Chapter#6F: Daily Transactions and Monthly Procedures Flashcards Preview

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Flashcards in Chapter#6F: Daily Transactions and Monthly Procedures Deck (10)
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1

How are Daily Transactions entered?

Through Modules in Simply Accounting 2005

2

How does Simply Accounting 2005 handle transactions?

Through Receivables, Payables and Payroll Modules

3

True or False, when a company makes a sale to the customer; the sale is recorded in the Receipt Journal?

False, it's recorded in the Sales Journal in the Receivable Module

4

True or False: when a customer pays an account, the cash is recorded in the Sales Journal?

False, it's recorded in the Receipts journal in the Receivable Module

5

Where does a purchase made from the company go into what journal?

The Purchase Journal of the Payable Module

6

Where does a Payment made from the company go into what journal?

the Payments Journal of the Payable Module

7

What does the General do?

its used to set up month-end and year-end entries or make corrections between accounts.

8

What are Month Ends?

Procedures performed much faster, more accurately and efficiently

9

What are some different management reports?

financial reports (Balance Sheet, Income Statement, etc.)
Payables
Receivables
Payroll reports, and other reports

10

What does a computerized accounting system make?

a multitude of information available in a short period of time, without too much effort on the part of the bookkeeper.