 Different types of subsidiary...
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  • Xacc 280 Week 4 Checkpoint
    subsidiary ledger. Collecting transactional data of individual customers is what the accounts receivable subsidiary ledger does. The accounts payable subsidiary ledger will collect transactional data of the individual creditors. The advantages of using the ledgers are showing single account transactions...
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  • Accounting and Maths
    -accounts.html Article Source: http://EzineArticles.com/?expert=Randika_Lalith_Abeysinghe What is the purpose of control accounts? A control account is a summary account in the general ledger. The details that support the balance in the summary account are contained in a subsidiary ledger—a ledger...
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  • Introduction to Final Accounting
    ledgers, Display Reporting Ø Setup menu for Final Accounts Ø Consolidate various option of configuration and explore reports using them. 2.1. INTRODUCTION After the creation of necessary masters, you should proceed with the ledger creation. Ledger account heads are the actual account heads to...
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  • Answers Test Cpa Exam
    , purchase orders)   (c)  Analytical procedures (d) Internal control is analyzed to evaluate its likely effectiveness in preventing and detecting the occurrence of such misstatements.       close What is the difference between a voucher register and an accounts payable subsidiary ledger...
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  • Core Banking Solutions
    thousands of sub legers with. Level's start with individual branch G.L. rolled up to regional G.L. with further rollup of all regional G.L's to bank G.L. financial transactions from various sources throughout the bank update these subsidiary ledgers and the G.L. system then performs rollups to report...
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  • Fghgfhgfh
    , Objectives and Utility of Accounting in Industrial and Business Enterprise – Difference between Book-keeping and Accounting – Accounting Concepts and Conventions. UNIT – II Double Entry System – Rules – Advantages and Disadvantages – Journal – Subsidiary Books. UNIT – III Ledger – Meaning...
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