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Review Questions

7 May, 2015 - 11:20

R- ac7-1: What is the purpose of accounting system principles?

R- ac7-2: When and how is an accounting system revised?

R- ac7-3: Why internal controls are needed?

R- ac7-4: When are subsidary ledgers use for liabilities or expenses?

R- ac7-5: What is the purpose of subsidiary ledgers?

R- ac7-6: When are special journals used?

R- ac7-7: What is entered into a purchases journal?

R- ac7-8: What is entered into a cash payments journal?

R- ac7-9: What is recorded in a sales journal?

R- ac7-10: What transactions are entered into a cash receipts journal?

  1. "If everyone were honest, there would be no need for internal controls to safeguard cash." Do you agree? Explain.
  2. When a company records a sales transaction, it also records another related transaction. Explain the related transaction.