Elaborate and discuss the following quetions 1. While you are working as a bookkeeper in retail company, Sage 50 is giving you a warning message that the customer has exceeded his credit limit. What would you do? How would you advice your manager as a professional? 2. What is overdraft and how does it happen? 3. What is a Cash Flow Report? What does it help us? 4. Explain the concept of aging in customer accounts? 5. How do you record a Senior's Discount?
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- 1. Give the reasons why net income is not necessarily the same as net cash receipts. 2. Why is net cash inflow as important, or sometimes more important, than net income? 3. Observe the operations of your favorite fast food restaurant. What is good about their cash flow? 4. Compare cell phone with a (a) prepaid plan against (b) postpaid plan. Name the advantages at (a) over (b), and (b) over (a) in terms of cash receipts and service income. 5. Why would sellers resort to selling through credit cards?If a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?For the following transactions, show which Balance Sheet line items will be affected and if the effect will result in the line item increase or reduction. • Purchase a Treasury Bill for cash• Client withdraws savings• Receive a donation• A current loan becomes past due• Purchase motorcycle for staff with short-term credit
- Why do you think businesses extend credit to customers thereby creating accounts receivable?This is a bank account used to deposit and withdraw money using the bank branch, using an ATM or Internet banking or by writing a cheque. a. Savings Account b. Time Deposit c. Credit Account d. Current / Checking Account It refers to the amount of money paid out an account. a. Opening and closing balance b. Account holder c. Credit transaction d. Debit transaction This is aimed at those who have a lump sum which they want to invest over a set period of time The money is deposited into the account and left there until the agreed upon date. a. Credit Account b. Savings Account c. Debit Account d. Time Deposit It is the amount of money in the account at the beginning and at the end of the period. a. Credit transaction b. Opening and closing balance C. Account holder d. Debit transactionSubject: Mathematics in the Modern World (MMW) 1. This is a credit card fee that you have to pay when you withdraw money from the card at an ATM? a. Decline Fee b. Balance Transfer Fee c. Application Fee d. Cash Advance Fee 2. Generally called the buyer’s or homeowner’s equity or a type of payment, often in cash, made in the early stages of a purchase of an expensive good or service. a. Down payment b. Amortization c. Mortgage loan d. Home ownership 3. It is sometimes called a “winner-take-all” method. a. Plurality Method b. Borda Count Method c. Pairwise Comparison d. Plurality with Elimination 4. If Peter is preferred over Ned in a head-to-head comparison and Peter is preferred over MJ and Peter is preferred over May, then Ned should win the election. Does this satisfy the Condorcet Criterion? a. No, because it should be Peter. b. No, because it should be MJ. c. Yes, because it is an election. d. Yes, because it is a one-on-one comparison.
- Accounts receivable are customer payments. (increased/decreased) by credit sales and are Need help? Review these concept resources. Read About the Concept increased decreased) byIf a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance EquityIs granting credit to customers good? And as a future business owner how would you handle or manage your receivables? Explain your answer.
- How can a small business invert the A/R cycle so that cash is received before a good or service is provided?Ma1. 1. Where can you enable account numbers for the chart of accounts? Multiple choice question A. The Enable account numbers slider from the Chart of Accounts screen B. The Advanced tab in Account and Settings C. The Customization option from Accountant Tools D. The Chart of accounts tab in Account and Settings 2. A client messaged you saying that there might be something wrong with the bank feed of their checking account. What would be the first thing to do to see if the bank feed will refresh? Multiple choice question A. Select the Troubleshoot button from the Advanced tab of Account and Settings B. Select the Pencil icon on the Checking account tile and select Contact bank C. Select the Update button in the Banking center D. Select the Pencil icon on the Checking account tile and select Troubleshoot 3. Which report would you use to show the least popular products? Multiple choice question A. Sales by Product/Service Summary B. Product/Service List…Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor, Stanley, had net sales of $1,090,600 and average accounts receivable of $142,100. (a) Calculate the accounts receivable turnover for both companies. (b) Which company is doing a better job of managing its accounts receivables? Complete this question by entering your answers in the tabs below. Required A Required B Compute accounts receivable turnover for both companies. Morgan Stanley Choose Numerator: 1 1 1 Accounts Receivable Turnover Choose Denominator: = = Accounts Receivable Turnover Accounts receivable turnover times times