Reversing entries - Study guides, Class notes & Summaries

Participants that may initiate a reversing file. - correct answer 1)Originator 2) ODFI 3) ACH Operator Participants that may initiate a reversing entry. - correct answer 1) Originator 2) Effective June 30, 2021 ODFI Reversals are prohibited to be initiated under these circumstances - correct answer 1) Originator or Third-Party Sender fails to fund the payment(s), or 2) Beyond 5 banking days from the Settlement Date of the erroneous entry/file. An RDFI is required to provide funds ...

Participants that may initiate a reversing file. - correct answer 1)Originator 2) ODFI 3) ACH Operator Participants that may initiate a reversing entry. - correct answer 1) Originator 2) Effective June 30, 2021 ODFI Reversals are prohibited to be initiated under these circumstances - correct answer 1) Originator or Third-Party Sender fails to fund the payment(s), or 2) Beyond 5 banking days from the Settlement Date of the erroneous entry/file. An RDFI is required to provide funds ...

In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? Liabilities increased by $1.0 million in 2018 Liabilities increase...

ACCCOB1 Module 1 Questions And Answers 2023 Update AICPA definition of accounting - ANS-The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events that are, in part at least, of a financial character, and interpreting the results thereof PICPA definition of accounting - ANS-A system that measures business activities, processes given information into reports, and communicates those findings to decisionmakers 9 basic steps ...

Processing and Approval Questions and Answers | Latest Version | 2024/2025 | Already Passed What is the purpose of processing journal entries? The purpose is to record financial transactions accurately in the accounting system. What must be ensured before a journal entry is posted? It must be verified for accuracy and compliance with accounting standards. Who is typically responsible for approving journal entries? A financial manager or a designated authority approves journal ...

Intermediate Accounting: Chapter 2 Debits increase asset accounts and decrease liability accounts. - correct answer True Adjusting journal entries are required to comply with the realization and matching principles. - correct answer True The adjusted trial balance contains only permanent accounts. - correct answer False A reversing entry at the beginning of a period for salaries would include a debit to salaries expense. - correct answer False The sale of merchandise on account ...

Principles Of Accounting Test Questions And Answers The following comments all relate to the recording process. Which of these statements is correct? - ANSWER- The general ledger is posted from transactions recorded in the general journal. Of the following account types, which would be increased by a debit? - ANSWER- Assets and expenses The following comments each relate to the recording of journal entries. Which statement is true? - ANSWER- Journalization is the process of converting t...

SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 4 K 25. 6 C sg33. 2 K 2. 1 K 10. 2 K 18. 4 C 26. 6 K sg34. 3 K 3. 1 C 11. 2 K 19. 5 C 27. 6 K sg35. 6 C 4. 1 C 12. 2 K 20. 5 K 28. 6 K sg36. 6 K 5. 1 K 13. 2 K 21. 5 C 29. 6 K sg37. 6 K 6. 1 K 14. 2 K 22. 6 K a 30. 7 K 7. 1 C 15. 3 C 23. 6 C sg31. 1 K 8. 2 K 16. 3 K 24. 6 C sg32. 2 K Multiple Choice Questions 38. 1 K 62. 2 K 8...

AIS - Exam #1 (Chapter 2) Questions and Answers Accounting - ANSWER ️️ Bookkeeping is typically done before accounting, the process of identifying, measuring, and communicating economic decisions to permit informed judgments Bookkeeping - ANSWER ️️ A part of accounting that involves only the recording of economic events Not guaranteed success in the accounting profession The accounting cycle - ANSWER ️️ the process by which companies produce their financial statements for a s...

The purpose of preparing a trial balance is a. To ensure that there were no errors committed b. To prove that all journal entries were posted correctly c. To prove the equality of the monetary totals of debits and credits d. All of these - c. To prove the equality of the monetary totals of debits and credits If an entity uses the income method of initial recording of income, the year end adjusting entry involves a. Crediting an income account for the earned portion of the advance payment r...