Questions from General Accounting


Q: When preparing interim financial statements, what two methods can companies utilize

When preparing interim financial statements, what two methods can companies utilize to estimate cost of goods sold and ending inventory?

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Q: What are five basic components of an accounting system?

What are five basic components of an accounting system?

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Q: Describe the procedures involving the use of copies of a company’s sales

Describe the procedures involving the use of copies of a company’s sales invoices as a sales journal.

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Q: Why should sales to and receipts of cash from credit customers be

Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

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Q: Locate “Note 15” that reports Google’s geographical segments from its

Locate “Note 15” that reports Google’s geographical segments from its 2013 annual report on its website (Google.com). Identify its geographical segments and list the revenues for each.

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Q: What are source documents? Give two examples.

What are source documents? Give two examples.

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Q: What is the purpose of an input device? Give examples of

What is the purpose of an input device? Give examples of input devices for computer systems.

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Q: What is the difference between data that are stored off-line

What is the difference between data that are stored off-line and data that are stored online?

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Q: What purpose is served by the output devices of an accounting system

What purpose is served by the output devices of an accounting system?

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Q: When special journals are used, they are usually used to record

When special journals are used, they are usually used to record each of four different types of transactions. What are these four types of transactions?

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