Question: A friend who has extensive experience using Sage 50 advised the treasurer for Love It Again to number the accounts with gaps between successive

A friend who has extensive experience using Sage 50 advised the treasurer for Love It Again to number the accounts with gaps between successive accounts (1000, 1020, 1040, 1060, etc.). a. Explain why this system may be helpful. b. How is this system different from a manual accounting system?

Step by Step Solution

★★★★★

3.38 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Numbering the accounts with gaps between successive accounts in Sage 50 can be helpful for several reasons i Flexibility By leaving gaps between acc... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Review this comprehensive review of strategic planning . The website is the brain-child of Dr. Ross A. Wirth, who has extensive experience in management consulting. However, the website is about...

Western Farms is a producer of items made from local farm products that are distributed to supermarkets. Over the years, price competition has become increasingly important, so Doug Gilbert, the...

Schlitz Brewing is a proprietorship established in 2010 and operated by Sunny Schlitz. She has grown the business over the past 10 years and now has two full time employees. Schlitz Brewing is...

Lung cancer remains the leading cause of cancer death for both Canadian men and women, responsible for the most potential years of life lost to cancer. Lung cancer alone accounts for 28% of all...

Interview a person who has recently had surgery or been in the hospital for several days or longer. Ask this person about the type of services provided and the approximate cost per day of those...

You have just finished reading an article in a personnel journal about compensation plans. The turnover rate in your company is too high, considering the cost of losing experienced employees. The CEO...

Over the last year, a company that manufactures golf clubs has received numerous complaints about the performance of its graphite shafts and has lost several market share percentage points. In...

Susan Jones would like her investment portfolio to be selected from a combination of three stocks Alpha, Beta, and Gamma. Let variables A, B, and G denote the percentages of the portfolio devoted to...

At January 1, 2022, Blue Corporation had a credit balance of $3.050.000 in its retained earnings account. During the year. Blue paid $275,000 in dividends, reported net income of $420,000 and other...

[ - / 1 Points ] Determine whether the integral is conve 8 1 ( x - 7 ) 3 2 d x Need Help?

The following condensed income statement and reconciliation schedule are from the annual report of Tran Company ($ in millions): Sales .......................... $425 Expenses...

A stock trades for $45 per share. A call option on that stock has a strike price of $50 and an expiration date 1 year in the future. The volatility of the stocks returns is 30%, and the risk-free...

Prepare a journal entry on December 23 for the withdrawal of $20,000 by Steve Buckley for personal use.

The following transactions occurred during the month for Teresa Parker, CPA, P.C.: a. Parker opened an accounting firm by investing $14,100 cash and office furniture valued at $5,200. The business...

On January 1, 2013, Knox Company showed the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock ...........$130,000 Additional paid-in capital on...

MeGrawHitiO of 8 Concepts completed(i)Multiple Cholce QuestionWhich statement about classical nd contemporary approaches to management is true?Both classical and contemporary approaches seek to...

In this simulation, you are asked to address questions regarding the FASB conceptual framework. Prepare responses to allparts. KWW Professlonal Simulation Conceptual Framework Time Remaining 4 hours...

These are questions in Sage 50, Computerized Accounting subject. Questions 1. What information does the Dashboard window provide? How do you close this window? 2. How can you recognize that a Sage 50...

For a small business to be successful, it needs an entrepreneur ( s ) with determination, the ability to take risks, money, and resources. It is important for small businesses to have a good...

Referring to the following images, I could use some help with answering this ADVANCED MANAGEMENT ACCOUNTING question worth 20 MARKS. It is now October 2000 and Brenda, who has become more confident...

Choose the following answers 1). Assume that in the pre-election polls of the 2020 Trump-Biden election, Biden had a lead, but when a third party candidate was introduced, Trump had a lead. This...

Old MathJax webview Inner City Weightlifting Case Study Read the Case study on page 457-466 and prepare answers to questions 1, 2, 3 and 4. This assignment should be 1-2 pages in length. PS. the...