Why should sales to and receipts of cash from credit customers be recorded and posted immediately?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Immediate recording and posting of credit sales and c...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
Cash receipts from sales on account have been misappropriated. Which of the following acts would conceal this defalcation and be least likely to be detected by an auditor? a. Understating the sales...
-
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
-
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
-
In Exercises determine which of the integrals can be found using the basic integration formulas you have studied so far in the text. (a) (b) (c) S x - 1 dx
-
The Income Statement section of the worksheet of Sampson Company for the year ended December 31, has $189,000 recorded in the Debit column and $212,344 in the Credit column on the line for the Income...
-
Determine ways in which a local hospital would benefit from communities of practice. Conduct interviews if necessary.
-
Discuss the application of expectancy theory to motivation.
-
A call option is the right to buy stock at $50 a share. Currently the option has six months to expiration, the volatility of the stock (standard deviation) is 0.30, and the rate of interest is 10...
-
The management of Zigby Manufacturing prepared the following balance sheet for March 3 1 . To prepare a master budget for April, May, and June, management gathers the following Information. a . Sales...
-
The balance sheets and additional information relating to Pennylane Ltd are given below. Prepare a cash flow statement for Pennylane Ltd for the year ended 31 December 20X3 as required under FRS 1...
-
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 7.7. Why not put both types of credits in the same column...
-
Locate the note that discusses Research In Motions operations by segments in Appendix A. In what segment does it predominantly operate?
-
What is a collateralized mortgage obligation (CMO)? How is it similar to a pass-through security? How does it differ? In what way does the creation of a CMO use market segmentation to redistribute...
-
a) Discuss whether bike paths can be considered a public good. Now consider a hypothetical town. Suppose that there are three equal-size groups in the economy with the following demand curves: Group...
-
Event services and management can be a lucrative revenue generator. What are the two most important factors in developing a successful event service and management business, whether it is independent...
-
Show how the buying process occurs in the consumer. Review some of the steps in the buying process, stories like: felt need pre-purchase activity purchase decision Post-purchase feelings Explain and...
-
How did Henry Ford set the stage for some of the same problems we still face today in employee relations, especially in manufacturing? 2) If you were a human resources manager, how would you address...
-
What does a DMO risk by not having a positioning theme? Critique the potential of your destination's slogan to effectively differentiate against rivals. you have been asked by a television network to...
-
Understand the meaning of direct expenses.
-
Synthesize the products by drawing out reagents and intermediates along the way. `N H. OH HO HO
-
A blower door test has been performed in a house located in Evergreen, Colorado. The results of the pressurization and depressurization tests are summarized in Figure 6.4 based on the results of the...
-
As Baldwin Company controller, you are responsible for informing the board of directors about its financial activities. At the board meeting, you present the following information. After the meeting,...
-
Access the February 19, 2010, filing of the December 31, 2009, 10-K report of The Hershey Company (ticker HSY) at www.sec.gov and complete the following requirements. Required Compute or identify the...
-
A team approach to learning financial statement analysis is often useful. Required 1. Each team should write a description of horizontal and vertical analysis that all team members agree with and...
-
How do warehouses and distribution centers differ? What is cross-docking and why might a company choose to cross-dock a product? What kinds of products can be delivered electronically? What kinds...
-
Strawberry Inc. has historically been an all-equity firm. The analyst expects EBIT to be $1.5B in perpetuity starting one year from now. The cost of equity for the company is 11.5% and the tax rate...
-
Guzman company received a 60- day, 5 % note for 54,000 dated July 12 from a customer on account. Determine the due date on note. Determine the maturity value of the note and journalize the entry of...
Study smarter with the SolutionInn App