Questions from College Accounting

Q: What are interim statements?

What are interim statements?

Q: With computers today, ledgers are not needed in today’s accounting system

With computers today, ledgers are not needed in today’s accounting system. Agree or disagree and defend your position.

Q: Jim Heary is the custodian of petty cash. Jim, who

Jim Heary is the custodian of petty cash. Jim, who is short of personal cash, decided to pay his home electrical and phone bills from petty cash. He plans to pay it back next month. Do you feel Jim sh...

Q: How do transactions get “linked” in a general journal?

How do transactions get “linked” in a general journal?

Q: What is the relationship of the chart of accounts to the general

What is the relationship of the chart of accounts to the general journal?

Q: What is a compound journal entry?

What is a compound journal entry?

Q: Posting means updating the journal. Agree or disagree? Please comment

Posting means updating the journal. Agree or disagree? Please comment.

Q: With computer software, the need for worksheets has been completely eliminated

With computer software, the need for worksheets has been completely eliminated. Agree or disagree and explain your answer.

Q: Explain how the financial statements are prepared from the worksheet.

Explain how the financial statements are prepared from the worksheet.

Q: Alice Hawkins, president of Realon Co., went to a conference

Alice Hawkins, president of Realon Co., went to a conference on tax planning. One of the speakers at the seminar advised the audience to put off showing expenses until next year because doing so would...