Question 1

A subsidiary ledger that contains a separate account for each supplier (creditor)to the company is a(n):

Accepted Answer

A) Controlling account. 
B) Accounts receivable ledger. 
C) Accounts payable ledger. 
D) General ledger. 
E) Special journal. 
A) Controlling account. 
B) Accounts receivable ledger. 
C) Accounts payable ledger. 
D) General ledger. 
E) Special journal.

Question 2

Accounting information systems collect and process data from transactions and events,organize them in useful reports,and communicate results to decision makers.

Accepted Answer

A) True 
 B)False

Question 3

Input devices include journal entries,keyboards,scanners,and modems.

Accepted Answer

A) True 
 B)False

Question 4

An accounts payable ledger is:

Accepted Answer

A) A subsidiary ledger that contains an account for each supplier (creditor). 
B) A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding. 
C) A book of original entry that is designed and used for recording only a specific type of transaction. 
D) The ledger that contains the financial statement accounts of a business. 
E) A subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company. 
A) A subsidiary ledger that contains an account for each supplier (creditor). 
B) A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding. 
C) A book of original entry that is designed and used for recording only a specific type of transaction. 
D) The ledger that contains the financial statement accounts of a business. 
E) A subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company.

Question 5

The use of an Accounts Payable controlling account:

Accepted Answer

A) Reduces the number of accounts in the subsidiary ledger. 
B) Reduces the total number of accounts maintained. 
C) Reduces the number of entries in the general journals. 
D) Reduces the number of accounts in the general ledger. 
E) Increases the number of columns in the journals. 
A) Reduces the number of accounts in the subsidiary ledger. 
B) Reduces the total number of accounts maintained. 
C) Reduces the number of entries in the general journals. 
D) Reduces the number of accounts in the general ledger. 
E) Increases the number of columns in the journals.

Question 6

What is the segment return on assets ratio?
 What is it used for?

Accepted Answer

The segment return on assets is segment

Question 7

A company sold merchandise on credit for $5,000 (cost is $2,400).Identify the journal the transaction would be recorded in.

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 8

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 9

A company received payment of $9,800 from a customer within the discount period.Identify the journal the transaction would be recorded in.

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 10

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial,managerial,and tax reports.

Accepted Answer

A) True 
 B)False

Question 11

The ___________ principle requires that an accounting information system must be able to adapt to changes in the company,business environment,and needs of decision makers.

Accepted Answer

The answer of The ___________ principle requires that an accounting...

Question 12

All of the following statements regarding source documents are true except:

Accepted Answer

A) Source documents provide the basic information processed by an accounting system. 
B) Source documents include bank statements, cash register files, and employee earnings records. 
C) Source documents are insignificant and play a minor role in the reliability of the information system. 
D) Source documents can be paper or electronic files. 
E) Source documents can include Web communications. 
A) Source documents provide the basic information processed by an accounting system. 
B) Source documents include bank statements, cash register files, and employee earnings records. 
C) Source documents are insignificant and play a minor role in the reliability of the information system. 
D) Source documents can be paper or electronic files. 
E) Source documents can include Web communications.

Question 13

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Accepted Answer

segment re

Question 14

A company had cash sales of $24,000 (cost is $13,000).Identify the journal the transaction would be recorded in.

Accepted Answer

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

Question 15

Describe the posting process for special journals.

Accepted Answer

Posting to special journals is a three-s

Question 16

Output devices include all of the following except:

Accepted Answer

A) Printers. 
B) Monitors. 
C) LCD projectors. 
D) Web communications. 
E) Bar code readers. 
A) Printers. 
B) Monitors. 
C) LCD projectors. 
D) Web communications. 
E) Bar code readers.

Question 17

A company had average total assets of $982,450 and net income of $190,700,and reports various segment information.Segment A had average total assets of $437,800 and segment operating income of $98,230.Segment B had average assets of $151,200 and segment operating income of $16,190.Calculate the segment return on assets for Segment A.

Accepted Answer

A) 19.4%. 
B) 22.4%. 
C) 26.1%. 
D) 10.7%. 
E) 20.2%. 
A) 19.4%. 
B) 22.4%. 
C) 26.1%. 
D) 10.7%. 
E) 20.2%.

Question 18

The following information is available for Bosc,Inc.(all amounts are in millions):
   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?

Accepted Answer

a.N.America = $2,320/$6,590 = 35.2%
S.Am

Question 19

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

Accepted Answer

accounts r

Question 20

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Accepted Answer

A) True 
 B)False

Exam 7: Accounting Information Systems

A subsidiary ledger that contains a separate account for each supplier (creditor)to the company is a(n):

Accounting information systems collect and process data from transactions and events,organize them in useful reports,and communicate results to decision makers.

Input devices include journal entries,keyboards,scanners,and modems.

An accounts payable ledger is:

The use of an Accounts Payable controlling account:

What is the segment return on assets ratio? What is it used for?

A company sold merchandise on credit for $5,000 (cost is $2,400).Identify the journal the transaction would be recorded in.

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

A company received payment of $9,800 from a customer within the discount period.Identify the journal the transaction would be recorded in.

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial,managerial,and tax reports.

The ___________ principle requires that an accounting information system must be able to adapt to changes in the company,business environment,and needs of decision makers.

All of the following statements regarding source documents are true except:

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

A company had cash sales of $24,000 (cost is $13,000).Identify the journal the transaction would be recorded in.

Describe the posting process for special journals.

Output devices include all of the following except:

The following information is available for Bosc,Inc.(all amounts are in millions): 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?

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

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

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 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

Time Value of Money B

Activity-Based Costing C

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