Question 1

The purchases journal is used for recording:

Accepted Answer

A) Credit purchases 
B) Credit sales 
C) Cash sales 
D) Cash purchases 
E) Cash disbursements 
A) Credit purchases 
B) Credit sales 
C) Cash sales 
D) Cash purchases 
E) Cash disbursements

Question 2

The purchases journal is used to record cash purchases of merchandise.

Accepted Answer

A) True 
 B)False

Question 3

Input devices are the means to make accounting information available to users.

Accepted Answer

A) True 
 B)False

Question 4

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 5

Argyle Company uses a cash receipts journal (periodic system) as shown below:   
How would the following transactions be recorded in this cash receipts journal?
$\bullet$ 12/10 Sold merchandise to Sock Company for $9,260 cash (cost is $5,556)
$\bullet$ 12/11 Sold merchandise on credit to Gardner,Inc,invoice no.873,for $7,000 (cost is $4,200).Terms are 2/10,n/30.

Accepted Answer

A)    
B)    
C)    
D)    
E)    
A)    
B)    
C)    
D)    
E)

Question 6

The Woodview Company uses a sales journal,purchases journal,cash receipts journal,cash disbursements journal,and general journal.They use the perpetual method.The following transactions occurred during the current month of December:
   Record the above transactions into the appropriate journals shown below:

Accepted Answer

@#IMG-DLM&_TB6947_00_TB6947_00_TB6947_00

Question 7

______________________ capture information from source documents and enable its transfer to the system's information processing component.

Accepted Answer

The answer of ______________________ capture information from source documents and...

Question 8

Match between columns
                        Premises: An information system principle requiring that an accounting information system conform with a company's activities, personnel and structure
A journal used to record all purchases on credit 
A measure of the profitability of a segment, calculated as segment operating income divided by segment average assets
An information system principle requiring that the benefits from an activity in an accounting information system outweigh the costs of that activity
Any journal used for recording and posting transactions of a similar type
A journal used to record sales of merchandise on credit
The special journal that is used to record all receipts of cash
The component of an accounting system that keeps data in a form accessible to information processors
A general ledger account, the balance of which (after posting) equals the sum of the balances of the accounts in a related subsidiary ledger 
A list of each customer from the accounts receivable ledger with their balances and the total

Accepted Answer

The Answer of  Cost-benefit principle  and  Controlling is...

Question 9

The general journal is used for transactions not covered by special journals and for regular,adjusting,closing,and correcting entries.

Accepted Answer

A) True 
 B)False

Question 10

Two common subsidiary ledgers are cash receipts and cash disbursements.

Accepted Answer

A) True 
 B)False

Question 11

The purchases journal is identical under both the periodic and the perpetual inventory systems.

Accepted Answer

A) True 
 B)False

Question 12

Special journals are designed in a manner that is best suited for each business,so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

Accepted Answer

A) True 
 B)False

Question 13

The management of Pasama Inc.is evaluating the three segments of the company.Given the data below,which of the following statements is true regarding segment return on assets?

Accepted Answer

A) Segment Africa has the highest operating income and the highest return on assets. 
B) Segment Belgium has the highest operating income and the highest return on assets. 
C) Segment Canada has the highest operating income and the highest return on assets. 
D) Segment Canada has the highest return on assets and Segment Africa has the lowest return on assets. 
E) Segment Belgium has a higher return on assets than Segment Canada. 
A) Segment Africa has the highest operating income and the highest return on assets. 
B) Segment Belgium has the highest operating income and the highest return on assets. 
C) Segment Canada has the highest operating income and the highest return on assets. 
D) Segment Canada has the highest return on assets and Segment Africa has the lowest return on assets. 
E) Segment Belgium has a higher return on assets than Segment Canada.

Question 14

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

Accepted Answer

The answer of A ____________________ is a part of a...

Question 15

A __________________ is an all-purpose journal that can record any transaction.

Accepted Answer

The answer of A __________________ is an all-purpose journal that...

Question 16

Input devices include:

Accepted Answer

A) Bar-code readers 
B) Printers 
C) Software 
D) Ledgers 
E) Database files 
A) Bar-code readers 
B) Printers 
C) Software 
D) Ledgers 
E) Database files

Question 17

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Accepted Answer

The answer of ____________________ is the accounting system component that...

Question 18

Source documents:

Accepted Answer

A) Are input devices. 
B) Provide the basic information processed by an accounting system. 
C) Cannot be electronic files. 
D) Store processed information for future use. 
E) Provide systems that interpret,transform and summarize data. 
A) Are input devices. 
B) Provide the basic information processed by an accounting system. 
C) Cannot be electronic files. 
D) Store processed information for future use. 
E) Provide systems that interpret,transform and summarize data.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

List the five basic principles of accounting information systems.

Accepted Answer

Accounting information systems

The purchases journal is used for recording:

The purchases journal is used to record cash purchases of merchandise.

Input devices are the means to make accounting information available to users.

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

______________________ capture information from source documents and enable its transfer to the system's information processing component.

The general journal is used for transactions not covered by special journals and for regular,adjusting,closing,and correcting entries.

Two common subsidiary ledgers are cash receipts and cash disbursements.

The purchases journal is identical under both the periodic and the perpetual inventory systems.

Special journals are designed in a manner that is best suited for each business,so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

The management of Pasama Inc.is evaluating the three segments of the company.Given the data below,which of the following statements is true regarding segment return on assets?

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

A __________________ is an all-purpose journal that can record any transaction.

Input devices include:

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Source documents:

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

List the five basic principles of accounting information systems.

Introducing Financial Accounting

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Accounting for Partnerships

Filters

Exam 17: Accounting With Special Journals

The purchases journal is used for recording:

The purchases journal is used to record cash purchases of merchandise.

Input devices are the means to make accounting information available to users.

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

______________________ capture information from source documents and enable its transfer to the system's information processing component.

The general journal is used for transactions not covered by special journals and for regular,adjusting,closing,and correcting entries.

Two common subsidiary ledgers are cash receipts and cash disbursements.

The purchases journal is identical under both the periodic and the perpetual inventory systems.

Special journals are designed in a manner that is best suited for each business,so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

The management of Pasama Inc.is evaluating the three segments of the company.Given the data below,which of the following statements is true regarding segment return on assets?

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

A __________________ is an all-purpose journal that can record any transaction.

Input devices include:

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Source documents:

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

List the five basic principles of accounting information systems.

Introducing Financial Accounting

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Accounting for Partnerships

Filters