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Questions and Answers
What is the purpose of designing accounting reports?
What should procedures be consistent with?
What is the purpose of ledger accounts?
What should ledgers consider?
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What is the purpose of journals?
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Which of the following is NOT a special journal?
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What is the purpose of a voucher system?
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Study Notes
- Design of accounting reports to evaluate performance and pinpoint problems.
- Procedures should be consistent with company policies and provide necessary management and control requirements.
- Ledger accounts should classify and summarize transactions for F/S and reports.
- Ledgers should consider the chart of accounts.
- Journals are used to show all transaction information in one place and provide a chronological record.
- Special journals include sales, cash receipts, purchase, and cash disbursement.
- Voucher system controls purchases and cash disbursements using vouchers, voucher register, and check register.
- General journal is used for transactions not appropriate in special journals.
- Business forms should be properly identified, logically arranged, and provide necessary signatures.
- Forms should consider internal control requirements.
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Description
Test your knowledge of accounting fundamentals with this quiz on the design and procedures for financial reporting. From ledger accounts to special journals and voucher systems, this quiz covers key concepts and considerations for creating accurate and effective financial reports. Sharpen your skills in identifying internal control requirements, organizing business forms, and more. Whether you're studying accounting or looking to brush up on your knowledge, this quiz is a great way to challenge yourself and improve your understanding of accounting basics.
