Transactions paper accounting

1. Received a check for $ 3,087.00 from roundabout Fashions for payment of their $3,150 account less a 2% cash discount of $ 63.00. R82.

A double-entry accounting system is an accounting system:

a. That records each transaction twice.

b. That records the effects of transactions and other events in at least two accounts with equal debits and credits.

c. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.

d. That may only be used if T accounts are used.

e. That ensures that errors never occur.

“Journalize the transactions as they occur” is the step of the accounting cycle that is not completed at the end of the accounting period. True or False?

At the beginning of 2016, IASB issues a new accounting standardfor lease transactions ( IFRS 16), which will be rffective from 01January 2019.

1. Explain the accounting treatment for lease transactions onthe lessee's financial statements under both the current accountingstandard (IAS 17) and new standare (IFRS 16) on the lessee'sfinancial statement.