The following segment information is available for the three regions of the country in which Fresh Snacks, Inc. does business (all amounts are in millions): \[\begin{array} { | l | c | c | c | } \hline & \text { Midwest } & \text { West } & \text { Sauth } \\ \hline \text { Segment operating income } & 120 & 380 & 75 \\ \hline \text { Segment average assets } & 310 & 782 & 103 \\ \hline \end{array}\] a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?

a. \[\begin{array} { | l | l | } \hlin

Exam 7: Accounting Information Systems

Posting debits from the Sales journal to Accounts Receivable twice-once to the general ledger account Accounts Receivable and once to the customer's subsidiary account-violates the accounting equation of debits equal credits.

(True/False)

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Question 61

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 sales transaction in its sales journal, Maxie's would enter:

(Multiple Choice)

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Question 62

A list of all the accounts in the accounts receivable ledger with their balances and the total is a:

(Multiple Choice)

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Question 63

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record and for each sale. This column is used in the perpetual system but not in the periodic.

(Short Answer)

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(75)

Question 64

______________are links among computers giving different users and different computers access to common databases and programs.

(Short Answer)

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Question 65

Explain the purposes, types, and uses of special journals.

(Essay)

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Question 66

If a company purchases $15,200 of merchandise on credit, which journal will the transaction be recorded in?

(Multiple Choice)

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Question 67

When a company uses special journals, the general journal is used to record selected transactions and events including:

(Multiple Choice)

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Question 68

Information storage databases:

(Multiple Choice)

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Question 69

Which of the following journals would a company use to record period-end adjusting entries to accrue revenues?

(Multiple Choice)

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Question 70

The ________ principle requires that an accounting information system report useful, understandable, timely, and pertinent information for effective decision making.

(Short Answer)

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Question 71

Using ________ ledgers, that store transaction data of individual accounts with common characteristics, removes unnecessary details from the general ledger.

(Short Answer)

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Question 72

______________processing of transactions enters and processes data as soon as source documents are available.

(Short Answer)

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Question 73

Doughton Furniture Company purchased merchandise on credit from Furniture Supply for $8,000. Two days later Doughton returned $2,000 of the merchandise due to damage. When Doughton pays for the merchandise minus the return, it would record the payment in the:

(Multiple Choice)

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Question 74

If a company issues a check for $2,750 in payment of the salaries expense for the last half of the month, the transaction will be recorded in which journal?

(Multiple Choice)

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Question 75

The SAP enterprise-resource planning software is being used to help direct the operations of many of the world's largest companies.

(True/False)

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Question 76

The following segment information is available for the three regions of the country in which Fresh Snacks, Inc. does business (all amounts are in millions): Midwest West Sauth Segment operating income 120 380 75 Segment average assets 310 782 103 a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?

(Essay)

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(59)

Question 77

Assume that a company uses special journals for sales, purchases, cash receipts, and cash disbursements. A sales return for credit on account would be recorded in the:

(Multiple Choice)

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Question 78

A company makes a cash sale of $24,000. The cost of the merchandise is $13,000. Identify the journal the transaction would be recorded in:

(Multiple Choice)

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(85)

Question 79

Which of the following is not true about enterprise resource planning (ERP) software:

(Multiple Choice)

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Question 80

Showing 61 - 80 of 177

Exam 7: Accounting Information Systems

Posting debits from the Sales journal to Accounts Receivable twice-once to the general ledger account Accounts Receivable and once to the customer's subsidiary account-violates the accounting equation of debits equal credits.

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 sales transaction in its sales journal, Maxie's would enter:

A list of all the accounts in the accounts receivable ledger with their balances and the total is a:

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record ________ and ________ for each sale. This column is used in the perpetual system but not in the periodic.

______________are links among computers giving different users and different computers access to common databases and programs.

Explain the purposes, types, and uses of special journals.

If a company purchases $15,200 of merchandise on credit, which journal will the transaction be recorded in?

When a company uses special journals, the general journal is used to record selected transactions and events including:

Information storage databases:

Which of the following journals would a company use to record period-end adjusting entries to accrue revenues?

The ________ principle requires that an accounting information system report useful, understandable, timely, and pertinent information for effective decision making.

Using ________ ledgers, that store transaction data of individual accounts with common characteristics, removes unnecessary details from the general ledger.

______________processing of transactions enters and processes data as soon as source documents are available.

Doughton Furniture Company purchased merchandise on credit from Furniture Supply for $8,000. Two days later Doughton returned $2,000 of the merchandise due to damage. When Doughton pays for the merchandise minus the return, it would record the payment in the:

If a company issues a check for $2,750 in payment of the salaries expense for the last half of the month, the transaction will be recorded in which journal?

The SAP enterprise-resource planning software is being used to help direct the operations of many of the world's largest companies.

Assume that a company uses special journals for sales, purchases, cash receipts, and cash disbursements. A sales return for credit on account would be recorded in the:

A company makes a cash sale of $24,000. The cost of the merchandise is $13,000. Identify the journal the transaction would be recorded in:

Which of the following is not true about enterprise resource planning (ERP) software:

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 Resoures and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Present and Future Values in Accounting

Activity-Based Costing

Filters

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record and for each sale. This column is used in the perpetual system but not in the periodic.