Question 1

The sales journal is used for recording:

Accepted Answer

A) Credit purchases 
B) Credit sales 
C) Cash sales 
D) Cash purchases 
E) All Sales 
A) Credit purchases 
B) Credit sales 
C) Cash sales 
D) Cash purchases 
E) All Sales

Question 2

The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system.
     
a.Use the sales journal and the cash receipts journal to record these transactions.

Accepted Answer

a. @#IMG-DLM&_TB6947_00_TB6947

Question 3

Equipment,inventory,and investments can each have its own subsidiary ledger.

Accepted Answer

A) True 
 B)False

Question 4

The ledger that contains the financial statement accounts of a company is the:

Accepted Answer

A) General ledger 
B) General journal 
C) Special ledger 
D) Special journal 
E) Column balance ledger 
A) General ledger 
B) General journal 
C) Special ledger 
D) Special journal 
E) Column balance ledger

Question 5

Posting debits from the sales journal to Accounts Receivable twice-once to the general ledger account Accounts Receivable and once to the customer's subsidiary account-violates the accounting equation of debits equal credits.

Accepted Answer

A) True 
 B)False

Question 6

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 7

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

Accepted Answer

A) Sales dr. 
B) Sales discounts cr. 
C) Accounts receivable dr. 
D) Inventory dr.(if perpetual method used). 
E) Cost of Goods Sold dr.(if perpetual method used). 
A) Sales dr. 
B) Sales discounts cr. 
C) Accounts receivable dr. 
D) Inventory dr.(if perpetual method used). 
E) Cost of Goods Sold dr.(if perpetual method used).

Question 8

____________________ are the means to take information out of an accounting system and make it available to users.

Accepted Answer

The answer of ____________________ are the means to take information...

Question 9

The flexibility principle of accounting information systems requires that the:

Accepted Answer

A) Benefits from an activity outweigh the costs of the activity. 
B) System report useful,understandable,timely,and pertinent information for effective decision making. 
C) System aid managers in controlling and monitoring business activities. 
D) System adapt to changes in the company,business environment,and needs of decision makers. 
E) System conform with a company's activities,personnel,and structure. 
A) Benefits from an activity outweigh the costs of the activity. 
B) System report useful,understandable,timely,and pertinent information for effective decision making. 
C) System aid managers in controlling and monitoring business activities. 
D) System adapt to changes in the company,business environment,and needs of decision makers. 
E) System conform with a company's activities,personnel,and structure.

Question 10

Accounting information processes are structured to eliminate the need for professional judgment.

Accepted Answer

A) True 
 B)False

Question 11

A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

Accepted Answer

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

Question 12

Enterprise resource planning software:

Accepted Answer

A) Refers to programs that help manage a company's vital operations. 
B) Is another name for spreadsheet programs. 
C) Uses batch processing of business information. 
D) Is substantially declining in use. 
E) Is another name for database programs. 
A) Refers to programs that help manage a company's vital operations. 
B) Is another name for spreadsheet programs. 
C) Uses batch processing of business information. 
D) Is substantially declining in use. 
E) Is another name for database programs.

Question 13

An approach that enters and processes data as soon as source documents are available is called:

Accepted Answer

A) Date storage 
B) Batch processing 
C) Online processing 
D) Computer programming 
E) Web communication 
A) Date storage 
B) Batch processing 
C) Online processing 
D) Computer programming 
E) Web communication

Question 14

_______________________ are links among computers giving different users and different computers access to common databases and programs.

Accepted Answer

The answer of _______________________ are links among computers giving different...

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Williams Company began business on May 1.They use the periodic inventory method.The following transactions involving purchases and cash disbursements occurred during the first week of May:
   a.Use the purchases journal and the cash disbursements journal to record these transactions
b.Prepare a schedule of accounts payable as of May 7.There was no accounts payable on May 1.

Accepted Answer

a. @#IMG-DLM&_TB6947_00_TB6947

Question 17

___________________ processing enters and processes data as soon as source documents are available.

Accepted Answer

The answer of ___________________ processing enters and processes data as...

Question 18

Internal control procedures do not include:

Accepted Answer

A) Procedures to ensure reliable financial reports. 
B) Safeguards to protect company assets. 
C) Methods to achieve compliance with laws and regulation. 
D) Procedures to guarantee against fraud. 
E) Policies to direct operations toward common goals. 
A) Procedures to ensure reliable financial reports. 
B) Safeguards to protect company assets. 
C) Methods to achieve compliance with laws and regulation. 
D) Procedures to guarantee against fraud. 
E) Policies to direct operations toward common goals.

Question 19

The accounting principle that requires an accounting information system to report useful,understandable,timely,and pertinent information for effective decision-making is the:

Accepted Answer

A) Control principle 
B) Compatibility principle 
C) Relevance principle 
D) Flexibility principle 
E) Cost-benefit principle 
A) Control principle 
B) Compatibility principle 
C) Relevance principle 
D) Flexibility principle 
E) Cost-benefit principle

Question 20

An accounts payable ledger is:

Accepted Answer

A) A subsidiary ledger that contains an account for each of the company's suppliers. 
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 of the company's suppliers. 
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.

The sales journal is used for recording:

The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system. a.Use the sales journal and the cash receipts journal to record these transactions.

Equipment,inventory,and investments can each have its own subsidiary ledger.

The ledger that contains the financial statement accounts of a company is the:

Posting debits from the sales journal to Accounts Receivable twice-once to the general ledger account Accounts Receivable and once to the customer's subsidiary account-violates the accounting equation of debits equal credits.

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

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

____________________ are the means to take information out of an accounting system and make it available to users.

The flexibility principle of accounting information systems requires that the:

Accounting information processes are structured to eliminate the need for professional judgment.

A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

Enterprise resource planning software:

An approach that enters and processes data as soon as source documents are available is called:

_______________________ are links among computers giving different users and different computers access to common databases and programs.

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

___________________ processing enters and processes data as soon as source documents are available.

Internal control procedures do not include:

The accounting principle that requires an accounting information system to report useful,understandable,timely,and pertinent information for effective decision-making is the:

An accounts payable ledger is:

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 sales journal is used for recording:

The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system. a.Use the sales journal and the cash receipts journal to record these transactions.

Equipment,inventory,and investments can each have its own subsidiary ledger.

The ledger that contains the financial statement accounts of a company is the:

Posting debits from the sales journal to Accounts Receivable twice-once to the general ledger account Accounts Receivable and once to the customer's subsidiary account-violates the accounting equation of debits equal credits.

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

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

____________________ are the means to take information out of an accounting system and make it available to users.

The flexibility principle of accounting information systems requires that the:

Accounting information processes are structured to eliminate the need for professional judgment.

A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

Enterprise resource planning software:

An approach that enters and processes data as soon as source documents are available is called:

_______________________ are links among computers giving different users and different computers access to common databases and programs.

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

___________________ processing enters and processes data as soon as source documents are available.

Internal control procedures do not include:

The accounting principle that requires an accounting information system to report useful,understandable,timely,and pertinent information for effective decision-making is the:

An accounts payable ledger is:

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