Indicate whether the following statement is True or FalseReconciling the individual creditor's account in the creditors ledger with the monthly creditor's statement is a control activity that will identify an error of omission in the purchases journal

Select the most appropriate RISK addressed by the following control performed in the acquisitions and payments cycle:  An employee independent of the banking functions and the creditors’ department performs a monthly bank reconciliation of the cash book to the bank statement.a.Incorrect payment made to creditorb.Unauthorised paymentsc.Payment amount recorded inaccuratelyd.Payment made to fictitious creditors

The following statements relate to the business transactions topic. Choose all of the statements that are false:Question 3AnswerAll accrual accounting systems, no matter how simple or complex, follow the same basic recording rules.A numerical error in recording an item in the accounting system will become evident when the balance sheet does not balance.Generally speaking, business events are important and relevant for the entity but often lack the criteria to enable recording.Under ‘double entry’ accounting, all transactions will only affect a maximum of two elements in a business.An owner-related transaction that involves withdrawing inventory for personal use would affect the statement of cash flows.

Consider the following statements below:       Statement 1: The creditor may bring the appropriate actions to protect and preserve his right only after the fulfillment of the condition.                                   Statement 2: The debtor may recover what he has paid if he believed by mistake that the condition has been fulfilled.1 pointOnly statement 2 is true.Only statement 1 is true.Both statements are false.Both statements are true.

Identify if the following statement is true or false -  It is easier to monitor the financial performance and position of the business if it has a separate account to that of its owner.*1 pointTRUEFALSE

Preparing a detailed schedule of accounts receivable balances that are more than 120 days past due for only those customers who regularly purchase the company’s products. The purpose of the analysis is to identify potential changes to the credit terms offered to regular customers (e.g., payment due dates, interest on overdue balances). multiple choice 5Financial accounting IncorrectManagerial accounting