Question 1

_____________________ are the part of the accounting information system that interprets,transforms,and summarizes information for use in analysis and reporting.

Accepted Answer

Informatio

Question 2

Information processors are systems that:

Accepted Answer

A) Keep data in an accessible form. 
B) Interpret,transform,and summarize information for use in analysis and reporting. 
C) Eliminate the need for professional judgment due to their accuracy. 
D) Are the means to make information available to users. 
E) Capture information from source documents. 
A) Keep data in an accessible form. 
B) Interpret,transform,and summarize information for use in analysis and reporting. 
C) Eliminate the need for professional judgment due to their accuracy. 
D) Are the means to make information available to users. 
E) Capture information from source documents.

Question 3

A company sells merchandise on credit for $6,000.The merchandise cost is $3,400.The journal that the transaction would be recorded in is the:

Accepted Answer

A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal. 
A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal.

Question 4

The five fundamental principles of accounting information systems are:

Accepted Answer

A) Control,accountability,relevance,compatibility,and flexibility. 
B) Historical cost,relevance,compatibility,flexibility,and cost-benefit. 
C) Control,relevance,compatibility,flexibility,and safety. 
D) Historical cost,relevance,compatibility,timeliness,and cost-benefit. 
E) Control,relevance,compatibility,flexibility,and cost-benefit. 
A) Control,accountability,relevance,compatibility,and flexibility. 
B) Historical cost,relevance,compatibility,flexibility,and cost-benefit. 
C) Control,relevance,compatibility,flexibility,and safety. 
D) Historical cost,relevance,compatibility,timeliness,and cost-benefit. 
E) Control,relevance,compatibility,flexibility,and cost-benefit.

Question 5

The process of adding the Debit column totals,then the credit column totals of a journal and comparing the two sums for equality is an example of:

Accepted Answer

A) Crossfooting. 
B) Footing. 
C) Journalizing. 
D) Posting. 
E) Reconciling. 
A) Crossfooting. 
B) Footing. 
C) Journalizing. 
D) Posting. 
E) Reconciling.

Question 6

Chandler Company purchased merchandise on credit from Lighting Supply for $5,600.Chandler would record this sale in the:

Accepted Answer

A) General journal. 
B) Cash receipts journal. 
C) Cash disbursements journal. 
D) Purchases journal. 
E) Accounts Payable controlling account. 
A) General journal. 
B) Cash receipts journal. 
C) Cash disbursements journal. 
D) Purchases journal. 
E) Accounts Payable controlling account.

Question 7

Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:

Accepted Answer

A) Equipment. 
B) Cash. 
C) Payroll. 
D) Inventory. 
E) Investments. 
A) Equipment. 
B) Cash. 
C) Payroll. 
D) Inventory. 
E) Investments.

Question 8

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Accepted Answer

accounts r

Question 9

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the collection from the customer made within the discount period,in its cash receipts journal,Maxie's would enter:

Accepted Answer

A) $2,600 in the Cash Dr.column and $2,600 in the Accounts Receivable Cr.column. 
B) $2,574 in the Cash Dr.column and $2,574 in the Accounts Receivable Cr.column. 
C) $2,574 in the Cash Dr.column,$26 in the Sales Discount Dr.column and $2,600 in the Accounts Receivable Cr.column. 
D) $2,600 in the Accounts Receivable Dr./Sales Cr.column and $2,600 in the Cash Cr.column. 
E) $2,600 in the Cash Dr.column.$2,600 in the Sales Cr.column,and $1,700 in the Cost of Goods Sold Dr./Inventory Cr.column. 
A) $2,600 in the Cash Dr.column and $2,600 in the Accounts Receivable Cr.column. 
B) $2,574 in the Cash Dr.column and $2,574 in the Accounts Receivable Cr.column. 
C) $2,574 in the Cash Dr.column,$26 in the Sales Discount Dr.column and $2,600 in the Accounts Receivable Cr.column. 
D) $2,600 in the Accounts Receivable Dr./Sales Cr.column and $2,600 in the Cash Cr.column. 
E) $2,600 in the Cash Dr.column.$2,600 in the Sales Cr.column,and $1,700 in the Cost of Goods Sold Dr./Inventory Cr.column.

Question 10

____________________________________ refers to the programs that help managers direct a company's vital operations.

Accepted Answer

Enterprise

Question 11

A company borrowed $80,000 from a bank by signing a long-term note payable.The journal the transaction would be recorded in is the.

Accepted Answer

A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal. 
A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal.

Question 12

The control principle for accounting information systems requires that the:

Accepted Answer

A) Benefits from an activity outweigh the costs of the activity. 
B) System report useful,understandable,timely,and pertinent information for effective decision making. 
C) System must have methods and procedures allowing managers to control and monitor business activities. 
D) System be able to adjust to changes in the company,business environment,and needs of decision makers. 
E) System conforms to a company's activities,personnel,and structure. 
A) Benefits from an activity outweigh the costs of the activity. 
B) System report useful,understandable,timely,and pertinent information for effective decision making. 
C) System must have methods and procedures allowing managers to control and monitor business activities. 
D) System be able to adjust to changes in the company,business environment,and needs of decision makers. 
E) System conforms to a company's activities,personnel,and structure.

_____________________ are the part of the accounting information system that interprets,transforms,and summarizes information for use in analysis and reporting.

Information processors are systems that:

A company sells merchandise on credit for $6,000.The merchandise cost is $3,400.The journal that the transaction would be recorded in is the:

The five fundamental principles of accounting information systems are:

The process of adding the Debit column totals,then the credit column totals of a journal and comparing the two sums for equality is an example of:

Chandler Company purchased merchandise on credit from Lighting Supply for $5,600.Chandler would record this sale in the:

Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the collection from the customer made within the discount period,in its cash receipts journal,Maxie's would enter:

____________________________________ refers to the programs that help managers direct a company's vital operations.

A company borrowed $80,000 from a bank by signing a long-term note payable.The journal the transaction would be recorded in is the.

The control principle for accounting information systems requires that the:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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Exam 7: Accounting Information Systems

_____________________ are the part of the accounting information system that interprets,transforms,and summarizes information for use in analysis and reporting.

Information processors are systems that:

A company sells merchandise on credit for $6,000.The merchandise cost is $3,400.The journal that the transaction would be recorded in is the:

The five fundamental principles of accounting information systems are:

The process of adding the Debit column totals,then the credit column totals of a journal and comparing the two sums for equality is an example of:

Chandler Company purchased merchandise on credit from Lighting Supply for $5,600.Chandler would record this sale in the:

Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:

Individual transactions in the sales journal are posted regularly to customers' accounts in the ___________________________.

Maxie's Game World sold games to a customer on credit for $2,600,terms 1/10,n/30 and the cost of the games was $1,700.When recording the collection from the customer made within the discount period,in its cash receipts journal,Maxie's would enter:

____________________________________ refers to the programs that help managers direct a company's vital operations.

A company borrowed $80,000 from a bank by signing a long-term note payable.The journal the transaction would be recorded in is the.

The control principle for accounting information systems requires that the:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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