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21 special journals allow an efficient division of labor which is also an effective 4299155

 

21. Special journals allow an efficient division of labor, which is also an effective control procedure. 

22. When posting from special journals each debit and credit entry is entered as a separate amount in the general ledger. 

23. Most transactions for merchandising businesses fall into four groups: sales, purchases, cash receipts, and cash disbursements. 

24. Special journals are designed in a manner that is best suited for each business, so good systems design for a business could include collapsing the sales and cash receipts journal into one journal. 

25. A subsidiary ledger is a listing of individual accounts with a common characteristic. 

26. Two common subsidiary ledgers are cash receipts and cash disbursements. 

27. The accounts payable ledger is used for storing transactions data regarding individual customers. 

28. The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger. 

29. Equipment, inventory, and investments are other accounts that can include detailed information in a subsidiary ledger. 

30. Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need. 

 

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