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Questions and Answers
What is the purpose of designing accounting reports?
What is the purpose of designing accounting reports?
- To manage inventory levels
- To track employee attendance
- To evaluate performance and pinpoint problems (correct)
- To create marketing strategies
What should procedures be consistent with?
What should procedures be consistent with?
- Government regulations
- Company policies (correct)
- Employee preferences
- Industry standards
What is the purpose of ledger accounts?
What is the purpose of ledger accounts?
- To track employee benefits
- To classify and summarize transactions for F/S and reports (correct)
- To create product designs
- To manage customer complaints
What should ledgers consider?
What should ledgers consider?
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What is the purpose of journals?
What is the purpose of journals?
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Which of the following is NOT a special journal?
Which of the following is NOT a special journal?
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What is the purpose of a voucher system?
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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