Question 1

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

Accepted Answer

A) Recording adjusting transactions. 
B) Posting transactions to special journals. 
C) Accumulating debits and credits. 
D) Collecting detailed listings of amounts. 
E) Recording cash receipts. 
A) Recording adjusting transactions. 
B) Posting transactions to special journals. 
C) Accumulating debits and credits. 
D) Collecting detailed listings of amounts. 
E) Recording cash receipts.

Question 2

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Two common subsidiary ledgers are cash receipts and cash disbursements.

Accepted Answer

A) True 
 B)False

Question 5

The main difference in the sales journal under the perpetual and periodic inventory system is:

Accepted Answer

A) The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. 
B) The sales tax receivable column that is used under the perpetual system but not the periodic. 
C) The sales tax payable column that is used under the perpetual system but not the periodic. 
D) The accounts receivable column that is used under the perpetual system but not the periodic. 
E) The column for recording cash that is used under the perpetual system but not the periodic. 
A) The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. 
B) The sales tax receivable column that is used under the perpetual system but not the periodic. 
C) The sales tax payable column that is used under the perpetual system but not the periodic. 
D) The accounts receivable column that is used under the perpetual system but not the periodic. 
E) The column for recording cash that is used under the perpetual system but not the periodic.

Question 6

An advantage of online processing is up-to-date databases.

Accepted Answer

A) True 
 B)False

Question 7

The following information is available for AllBev,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?
c.What measures could be taken to improve segment return?

Accepted Answer

a.
 @#IMG-DLM& b.America is the most profitable,fo

Question 8

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

Accepted Answer

A) True 
 B)False

Question 9

All of the following statements regarding accounting information systems are true except:

Accepted Answer

A) Accounting information systems collect and process data from transactions and events. 
B) Accounting information systems organize data in useful forms. 
C) Accounting information systems do not establish internal control procedures. 
D) Accounting information systems are crucial to effective decision making. 
E) Accounting information systems communicate information to business decision makers. 
A) Accounting information systems collect and process data from transactions and events. 
B) Accounting information systems organize data in useful forms. 
C) Accounting information systems do not establish internal control procedures. 
D) Accounting information systems are crucial to effective decision making. 
E) Accounting information systems communicate information to business decision makers.

Question 10

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

Accepted Answer

A) True 
 B)False

Question 11

The _____________________ principle requires that an accounting information system aid managers in controlling and monitoring business activities.

Accepted Answer

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

Question 12

The __________________ principle requires that an accounting information system conform with a company's activities,personnel,and structure,and must adapt to a company's unique characteristics.

Accepted Answer

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

Question 13

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

Accepted Answer

schedule o

Question 14

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Accepted Answer

A) True 
 B)False

Question 15

_____________________________________ consist of people,records,methods,and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Accepted Answer

Topic: Acc

Question 16

Using _______________ ledgers removes unnecessary details from the general ledger.

Accepted Answer

The answer of Using _______________ ledgers removes unnecessary details from...

Question 17

__________________ provide the basic information processed by an accounting system,and can include bank statements,billings to customers,and employee earnings records.

Accepted Answer

The answer of __________________ provide the basic information processed by...

Question 18

A log that is used to record and post transactions of a similar type is a:

Accepted Answer

A) Schedule. 
B) Columnar ledger. 
C) Special journal. 
D) General journal. 
E) Subsidiary ledger. 
A) Schedule. 
B) Columnar ledger. 
C) Special journal. 
D) General journal. 
E) Subsidiary ledger.

Question 19

The segment return on assets:

Accepted Answer

A) Can only be determined for international companies. 
B) Reflects the profitability of a segment. 
C) Is difficult to calculate because companies with traded stock are not required to report segment information. 
D) Is calculated as segment average assets divided by segment operating income. 
E) Is calculated as segment sales divided by segment average assets. 
A) Can only be determined for international companies. 
B) Reflects the profitability of a segment. 
C) Is difficult to calculate because companies with traded stock are not required to report segment information. 
D) Is calculated as segment average assets divided by segment operating income. 
E) Is calculated as segment sales divided by segment average assets.

Question 20

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

Accepted Answer

A) True 
 B)False

Exam 7: Accounting Information Systems

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

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

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

Two common subsidiary ledgers are cash receipts and cash disbursements.

The main difference in the sales journal under the perpetual and periodic inventory system is:

An advantage of online processing is up-to-date databases.

The following information is available for AllBev,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? c.What measures could be taken to improve segment return?

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

All of the following statements regarding accounting information systems are true except:

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

The _____________________ principle requires that an accounting information system aid managers in controlling and monitoring business activities.

The __________________ principle requires that an accounting information system conform with a company's activities,personnel,and structure,and must adapt to a company's unique characteristics.

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

_____________________________________ consist of people,records,methods,and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Using _______________ ledgers removes unnecessary details from the general ledger.

__________________ provide the basic information processed by an accounting system,and can include bank statements,billings to customers,and employee earnings records.

A log that is used to record and post transactions of a similar type is a:

The segment return on assets:

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

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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