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  • ABM 1 Chapter 7 Exercise

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    Raljon Silverio
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    The document outlines questions about the accounting cycle for a service business. It asks about the steps in the accounting cycle, the purpose of a chart of accounts, who designs the accounting system and oversees the accounting process, and what documents should be used to record cash receipts, cash payments, sales, and purchases. It also asks about the advantages of computerized processing over manual processing of the accounting cycle.

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    The document outlines questions about the accounting cycle for a service business. It asks about the steps in the accounting cycle, the purpose of a chart of accounts, who designs the accounting system and oversees the accounting process, and what documents should be used to record cash receipts, cash payments, sales, and purchases. It also asks about the advantages of computerized processing over manual processing of the accounting cycle.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    12 views1 page

    ABM 1 Chapter 7 Exercise

    Uploaded by

    Raljon Silverio
    The document outlines questions about the accounting cycle for a service business. It asks about the steps in the accounting cycle, the purpose of a chart of accounts, who designs the accounting system and oversees the accounting process, and what documents should be used to record cash receipts, cash payments, sales, and purchases. It also asks about the advantages of computerized processing over manual processing of the accounting cycle.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    ABM 1

    Chapter 7 – Accounting cycle for a service business


    Practice Exercise

    Topic questions and activities


    1. What are the steps in the accounting cycle?

    2. Of what use is the chart of accounts?

    3. Who designs the accounting system? Who takes charge of the accounting process?

    4. Which documents should be used to record:


    a. Cash receipts

    b. Cash payments

    c. Sales

    d. Purchases

    5. What are the advantage of the computerized processing over the manual processing
    of the accounting cycle?

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