Exam 17: Accounting With Special Journals

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

(Short Answer)

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Question 41

A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog,Inc,Invoice No.852,for $4,000 (cost is $2,200) Terms are 2/10,n/30.

(Multiple Choice)

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Question 42

Renton Co.uses special journals to record its transactions.They use the perpetual inventory system.Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals:

(Essay)

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Question 43

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

(Essay)

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Question 44

In a typical sales journal,you would expect to see the following columns:

(Multiple Choice)

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Question 45

A procedure called direct posting of sales invoices can substitute for the special sales journal.

(True/False)

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Question 46

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

(True/False)

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Question 47

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account,then the accounts are presumed to be correct.

(True/False)

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Question 48

Match the following terms with the appropriate definition(s):

The special journal used to record all receipts of cash

Information processor

The people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers

Computer network

Links among computers giving different users and different computers access to common databases and programs

Business segment

Correct Answer:

Verified

The special journal used to record all receipts of cash

The people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers

Links among computers giving different users and different computers access to common databases and programs

Programs that manage a company's vital operations which range from order-taking to manufacturing to accounting

An information system principle requiring that an accounting system report useful, understandable, timely, and pertinent information for decision making

A list of each customer from the accounts receivable ledger with their balances and the total

An information system principle requiring that an accounting information system aid managers in controlling and monitoring business activities

A part of a company that can be separately identified by the products or services that it provides or by the geographic market that it serves

The special journal that is used to record all payments of cash

The component of an accounting system that interprets, transforms, and summarizes information for use in analysis and reporting

(Matching)

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Question 49

With online systems,all information storage should be off-line to protect the data.

(True/False)

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Question 50

Enterprise resource planning software packages include the programs that manage a company's vital operations.

(True/False)

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Question 51

After posting is completed,there may be an error if:

(Multiple Choice)

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Question 52

The control principle for accounting information systems requires that the:

(Multiple Choice)

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Question 53

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly,or monthly.

(Short Answer)

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Question 54

A company's Southwest segment had revenues of $12 million,operating income of $2 million,and average total assets of $3 million.The Southwest segment return on assets is:

(Multiple Choice)

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Question 55

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

(Multiple Choice)

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Question 56

Internal controls include policies to direct operations toward common goals,procedures to ensure reliable financial reports,safeguards to protect company assets,and methods to achieve compliance with laws and regulations.

(True/False)

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Question 57

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.

(True/False)

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Question 58

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

(True/False)

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Question 59

Under the perpetual inventory system,special journals are not required.

(True/False)

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Question 60

Showing 41 - 60 of 159

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

Renton Co.uses special journals to record its transactions.They use the perpetual inventory system.Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals:

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

In a typical sales journal,you would expect to see the following columns:

A procedure called direct posting of sales invoices can substitute for the special sales journal.

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account,then the accounts are presumed to be correct.

With online systems,all information storage should be off-line to protect the data.

Enterprise resource planning software packages include the programs that manage a company's vital operations.

After posting is completed,there may be an error if:

The control principle for accounting information systems requires that the:

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly,or monthly.

A company's Southwest segment had revenues of $12 million,operating income of $2 million,and average total assets of $3 million.The Southwest segment return on assets is:

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

Internal controls include policies to direct operations toward common goals,procedures to ensure reliable financial reports,safeguards to protect company assets,and methods to achieve compliance with laws and regulations.

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.

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

Under the perpetual inventory system,special journals are not required.

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

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

Renton Co.uses special journals to record its transactions.They use the perpetual inventory system.Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals:

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

In a typical sales journal,you would expect to see the following columns:

A procedure called direct posting of sales invoices can substitute for the special sales journal.

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account,then the accounts are presumed to be correct.

With online systems,all information storage should be off-line to protect the data.

Enterprise resource planning software packages include the programs that manage a company's vital operations.

After posting is completed,there may be an error if:

The control principle for accounting information systems requires that the:

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly,or monthly.

A company's Southwest segment had revenues of $12 million,operating income of $2 million,and average total assets of $3 million.The Southwest segment return on assets is:

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

Internal controls include policies to direct operations toward common goals,procedures to ensure reliable financial reports,safeguards to protect company assets,and methods to achieve compliance with laws and regulations.

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.

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

Under the perpetual inventory system,special journals are not required.

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

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