accounting period with a $5,000 debit balance in its accounts receivable account. During the accounting period Mahler recorded revenue on account amounting to $17,000. The accounts receivable account at the end of the accounting period contained a $8,000 debit balance. Based on this information alone, the cash collected from accounts receivables during the period is A) $14,000 B) $17,000 C) $20,000 D) $22,000 2. Credit entries will: A)
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objects and the sources carry transaction information into the rules defined for each component of an entry. These components, i.e. journal line type, account derivation rule, and journal entry descriptions are grouped together as a journal line definition (JLD) for a particular event. For example, you can set up a JLD for an invoice validation event, another for payment creation, and another for payment clearing. The set of rules for a particular subledger application is called the application
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A MUST READ on FED RESERVE by AYO-IGE.M A monetary control institution of a Nation is often refer to as the central bank or Nation bank. The Bank of England serve as the central bank of the England, Central bank of Nigeria serve as the monetary control of our great nation Nigeria while the Federal Reserve serve as the central bank of United States of America popularly known as the FED RESERVE . Supervision of money supply, adjustment of interest rate, printing and distribution of currency notes
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ACCOUNTING Evolution: Accounting can be traced back to the evolution of the number system itself. It has been there in one form or the other, since the human beings started exchanging things. In ancient times the “kings” or “monarchs” used to maintain “treasury records”. They used to keep records of the incomes and expenses to the treasury. However, the real beginning can be traced to the reference to double entry system in the book published about 500 years ago. It was the great Italian Mathematician
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COMMERCIAL BANK OF ETHIOPIA CUSTOMER ACCOUNTS AND TRANSACTION SERVICE TECHNICAL TRAINING MANUAL May 2014 Commercial Bank of Ethiopia Contents PART I ............................................................................................................................................................ 1 Chapter one .................................................................................................................................................. 1 Introduction .............
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| Question : | (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? | | | Student Answer: | | Management is considered an internal user. | | | | Present and prospective creditors are considered external users. | | | | Regulatory authorities, such as the SEC, are considered internal users. | | | | Taxing authorities are considered external users. | | Instructor Explanation: | See Chapter 1, page 7. | | |
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3.2.1. Overdrafts/Credit Cards etc. Conventional banks offer the facility of overdrawing from account of the customer on interest. One of its form is use of credit card whereby limit of overdrawing for customer is set by the bank. Credit card provides dual facility to customer including financing as well as facility of plastic money whereby customer can meet his requirement without carrying cash. As for facility of financing is concerned that is not offered by Islamic banks except in the form
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Financial Accounting Chapters 1,2,3 Double Entry Accounting- each business transaction has dual effects. As a result, every transaction affects at least two accounts. One Debit and One Credit ACCOUNT | Debit | Credit | Assets | + | - | Expenses | + | - | Dividends or Withdrawals | + | - | Revenue | - | + | Liabilities | - | + | Capital | - | + | Retained Earnings | - | + | Normal Balance- side the account increases Contra Account- has a normal balance opposite of its companion
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Accounting Terms Account -- a record of financial transactions; usually refers to a specific category or type, such as travel expense account or purchase account. Accountant -- a person who is trained to prepare and maintain financial records. Accounting -- a system for keeping score in business, using dollars. Accounting period -- the period of time over which profits are calculated. Normal accounting periods are months, quarters, and years (fiscal or calendar). Accounts payable -- amounts
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Points balance on their account, it would allow them to process the credits gained for purchases made as well as automatically issue debits to the customer’s account when an item has been returned. o Users in the “Managers” tier represent employees of Kudler Fine Foods with a managerial job title. They will be able to view Frequent Shopper Balance on their account, issue credits they gained to be used for purchases, issue debits to their account when returns have been made, and make adjustments
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