Posts Tagged ‘account’
SunSystems, Ledger Accounting, Account Inquiry
Материал учебного курса “Функциональность Infor FMS SunSystems 4″. Больше информации Вы можете найти на сайте bi-cons.ru
I am offering a sales discount to my customers, what is the account I need to credit?
I know I need a sales discount account to debit (right, income account?), but what is the other account? My acct classes on general ledgers were a long time ago.
Sara Rankin is the assistant chief account at Hokey Company, a manufacturer of computer chips and cellular?
phones. The company presently has total sales of $20 million. It is the end of the first quarter .Sara is hurriedly trying to prepare a general ledger trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. the total credits on the trial exceed the debits by $1,000. In order to meet the 4 p.m. deadline ,sara decides to force the debits and credits into balance by adding the amount of the difference to the Equipment. She chose Equipment because it is one of the larger account balances percentage-wise, it will be the least misstated. Sara plugs the difference. She beleives that the difference will not affect anyone’s decisions. She wishes that she had another few days to find the error but realised that the financial statements are already late.
a) Who are the stakeholders in this situation?
b) What are the ethical issues involved in this case?
c) What are Sara’s alternatives?
After closing entries are posted, what is the balance in the Revenue account?
The following normal account balances were found on the general ledger before closing entries were prepared:
Revenue $700 Cash $500
Expenses $400 Accounts Receivable $350
Capital $7,500 Withdrawals $1,000
After closing entries are posted, what is the balance in the Revenue account?
a. $300
b. $700
c. $0
d. Closing entries do not affect Revenue.
How the controling account in the genral ledger relates to the vendor account?
The question is “Explain how the controlling account in the general ledger relates to the vendor accounts in the subsidiary ledger?”
I am so confused about this question. From my understanding, each company will have their own vendor accounts.For example, a company has 5 vendors. When it wants to check how much it owes from 5 vendors, it will check its account payable in general ledger. And if it wants to check how much it owe from a specific vendor, it will check a specific account payable of the vendor.
Is it rite? I am not sure I understand the question?
AutoCount Video 30: Posting To G/L Account
Maintain G/L accounts for posting purpose and selection of posting options.
The purpose of a governmental entity’s general funds’s Fund Bal. Reserved 4 Inv. of Supplies ledger account is
A. Earmark resources for replacement of supplies
B. Provide for outstanding purchase orders for supplies
C. Prevent improper appropriation of the fund balance to finance a deficit budget
D. Accomplish none of the above
Are the Sales Discounts account and Cost of Merchandise Sold accounts total in the debit or credit colunmns?
In the general ledger, do these accounts have their totals in the debit column or the credit column? Thanks for any help!
LCCI Level 1 Q&A: Purchases Day Book Vs Purchases Account
Purchases Day Book VS Purchases Account
which of the following in not normally organized in financial statement account sequence? Journal general ledg?
which of the following in not normally organized in financial statement account sequence? Journal general ledger, trial balance, balance sheet