A Journal is a book of original entry for all transactions The General Journal is a chronological listing of transactions expressed as debits and credits to particular accounts (known as a journal entries) Special Journals are used to summarize transactions with common characteristics (e.g. cash receipts‚ sales‚ purchases) Posting: when the transaction information entered in the journal is transferred to the ledger accounts Ledger Book (or electronic database) containing
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Unit 6 Assignment Eddie Mathis AC410-01‚ Unit 6 Professor Cochran 12–21. Nolan Manufacturing Company retains you on April 1 to perform an audit for the fiscal year ending June 30. During the month of May‚ you make extensive studies of internal control over inventories. All goods purchased pass through a receiving department under the direction of the chief purchasing agent. The duties of the receiving department are to unpack‚ count‚ and inspect the goods. The quantity
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GL INTERVIEW QUESTIONS 3) What is the difference between KFF & DFF? KFF - Keyflexfields are used throughout the Applications to uniquely identify organization’s financial information such as GL accounts‚ INV items‚ FIxed Assets and other entities that every business needs to keep track of. DFF- Descriptive flexfields enable you to capture additional pieces of information from transaction entered into Oracle EBS. 4) How can we identify whether DFF is allowed for a specific form or not? The
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Chapter Four Test Bank Multiple Choice Questions 1. A city’s General Fund general ledger includes accounts called Estimated Revenues‚ Appropriations‚ and Encumbrances. This indicates that the city a. formally integrates its budget into its accounts. b. uses a cash plus encumbrances basis of accounting. c. maintains its accounts on an accrual basis. d. erroneously reports encumbrances as expenditures. 2. Legal authority to expend resources is adopted by a city council in the budgeting process. These
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On September 1‚ the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10‚960. The customers’ subsidiary ledger contained account balances as follows: Hurley $1‚440‚ Andino $2‚640‚ Fowler $2‚060 and Sogard $4‚820. At the end of September‚ the various journals contained the following information. Sales journal: Sales to Sogard $800‚ to Hurley $1‚260‚ to Giambi $1‚330‚ and to Fowler $1‚600. Cash receipts journal: Cash received from Fowler $1‚310‚ from
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Accounting 484x / 584x Name _____________________ Quiz 2 Fall 2012 20 points 1. Briefly describe two of the four components of the architecture underlying an enterprise system. (4 points) Components of the architecture underlying an ERP system: a) Systems configuration a. Organizations with concerns about the high cost of ERP and uncertain benefit may choose to purchase ERP services that are accessed through the internet (save the purchase price‚ hardware costs‚ and maintenance
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The Overall of the Company Chapter 1: Introduction Industrial training (BIT 3034) is a compulsory subject for all students in Multimedia University which to help the students be confidently prepared and move their steps into real working environment before their graduation. In addition‚ it is also to help students to have the future opportunity of employment after they graduate. Exposing students to join companies as trainee is to cultivate them on adapting the real-working life. Students will
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the cash account amounted to $600. The cash account has a A. $600 credit balance B. $1‚400 debit balance C. $800 debit balance D. $800 credit balance 7. Which ledger contains control accounts? A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger 8. Smith is a customer of ABC Corporation. Smith
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Lecturer/Head of Discipline – Accounting JAMES LIOW Email: james.liow@berjaya.edu.my Tel: +603-26877000 Page 1 of 4 ASSIGNMENT 2 QUESTION 1 At 1 March 2013 Jaya Ltd had a debit balance of $23‚450 on its Debtors Ledger Control Account and a credit balance of $17‚450 on its Creditors Ledger Control Account. Both balances had been reconciled with the individual accounts. During March 2013 the following transactions took place:$ Credit sales 19‚670 Credit purchases 17‚320 Bad debt written off 450 Increase
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trial balance is a list with two columns‚ which are debit and credit. It is important to every company that they need to check the errors that maybe made during enter the transactions into general accounts. If the principles of the double entry have been correctly applied to the recording of transactions in ledger accounts‚ the total of debit balances will equal to the total of credit balances. So the total of the debit column should be equal to the total of credit column in the trial balance. The
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