Question 1

If a transaction cannot be recorded in a special journal

Accepted Answer

A)  the company must refuse to enter into the transaction. 
B)  it is recorded in the general journal. 
C)  it is recorded directly in the accounts in the general ledger. 
D)  it is recorded as an adjustment on the work sheet. 
A)  the company must refuse to enter into the transaction. 
B)  it is recorded in the general journal. 
C)  it is recorded directly in the accounts in the general ledger. 
D)  it is recorded as an adjustment on the work sheet.

Question 2

The one characteristic that all entries recorded in a cash payments journal have in common is

Accepted Answer

A)  that they all represent purchases of merchandise. 
B)  a credit to the cash account. 
C)  that they are all posted to the accounts payable subsidiary ledger. 
D)  a debit to the accounts payable or purchases accounts. 
A)  that they all represent purchases of merchandise. 
B)  a credit to the cash account. 
C)  that they are all posted to the accounts payable subsidiary ledger. 
D)  a debit to the accounts payable or purchases accounts.

Question 3

On December 1 the accounts receivable control account balance in the general ledger of the Picard Company was $9500. The accounts receivable subsidiary ledger contained the following detailed customer balances: Selig $2000 Jobs $2400 Taylor $2600 and Burton $2500. The following information is available from the company's special journals for the month of December:
Cash Receipts Journal: Cash received from Taylor $2600 from Selig $1300 from Munoz $1700 and from Jobs $1800.
Sales Journal: Sales to Minoz $3400 to Taylor $1800 to Selig $3100 and to Burton $1900.
Additionally Taylor returned defective merchandise for credit for $680. Selig returned defective merchandise for $600 which he had purchased for cash.
Instructions
(a) Using T-accounts for Accounts Receivable Control and the detail customer accounts post the activity for the month of December.
(b) Reconcile the accounts receivable control account with the subsidiary ledger by preparing a detail list of customer balances at December 31.

Accepted Answer

@#IMG-DLM& @#IMG-DLM& (b) Listing of accounts receivable at

Question 4

The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account.

Accepted Answer

A) True 
 B)False

Question 5

Match between columns
                        Premises: Mr. Richey invested cash in the business.
Purchased store supplies on account.
Sold merchandise to customer on account.
Purchased a 2-year fire insurance policy for cash.
Received a check from a customer as payment on account.
Paid for store supplies purchased in transaction 2.
Purchased merchandise on account.
Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.
Purchased office equipment for cash.
Made an adjusting entry for store supplies used during the period.

Accepted Answer

The Answer of Sales journal and Cash receipts journal and is...

Question 6

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors.

Accepted Answer

A) True 
 B)False

Question 7

To be useful the information outputs of a system should be

Accepted Answer

A)  relevant reliable timely and accurate. 
B)  reliable flexible understandable and timeless. 
C)  such that one report meets all different users needs. 
D)  distributed only to management personnel. 
A)  relevant reliable timely and accurate. 
B)  reliable flexible understandable and timeless. 
C)  such that one report meets all different users needs. 
D)  distributed only to management personnel.

Question 8

Which of the following is a true statement about manual and electronic accounting systems?

Accepted Answer

A)  Few small companies begin with manual systems. 
B)  The design and structure of manual and electronic systems are essentially the same. 
C)  Many companies convert from electronic to manual systems. 
D)  The design and structure of manual and electronic systems are fundamentally different. 
A)  Few small companies begin with manual systems. 
B)  The design and structure of manual and electronic systems are essentially the same. 
C)  Many companies convert from electronic to manual systems. 
D)  The design and structure of manual and electronic systems are fundamentally different.

Question 9

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _______________ to the accounts in the accounts receivable subsidiary ledger and in _______________ to the control account in the general ledger.

Accepted Answer

The answer of The entries in the Accounts Receivable Credit...

Question 10

Match each of the principles and phases in the development of an accounting system with the statement that best describes them.

Accepted Answer

1. c 3. b

If a transaction cannot be recorded in a special journal

The one characteristic that all entries recorded in a cash payments journal have in common is

The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account.

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors.

To be useful the information outputs of a system should be

Which of the following is a true statement about manual and electronic accounting systems?

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _ to the accounts in the accounts receivable subsidiary ledger and in _ to the control account in the general ledger.

Match each of the principles and phases in the development of an accounting system with the statement that best describes them.

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

Filters

Exam 7: Accounting Information Systems

If a transaction cannot be recorded in a special journal

The one characteristic that all entries recorded in a cash payments journal have in common is

The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account.

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors.

To be useful the information outputs of a system should be

Which of the following is a true statement about manual and electronic accounting systems?

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _______________ to the accounts in the accounts receivable subsidiary ledger and in _______________ to the control account in the general ledger.

Match each of the principles and phases in the development of an accounting system with the statement that best describes them.

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

Filters

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _ to the accounts in the accounts receivable subsidiary ledger and in _ to the control account in the general ledger.