In which order the transactions are recorded in a journal.

In which order the transactions are recorded in a journal.
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In which order the transactions are recorded in a journal.
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Transactions can be recorded in any order in the Journal.

Description : Transactions can be recorded in any order in the Journal.

Last Answer : Correct the following statement and rewrite the statement : Transactions can be recorded in any order in the Journal.

An account bag from the SO to HO contain a) The SO daily A/c, MO issue journal, MO paid list. b) List of SB transactions/List of SB documents c) Memo of IPO, Certificate, issued and discharged d) A rolls, daily list of PLI premia collected and paid e) All the above

Description : An account bag from the SO to HO contain a) The SO daily A/c, MO issue journal, MO paid list. b) List of SB transactions/List of SB documents c) Memo of IPO, Certificate, issued and discharged d) A rolls, daily list of PLI premia collected and paid e) All the above

Last Answer : e) All the above

Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases. b. Test appropriateness of journal entries and adjustment. c. Make a legal determination of whether fraud has occurred. d. Evaluate the business rationale for significant unusual transactions

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Last Answer : Make a legal determination of whether fraud has occurred.

Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases b. Test appropriateness of journal entries and adjustment c. Make a legal determination of whether fraud has occurred d. Evaluate the business rationale for significant, unusual transactions

Description : Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases b. Test appropriateness of journal entries and adjustment c. Make a legal determination of whether fraud has occurred d. Evaluate the business rationale for significant, unusual transactions

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Cash Receipt In the journal Recorded Is Which one ?

Last Answer : Cash Receipt In the journal Recorded Is in cash Products Sale '

Ledger Folio is recorded in the journal.

Description : Ledger Folio is recorded in the journal.

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All transactions are recorded in the Single Entry System

Description : All transactions are recorded in the Single Entry System

Last Answer : State True or False with reasons: All transactions are recorded in the Single Entry System

(i) A system of book-keeping in which both the aspects of transactions are recorded.

Description : (i) A system of book-keeping in which both the aspects of transactions are recorded.

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Which transactions are recorded in the Return Inward Book?

Description : Which transactions are recorded in the Return Inward Book?

Last Answer : Which transactions are recorded in the Return Inward Book?

Which transactions are recorded in the Return Outward Book?

Description : Which transactions are recorded in the Return Outward Book?

Last Answer : Which transactions are recorded in the Return Outward Book?

All transactions are recorded directly in the ledger.

Description : All transactions are recorded directly in the ledger.

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In Book-keeping & Accountancy nonmonetary transactions are also recorded.

Description : In Book-keeping & Accountancy nonmonetary transactions are also recorded.

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(i) System in which entry is recorded for cash as well as credit transactions.

Description : (i) System in which entry is recorded for cash as well as credit transactions.

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Which of the following does an auditor least likely perform in assessing audit risk? a. Understand the economic substance of significant transactions completed by the client. b. Understand the entity and the industry in which it operates. c. Gather audit evidence in support of recorded transactions. d. Obtain an understanding of the client's system of internal contro

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Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. b. Analytical procedures used as risk assessment procedures use data aggregated at a high level. c. Analytical procedures can replace tests of controls in gathering audit evidence to support the assessed level of control risk. d. Analytical procedures usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

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Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.

Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

Description : Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

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All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting of closing entries have been properly completed. c. contains only permanent accounts. d. proves that all transactions have been recorded.

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Last Answer : d. proves that all transactions have been recorded.

Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.

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Last Answer : D] Expenses should be matched with the revenue of the period.

All head and sub offices journal of money order paid are sent to audit a) Daily b) Weekly d) Twice in the month d) Monthly

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When family allotment money order are paid a) The MOs paid shall be listed along with other MOs b) The MOs will be entered in separate journal and accounted for separately in the accounts c) Will be entered in MO paid journals and the total entered in the ordinary journal d) None of these

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How do you determine if an order already has transactions to match to it?

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An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. Understand the events and transactions that may have an effect on the client's financial statements. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

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Does keeping a journal have benefits?

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Last Answer : I do it every so often. It’s always so interesting to see how much I’ve changed over the years.