Exam 17: Accounting With Special Journals

The following information is available for some of a company's segments (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?

(Essay)

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Question 81

The Asian segment of a multinational company had a segment return on assets of 60%.If the revenues and operating income of this segment were $17,000 million and $14,586 million,respectively,what is the segment's average total assets amount?

(Multiple Choice)

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Question 82

What is the segment return on assets ratio? What is it used for?

(Essay)

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Question 83

The following special journal is taken from a merchandising company that uses the perpetual inventory system: a.What is the name of the journal shown above? b.Write an elucidation for each entry in this journal. c.What do the numbers in parentheses at the bottom of the journal indicate?

(Essay)

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Question 84

A company returned merchandise to a supplier because it did not meet their specifications.This transaction would be recorded in which of the following journals?

(Multiple Choice)

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Question 85

The cost-benefit principle affects all other accounting system principles.

(True/False)

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Question 86

Input devices include journal entries,keyboards,scanners,and modems.

(True/False)

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Question 87

The __________________ principle requires that an accounting information system report useful,understandable,timely,and pertinent information for effective decision making.

(Short Answer)

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Question 88

A special journal is used to record and post transactions of a similar type.

(True/False)

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Question 89

Assume that a company using a purchases journal made an error in totaling the journal's columns.The error should be discovered:

(Multiple Choice)

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Question 90

The special journals of many accounting systems include all the following except:

(Multiple Choice)

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Question 91

Segment return on assets is segment operating income divided by segment average assets.

(True/False)

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Question 92

Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.

(True/False)

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Question 93

Discuss the differences in the special journals between a company using a perpetual inventory system and one using a periodic inventory system.

(Essay)

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Question 94

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

(True/False)

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Question 95

A columnar journal is any journal with only one column.

(True/False)

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Question 96

A customer who had purchased $25,000 worth of merchandise on account returns 20% of this order to the seller because he 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?

(Multiple Choice)

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Question 97

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

(Essay)

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Question 98

Information processors:

(Multiple Choice)

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Question 99

Subsidiary ledgers provide all the following benefits except:

(Multiple Choice)

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Question 100

Showing 81 - 100 of 159

The following information is available for some of a company's segments (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?

The Asian segment of a multinational company had a segment return on assets of 60%.If the revenues and operating income of this segment were $17,000 million and $14,586 million,respectively,what is the segment's average total assets amount?

What is the segment return on assets ratio? What is it used for?

The following special journal is taken from a merchandising company that uses the perpetual inventory system: a.What is the name of the journal shown above? b.Write an elucidation for each entry in this journal. c.What do the numbers in parentheses at the bottom of the journal indicate?

A company returned merchandise to a supplier because it did not meet their specifications.This transaction would be recorded in which of the following journals?

The cost-benefit principle affects all other accounting system principles.

Input devices include journal entries,keyboards,scanners,and modems.

The __________________ principle requires that an accounting information system report useful,understandable,timely,and pertinent information for effective decision making.

A special journal is used to record and post transactions of a similar type.

Assume that a company using a purchases journal made an error in totaling the journal's columns.The error should be discovered:

The special journals of many accounting systems include all the following except:

Segment return on assets is segment operating income divided by segment average assets.

Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.

Discuss the differences in the special journals between a company using a perpetual inventory system and one using a periodic inventory system.

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

A columnar journal is any journal with only one column.

A customer who had purchased $25,000 worth of merchandise on account returns 20% of this order to the seller because he 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?

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Information processors:

Subsidiary ledgers provide all the following benefits except:

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

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