Chapter#6F: Daily Transactions and Monthly Procedures

Question 1

How are Daily Transactions entered?

Answer 1

Through Modules in Simply Accounting 2005

Question 2

How does Simply Accounting 2005 handle transactions?

Answer 2

Through Receivables, Payables and Payroll Modules

Question 3

True or False, when a company makes a sale to the customer; the sale is recorded in the Receipt Journal?

Answer 3

False, it’s recorded in the Sales Journal in the Receivable Module

Question 4

True or False: when a customer pays an account, the cash is recorded in the Sales Journal?

Answer 4

False, it’s recorded in the Receipts journal in the Receivable Module

Question 5

Where does a purchase made from the company go into what journal?

Answer 5

The Purchase Journal of the Payable Module

Question 6

Where does a Payment made from the company go into what journal?

Answer 6

the Payments Journal of the Payable Module

Question 7

What does the General do?

Answer 7

its used to set up month-end and year-end entries or make corrections between accounts.

Question 8

What are Month Ends?

Answer 8

Procedures performed much faster, more accurately and efficiently

Question 9

What are some different management reports?

Answer 9

financial reports (Balance Sheet, Income Statement, etc.)
Payables
Receivables
Payroll reports, and other reports

Question 10

What does a computerized accounting system make?

Answer 10

a multitude of information available in a short period of time, without too much effort on the part of the bookkeeper.