Question 1

Special journals include the:

Accepted Answer

A) Accounts receivable journal. 
B) Accounts payable journal. 
C) Purchases journal. 
D) Inventory journal. 
A) Accounts receivable journal. 
B) Accounts payable journal. 
C) Purchases journal. 
D) Inventory journal.

Question 2

General ledger employees should record journal vouchers, but they should not authorize journal vouchers, have custody of assets, or have recording responsibility for any special journals or subsidiary ledgers.

Accepted Answer

A) True 
 B)False

Question 3

Select the true statement from those listed below.

Accepted Answer

A) Managers only need reports showing dollar values. 
B) Managers only need reports showing unit data. 
C) All managers need the same information. 
D) Managers need the information associated with their area of responsibility. 
A) Managers only need reports showing dollar values. 
B) Managers only need reports showing unit data. 
C) All managers need the same information. 
D) Managers need the information associated with their area of responsibility.

Question 4

A proper corporate governance structure must be in place in order to properly deter instances of:

Accepted Answer

A) Fraud. 
B) Theft. 
C) Misuse or manipulation of administrative resources. 
D) All of the above, A, B, and C, are correct. 
A) Fraud. 
B) Theft. 
C) Misuse or manipulation of administrative resources. 
D) All of the above, A, B, and C, are correct.

Question 5

Items associated with equity include all but:

Accepted Answer

A) Interest. 
B) Maturity date. 
C) Dividends. 
D) Changes in stockholders' equity. 
A) Interest. 
B) Maturity date. 
C) Dividends. 
D) Changes in stockholders' equity.

Question 6

Closing entries:

Accepted Answer

A) Close all of the general ledger accounts. 
B) End the fiscal period. 
C) Close all of the subsidiary ledger accounts. 
D) Are journalized in the subsidiary ledgers. 
A) Close all of the general ledger accounts. 
B) End the fiscal period. 
C) Close all of the subsidiary ledger accounts. 
D) Are journalized in the subsidiary ledgers.

Question 7

The account that a manufacturing operation and a retail firm would have in common would be:

Accepted Answer

A) Raw materials. 
B) Work in process. 
C) Manufacturing Labor. 
D) Inventory. 
A) Raw materials. 
B) Work in process. 
C) Manufacturing Labor. 
D) Inventory.

Question 8

In the case of a manual accounting system, wages and payroll deductions would not be posted to the general ledger until the ________ forwards a signed journal voucher, giving the authorization.

Accepted Answer

A) Accounting manager 
B) Controller 
C) Payroll department 
D) Upper management 
A) Accounting manager 
B) Controller 
C) Payroll department 
D) Upper management

Question 9

Which of the following statements is true?

Accepted Answer

A) Routine transactions are recorded in the general journal. 
B) Nonroutine transactions are entered in the general journal. 
C) Nonroutine transactions are recorded in a subsidiary ledger. 
D) Nonroutine transactions are recorded in a special journal. 
A) Routine transactions are recorded in the general journal. 
B) Nonroutine transactions are entered in the general journal. 
C) Nonroutine transactions are recorded in a subsidiary ledger. 
D) Nonroutine transactions are recorded in a special journal.

Question 10

Select the true statement from those given below.

Accepted Answer

A) Capital processes require top management approval while investment processes only require treasurer approval. 
B) Both the capital process and the investment process require only treasurer approval. 
C) Both the capital process and the investment process require top management approval. 
D) Neither the capital process nor the investment processes require top management approval. 
A) Capital processes require top management approval while investment processes only require treasurer approval. 
B) Both the capital process and the investment process require only treasurer approval. 
C) Both the capital process and the investment process require top management approval. 
D) Neither the capital process nor the investment processes require top management approval.

Question 11

Subsidiary ledgers maintain the detail information regarding routine transactions, with an account established for each entity.

Accepted Answer

A) True 
 B)False

Question 12

An underwriter is a third party that contracts with a corporation to bring new securities issues to the public market.

Accepted Answer

A) True 
 B)False

Question 13

Select the correct statement from the following:

Accepted Answer

A) If the trial balance debits equal the trial balance credits, adjusting entries are not necessary. 
B) Adjusting entries are made after the adjusted trial balance report is printed. 
C) Accounts payable information in detail can be found in both the general ledger and the accounts payable subsidiary ledger. 
D) Financial statements must be prepared before the closing entries are journalized. 
A) If the trial balance debits equal the trial balance credits, adjusting entries are not necessary. 
B) Adjusting entries are made after the adjusted trial balance report is printed. 
C) Accounts payable information in detail can be found in both the general ledger and the accounts payable subsidiary ledger. 
D) Financial statements must be prepared before the closing entries are journalized.

Question 14

General ledger employees should record journal vouchers, but they should not

Accepted Answer

A) Have recording responsibility for any special journals or subsidiary ledgers. 
B) Authorize journal vouchers. 
C) Have custody of assets. 
D) All of the above, A, B, and C, are correct. 
A) Have recording responsibility for any special journals or subsidiary ledgers. 
B) Authorize journal vouchers. 
C) Have custody of assets. 
D) All of the above, A, B, and C, are correct.

Question 15

Today's automated accounting process:

Accepted Answer

A) Helps the user by identifying modules for activities. 
B) Precludes the use of subsidiary ledgers. 
C) Requires manual posting of general journal transactions. 
D) All of the above, A, B, and C, are correct. 
A) Helps the user by identifying modules for activities. 
B) Precludes the use of subsidiary ledgers. 
C) Requires manual posting of general journal transactions. 
D) All of the above, A, B, and C, are correct.

