Why is there a need to use books of prime entry?
Question:
Why is there a need to use books of prime entry?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Books of prime entry also known as subsidiary books or daybooks are specialized accounting journals used to record specific types of transactions in a systematic and organized manner They serve severa...View the full answer
Answered By
Abdul Wahab Qaiser
Before working at Mariakani, I volunteered at a local community center, where I tutored students from diverse backgrounds. I helped them improve their academic performance and develop self-esteem and confidence. I used creative teaching methods, such as role-playing and group discussions, to make the learning experience more engaging and enjoyable.
In addition, I have conducted workshops and training sessions for educators and mental health professionals on various topics related to counseling and psychology. I have presented research papers at conferences and published articles in academic journals.
Overall, I am passionate about sharing my knowledge and helping others achieve their goals. I believe that tutoring is an excellent way to make a positive impact on people's lives, and I am committed to providing high-quality, personalized instruction to my students.
0.00
0 Reviews
10+ Question Solved
Related Book For
Cambridge International AS And A Level Accounting
ISBN: 9781444181432
1st Edition
Authors: Ian Harrison
Question Posted:
Students also viewed these Business questions
-
Why is there a need for a consolidation entry when an intercompany inventory transfer is made at cost?
-
Ava maintains a full set of books of prime entry. a. State one advantage of maintaining purchases and sales journals. b. Complete the following table to name the business documents which Ava will use...
-
Selecting the correct book of prime entry Renea is the owner of a retail unit. Her business's accounting system includes all seven books of prime entry as part of her books of account. The following...
-
4. This problem investigates nearest neighbor and bilinear interpolation. For simplicity, we will focus on estimating the image intensity at a single location. Interpolation is used when transforming...
-
The trial balance of Vail Co. does not balance. Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
-
What are the differences among the weak, semi-strong, and strong forms of the efficient market hypothesis?
-
Two \(0.0450-\mathrm{kg}\) spheres are identical (including the charge they carry) and are initially pinned in place \(200 \mathrm{~mm}\) apart. You unpin them and push on each sphere with a force of...
-
Kincaid Company sells flags with team logos. Kincaid has fixed costs of $664,000 per year plus variable costs of $4.50 per flag. Each flag sells for $12.50. Requirements 1. Use the income statement...
-
1. 20 The full symbols of atoms of elements R, T, X, Y and Z are 2R, 31, 30, 34X, and 5Z respectively 15 15 164, Which one of the following is an isotope of Y A. R B. T C. X D. Z 2. The electronic...
-
Give an alternative name for the books of prime entry.
-
Name two 'liability' accounts found in the ledger.
-
The following is selected financial information from Recipe Unlimited Corporations Balance Sheet as at December 31, 2020 and 2019. Calculate the debt to equity ratio for 2020 and 2019 (round to two...
-
According to the balanced reaction below, calculate the quantity of moles of NH3 gas that form when 4.20 mol of NH4 liquid completely reacts: 3 NH4(1) 4 NH3(g) + N(g)?
-
An investor wants to purchase a 2 year treasury bond, and the broker provides the investor with the following two alternatives. a) A $10,000 10 year Treasury bond issued on March 8, 2013 that matures...
-
Solve the following complex number problems. Solutions for complex number transformation is required in this item. a. Simplify: 120 +31 18-2115 2111 +5 b. (32-120)+(1/120) (4-1)(-1-1) 5e C. 2e0.25mi...
-
A reaction has a rate constant of 8.2 x 10-2 M-1s-1. If you start with an initial concentration of 6.49M, what is the half-life?
-
Moody Corporation's bonds have a 15-year maturity, a 7.25% coupon paid semiannually, and a par value of $1,000. If the going market interest rate for bonds of similar risk and maturity is 6.00%...
-
Use the Wilcoxon signed-ranks test to test the claim that the matched pairs have differences that come from a population with a median equal to zero. Use a 0.05 significance level. Best Actresses 22...
-
Chris Zulliger was a chef at the Plaza Restaurant in the Snowbird Ski Resort in Utah. The restaurant is located at the base of a mountain. As a chef for the Plaza, Zulliger was instructed by his...
-
The following accounts are given: Required Balance the accounts and carry down any balances. Dr Rent account (GL) Cr 450 450 450 Dr Sales account (GL) Cr 723 218 109 Dr Tungi (SL) 46 39 Cr 44 2 13
-
Wendy owns and runs a card and stationery shop. The following is a list of accounts found in Wendys ledgers: Name the ledger in which the account would be found. Place a tick in the appropriate...
-
A general store sells the following items: Apples Magazines A freezer cabinet that is no longer required Fish fingers Caramel toffees. Required Identify the items that are sales. A simple...
-
A hospital germ-fighting and floor cleaning robot, named Maurice, costs $109,000. Patients are billed $1 per day for Maurice's use and upkeep. A certain 300-bed hospital is considering purchasing...
-
Over a period of four and half years an investment grows to $ 2 0 , 0 0 0 . ( a ) If money in this investment accummlated at a simple interest rate of 8 % , what was the initial amount for the...
-
It is December 3 1 , 2 0 2 3 . Lincoln has an asset ( Basis $ 1 0 , 0 0 0 ; FMV = $ 4 0 , 0 0 0 ) . The gainon the asset is subject to depreciation recapture and will result in $ 3 0 , 0 0 0 in...
Study smarter with the SolutionInn App