Exam 7: Accounting Information Systems

Centi Corporation sold goods to John for $1,000 on credit. Cost of goods sold was $745. Assuming that the firm is following a perpetual inventory system and using a sales journal, it will record $745 in the:

A special journal is:

Which of the following is true of a typical computerized accounting information system?

Mercury Corporation receives a landscaping bill on January 15 and is required to pay it before February 15. In which of the following functions of QuickBooks will this transaction be recorded on the date of payment of the bill?

Which of the following is an example of a source document in a computerized accounting information system?

If a business uses the periodic inventory system, the sales journal:

While posting the entries from a sales journal, the total of the Accounts Receivable DR, Sales Revenue CR column is posted to the accounts receivable subsidiary ledger.

Which of the following is a column of a purchases journal?

Both small and large companies require a big accounting information system. Therefore, the cost of employing an accounting information system is same for both.

Pre-numbered source documents provide necessary control in a system by automatically assigning a sequential number to each new transaction.

An accounting information system is said to have good compatibility if it:

The purchases journal of a business that uses periodic inventory system will include a column titled:

Enterprise resource planning (ERP)systems are software systems that can integrate all of a company's functions, departments, and data into a single system.

On May 4, a retail firm pays a rent of $1,500 for the month of April. Which of the following is true when this transaction is recorded in a cash payment journal?

Multi Corporation sold merchandise for $4,450 to Susan on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in the:

Which of the following is an example of a source document in a computerized accounting information system?

Which of the following is an entry-level accounting software package?

The credit sales of assets that occur infrequently, such as buildings, are recorded in the:

A general ledger is an accounting journal designed to record one specific type of transaction.

Which of the following serves as the "journal of last resort?"