Question 16

Financial statements:

Accepted Answer

A) Are generated from the values of the special journals and subsidiary ledgers. 
B) Are presented with complete chart of account detail. 
C) May contain condensed data from the general ledger. 
D) Show units in inventory and dollar value of those units. 
A) Are generated from the values of the special journals and subsidiary ledgers. 
B) Are presented with complete chart of account detail. 
C) May contain condensed data from the general ledger. 
D) Show units in inventory and dollar value of those units.

Question 17

By maintaining a well-defined, complete chart of accounts, an organization minimizes the related risk of:

Accepted Answer

A) Fraud and errors 
B) Invalid general ledger postings 
C) Theft and fraud 
D) Amounts posted to wrong accounts 
A) Fraud and errors 
B) Invalid general ledger postings 
C) Theft and fraud 
D) Amounts posted to wrong accounts

Question 18

Which of the following is NOT part of an administrative process?

Accepted Answer

A) The sale of stock 
B) The sale of bonds 
C) The write-off of bad debts 
D) The purchase of marketable securities 
A) The sale of stock 
B) The sale of bonds 
C) The write-off of bad debts 
D) The purchase of marketable securities

Question 19

When a transaction occurs in a business, the accountant must decide if it is a regular and recurring transaction.If the transaction IS regular and recurring, it will be recorded in a ____1_____.If it is NOT regular and recurring, it will be recorded in a _____2_____.

Accepted Answer

A) 1=General journal; 2=Special journal 
B) 1=General ledger: 2=Special ledger 
C) 1=Special journal; 2=General Journal 
D) 1=Special journal; 2=Subsidiary Ledger 
A) 1=General journal; 2=Special journal 
B) 1=General ledger: 2=Special ledger 
C) 1=Special journal; 2=General Journal 
D) 1=Special journal; 2=Subsidiary Ledger

Question 20

Within the revenue and return processes, systems and controls result from transactions that are:

Accepted Answer

A) Large volumes of daily materials transactions. 
B) Large volumes of daily sales and cash inflow transactions. 
C) Periodic. 
D) Infrequent. 
A) Large volumes of daily materials transactions. 
B) Large volumes of daily sales and cash inflow transactions. 
C) Periodic. 
D) Infrequent.

Special journals include the:

General ledger employees should record journal vouchers, but they should not authorize journal vouchers, have custody of assets, or have recording responsibility for any special journals or subsidiary ledgers.

Select the true statement from those listed below.

A proper corporate governance structure must be in place in order to properly deter instances of:

Items associated with equity include all but:

Closing entries:

The account that a manufacturing operation and a retail firm would have in common would be:

In the case of a manual accounting system, wages and payroll deductions would not be posted to the general ledger until the ________ forwards a signed journal voucher, giving the authorization.

Which of the following statements is true?

Select the true statement from those given below.

Subsidiary ledgers maintain the detail information regarding routine transactions, with an account established for each entity.

An underwriter is a third party that contracts with a corporation to bring new securities issues to the public market.

Select the correct statement from the following:

General ledger employees should record journal vouchers, but they should not

Today's automated accounting process:

Financial statements:

By maintaining a well-defined, complete chart of accounts, an organization minimizes the related risk of:

Which of the following is NOT part of an administrative process?

When a transaction occurs in a business, the accountant must decide if it is a regular and recurring transaction.If the transaction IS regular and recurring, it will be recorded in a __1_.If it is NOT regular and recurring, it will be recorded in a _2___.

Within the revenue and return processes, systems and controls result from transactions that are:

Introduction to AIS

Foundational Concepts of the AIS

Fraud, Ethics, and Internal Control

Internal Controls and Risks in IT Systems

IT Governance

Erp Systems

Auditing Information Technology Bases Processes

Revenue and Cash Collection Processes

Expenditures Processes and Controls - Purchases

Expenditures Processes and Controls Payroll and Fixed Assets

Conversion Processes and Controls

Data and Databases

Ecommerce and Ebusiness

Filters

Exam 12: Administrative Processes and Controls

Special journals include the:

General ledger employees should record journal vouchers, but they should not authorize journal vouchers, have custody of assets, or have recording responsibility for any special journals or subsidiary ledgers.

Select the true statement from those listed below.

A proper corporate governance structure must be in place in order to properly deter instances of:

Items associated with equity include all but:

Closing entries:

The account that a manufacturing operation and a retail firm would have in common would be:

In the case of a manual accounting system, wages and payroll deductions would not be posted to the general ledger until the ________ forwards a signed journal voucher, giving the authorization.

Which of the following statements is true?

Select the true statement from those given below.

Subsidiary ledgers maintain the detail information regarding routine transactions, with an account established for each entity.

An underwriter is a third party that contracts with a corporation to bring new securities issues to the public market.

Select the correct statement from the following:

General ledger employees should record journal vouchers, but they should not

Today's automated accounting process:

Financial statements:

By maintaining a well-defined, complete chart of accounts, an organization minimizes the related risk of:

Which of the following is NOT part of an administrative process?

When a transaction occurs in a business, the accountant must decide if it is a regular and recurring transaction.If the transaction IS regular and recurring, it will be recorded in a ____1_____.If it is NOT regular and recurring, it will be recorded in a _____2_____.

Within the revenue and return processes, systems and controls result from transactions that are:

Introduction to AIS

Foundational Concepts of the AIS

Fraud, Ethics, and Internal Control

Internal Controls and Risks in IT Systems

IT Governance

Erp Systems

Auditing Information Technology Bases Processes

Revenue and Cash Collection Processes

Expenditures Processes and Controls - Purchases

Expenditures Processes and Controls Payroll and Fixed Assets

Conversion Processes and Controls

Data and Databases

Ecommerce and Ebusiness

Filters

When a transaction occurs in a business, the accountant must decide if it is a regular and recurring transaction.If the transaction IS regular and recurring, it will be recorded in a __1_.If it is NOT regular and recurring, it will be recorded in a _2___.