COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which three features are included in Receipt Accounting?
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Analyze Standard Purchase Cost Variances
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Create Receipt Accounting Distribution
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Review Item Costs
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Adjust Receipt Accrual Clearing Balances
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Review Journal Entries
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Explanation:
Detailed explanation-1: -A journal entry has the following components: The date of the transaction. The account name and number for each account impacted. The credit and debit amount.
Detailed explanation-2: -Your cash receipts journal should have a chronological record of your cash transactions. Using your sales receipts, record each cash transaction in your cash receipts journal. Do not record the sales tax you collected in the cash receipts journal. You must record this in the sales journal instead.
There is 1 question to complete.