Questions from General Accounting

Q: Certain principles should be followed in the development of an accounting information

Certain principles should be followed in the development of an accounting information system. Identify and explain each of the principles.

Q: What are the advantages of using subsidiary ledgers?

What are the advantages of using subsidiary ledgers?

Q: Selected transactions for D. Reyes, an interior decorator, in

Selected transactions for D. Reyes, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $4,000 cash for use in bus...

Q: (a) When do companies normally post to (1

(a) When do companies normally post to (1) the subsidiary accounts and (2) the general ledger control accounts? (b) Describe the relationship between a control account and a subsidiary ledger.

Q: Identify and explain the four special journals discussed in the chapter.

Identify and explain the four special journals discussed in the chapter. List an advantage of using each of these journals rather than using only a general journal.

Q: Thogmartin Company uses special journals. It recorded in a sales journal

Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit. Where sho...

Q: A $500 purchase of merchandise on account from Lore Company was

A $500 purchase of merchandise on account from Lore Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this e...

Q: At Hummel Wholesale Company, two mail clerks open all mail receipts

At Hummel Wholesale Company, two mail clerks open all mail receipts. How does this strengthen internal control?

Q: What principles of internal control apply to most organizations?

What principles of internal control apply to most organizations?

Q: Meg Lucas is reviewing the principle of segregation of duties. What

Meg Lucas is reviewing the principle of segregation of duties. What are the two common applications of this principle?