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Q:

What is the Auto Invoice? What are the setup Steps for Auto Invoice? 

Answer:



Q:

When an account becomes uncollectible and must be written off

A) Accounts Receivable should be credited B) Sales Revenue should be debited
C) Allowance for Doubtful Accounts should be credited D) Bad Debt Expense should be credited
 
Answer & Explanation Answer: A) Accounts Receivable should be credited

Explanation:
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Q:

Which of the following statements about market segmentation is true?

A) It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants. B) It is a process of creating an image or identity of the product in the minds of the target market.
C) It is a process of evaluating each segment's attractiveness and selecting one or more to enter. D) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
 
Answer & Explanation Answer: A) It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants.

Explanation:
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1 156
Q:

Depreciation is a process of

A) Allocation B) Valuation
C) Both A & B D) Appropriation
 
Answer & Explanation Answer: A) Allocation

Explanation:

Depreciation is a process of cost allocation, not valuation. In accounting, the term depreciation refers to the allocation of cost of a tangible asset to expense to the periods in which the asset is expected to be used to obtain the economic benefit.

 

In brief, Depreciation is fall in the value of assets due to wear and tear over a period of time, it is a loss.

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Q:

Accounts Receivable financing is based on

Answer

Accounts-receivable financing is a type of asset-financing arrangement in which a company uses its receivables — outstanding invoices or money owed by customers — to receive financing.


when a business sells its AR (accounts receivable) to a factoring company and receives short-term business funding in return, this is what called as Accounts Receivable Financing.


 


How it works ::


Business-to-business sales are often offered with payment terms of 30, 60 or 90 days.


The buyer receives the product, but doesn't submit payment until the mutually agreed-upon date.


The seller records the sale as revenues and increases the accounts receivable by the amount of the sale.


When the payment arrives, the seller decreases the accounts receivable and increases cash.


Accounts receivable financing allows the seller to get the cash immediately by selling the receivable to a third party. This is called factoring.

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0 98
Q:

Which of the following is not true about enterprise systems? 

A) Enterprise software is expressly built to allow companies to mimic their unique business practices. B) Enterprise software includes analytical tools to evaluate overall organizational performance.
C) Enterprise system data have standardized definitions and formats that are accepted by the entire organization. D) Enterprise systems help firms respond rapidly to customer requests for information or products.
 
Answer & Explanation Answer: A) Enterprise software is expressly built to allow companies to mimic their unique business practices.

Explanation:

Enterprise systems (ES) are large-scale application software packages that support business processes, information flows, reporting, and data analytics in complex organizations.

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0 146
Q:

Who buys Municipal bonds?

Answer

The persons whose primary investing objective is to preserve capital while generating a tax-free income stream, then municipal bonds are worth considering.


Municipal bonds (munis) are debt obligations issued by government entities. When you buy a municipal bond, you are loaning money to the issuer in exchange for a set number of interest payments over a predetermined period. At the end of that period, the bond reaches its maturity date, and the full amount of your original investment is returned to you.


 


Types of Municipal Bonds :


Municipal bonds come in the following two varieties:


1. General obligation bonds (GO)
2. Revenue bonds


General obligation bonds, issued to raise immediate capital to cover expenses, are supported by the taxing power of the issuer.


Revenue bonds, which are issued to fund infrastructure projects, are supported by the income generated by those projects.


 


Both types of bonds are tax exempt and particularly attractive to risk-averse investors due to the high likelihood that the issuers will repay their debts.

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Q:

Contra-entries are passed only when

A) Simple cash book is prepared B) Double column cash book is prepared
C) Three column cash book is prepared D) None of the above
 
Answer & Explanation Answer: B) Double column cash book is prepared

Explanation:

Contra-entry is the entry which effected the both sides in cash book.

It is occured in three times, i.e.,

1.Cash deposited in to bank,

2.Cash withdrawn from the bank for office use, and

3.Receivable cheque deposited in to the bank in another day.

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0 413
Q:

On a bank reconciliation, deposits in transit are

A) added to the book balance B) added to the bank balance
C) deducted from the book balance D) None of the above
 
Answer & Explanation Answer: B) added to the bank balance

Explanation:

A deposit in transit is cash (currency, coins, checks, electronic transfers) that a company has received and is rightfully reported as Cash on its balance sheet, but does not appear on the bank statement until a later date.

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