question archive 1)Identify the major documents commonly used in the purchasing process
1)Identify the major documents commonly used in the purchasing process
Subject:AccountingPrice: Bought3
1)Identify the major documents commonly used in the purchasing process.
2)Distinguish between a cash discount and a trade discount.
3) What is a voucher system?
4)In a voucher system, a payment is supported by what five documents?
5)Describe how each of the following accounts is used: (1) Purchases, (2) Purchases Returns and Allowances, (3) Purchases Discounts, and (4) Freight-In.
6) How are cost of goods sold and gross profit computed?
7) What steps are followed in posting purchases from the general journal to the general ledger?
8)What steps are followed in posting purchases from the general journal to the accounts payable ledger?
9. What steps are followed in posting purchases returns and allowances from the general journal to the general ledger and accounts payable ledger?
10. What steps are followed in posting cash payments from the general journal to the general ledger?
11. What steps are followed in posting cash payments from the general journal to the accounts payable ledger?
12. If the total of the schedule of accounts payable does not agree with the Accounts Payable balance, what procedures should be used to search for the error?
