Question 1

Accounting information systems collect and process data from transactions and events,organize them in useful forms and communicate results to decision makers.

Accepted Answer

A) True 
 B)False

Question 2

Information storage:

Accepted Answer

A) Eliminates the need for professional judgment. 
B) Keeps data in a form accessible to information processors. 
C) Provides the basic information processed by an accounting system. 
D) Captures information from source documents. 
E) Is always in electronic format. 
A) Eliminates the need for professional judgment. 
B) Keeps data in a form accessible to information processors. 
C) Provides the basic information processed by an accounting system. 
D) Captures information from source documents. 
E) Is always in electronic format.

Question 3

The main difference in the sales journal under the perpetual and periodic inventory system is:

Accepted Answer

A) The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. 
B) The sales tax receivable column that is used under the perpetual system but not the periodic. 
C) The sales tax payable column that is used under the perpetual system but not the periodic. 
D) The accounts receivable column that is used under the perpetual system but not the periodic. 
E) The column for recording cash that is used under the perpetual system but not the periodic. 
A) The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. 
B) The sales tax receivable column that is used under the perpetual system but not the periodic. 
C) The sales tax payable column that is used under the perpetual system but not the periodic. 
D) The accounts receivable column that is used under the perpetual system but not the periodic. 
E) The column for recording cash that is used under the perpetual system but not the periodic.

Question 4

Williams Company began business on May 1.They use the perpetual 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 were no accounts payable on May 1.

Accepted Answer

a. @#IMG-DLM&_TB6947_00_TB6947

Question 5

When posting from special journals,each debit and credit entry is entered as a separate amount.

Accepted Answer

A) True 
 B)False

Question 6

The basic components of an accounting information system include all but which of the following?

Accepted Answer

A) Source documents 
B) Input devices 
C) Cell phones 
D) Information processors 
E) Information storage 
A) Source documents 
B) Input devices 
C) Cell phones 
D) Information processors 
E) Information storage

Question 7

Describe the posting process for special journals.

Accepted Answer

Posting to special journals is a three-s

Question 8

A company records its transactions and events in four special journals and a general journal (perpetual inventory method).The columns of these journals are numbered as follows:
   Show how each of the following transactions would be recorded in the above set of accounting journals by inserting the number(s) of the columns in which the debit(s) would appear in the column labeled "Debits" below and by inserting the number(s) of the columns in which the credits would appear in the column labeled "Credits" below.

Accepted Answer

@#IMG-DLM&_TB6947_00

Question 9

A company uses four special journals: purchases,sales,cash receipts,and cash disbursements (perpetual inventory method).The following transactions were incurred during August:
   Record these transactions in the appropriate special journals below:

Accepted Answer

@#IMG-DLM&_TB6947_00_TB6947_00_TB6947_00

Question 10

Output devices include all of the following except:

Accepted Answer

A) Printers 
B) Monitors 
C) LCD projectors 
D) Web communication 
E) General journals 
A) Printers 
B) Monitors 
C) LCD projectors 
D) Web communication 
E) General journals

Question 11

The five fundamental principles of accounting information systems are:

Accepted Answer

A) Control,accountability,relevance,compatibility,and flexibility. 
B) Control,relevance,compatibility,flexibility,and cost-benefit. 
C) Control,relevance,compatibility,flexibility,and safety. 
D) Control,relevance,compatibility,timeliness,and cost-benefit. 
E) Historical cost,relevance,compatibility,flexibility,and cost-benefit. 
A) Control,accountability,relevance,compatibility,and flexibility. 
B) Control,relevance,compatibility,flexibility,and cost-benefit. 
C) Control,relevance,compatibility,flexibility,and safety. 
D) Control,relevance,compatibility,timeliness,and cost-benefit. 
E) Historical cost,relevance,compatibility,flexibility,and cost-benefit.

Question 12

Three transactions that would be recorded in the sales journal are: (1) recording sales taxes (2) recording sales returns and allowances,and (3) recording purchases discounts.

Accepted Answer

A) True 
 B)False

Question 13

A book of original entry that is used to record and post transactions of a similar type is a:

Accepted Answer

A) Schedule 
B) Columnar ledger 
C) Special journal 
D) General journal 
E) Subsidiary ledger 
A) Schedule 
B) Columnar ledger 
C) Special journal 
D) General journal 
E) Subsidiary ledger

Question 14

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

Accepted Answer

A) True 
 B)False

Question 15

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

Accepted Answer

A) True 
 B)False

Question 16

A subsidiary ledger is a listing of individual accounts with a common characteristic.

Accepted Answer

A) True 
 B)False

Question 17

A typical sales journal is used to record cash sales.

Accepted Answer

A) True 
 B)False

Question 18

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

A customer who had purchased $75,000 worth of merchandise on account returns 5% of this order to the seller because he is not satisfied with the quality of the goods.This transaction would be recorded in which journal if historically the seller has had very few returns of this nature?

Accepted Answer

A) Sales journal 
B) Purchases journal 
C) Cash disbursements journal 
D) Cash receipts journal 
E) General journal 
A) Sales journal 
B) Purchases journal 
C) Cash disbursements journal 
D) Cash receipts journal 
E) General journal

Accounting information systems collect and process data from transactions and events,organize them in useful forms and communicate results to decision makers.

Information storage:

The main difference in the sales journal under the perpetual and periodic inventory system is:

When posting from special journals,each debit and credit entry is entered as a separate amount.

The basic components of an accounting information system include all but which of the following?

Describe the posting process for special journals.

A company uses four special journals: purchases,sales,cash receipts,and cash disbursements (perpetual inventory method).The following transactions were incurred during August: Record these transactions in the appropriate special journals below:

Output devices include all of the following except:

The five fundamental principles of accounting information systems are:

Three transactions that would be recorded in the sales journal are: (1) recording sales taxes (2) recording sales returns and allowances,and (3) recording purchases discounts.

A book of original entry that is used to record and post transactions of a similar type is a:

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

A subsidiary ledger is a listing of individual accounts with a common characteristic.

A typical sales journal is used to record cash sales.

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

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

A customer who had purchased $75,000 worth of merchandise on account returns 5% of this order to the seller because he is not satisfied with the quality of the goods.This transaction would be recorded in which journal if historically the seller has had very few returns of this nature?

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

Accounting information systems collect and process data from transactions and events,organize them in useful forms and communicate results to decision makers.

Information storage:

The main difference in the sales journal under the perpetual and periodic inventory system is:

When posting from special journals,each debit and credit entry is entered as a separate amount.

The basic components of an accounting information system include all but which of the following?

Describe the posting process for special journals.

A company uses four special journals: purchases,sales,cash receipts,and cash disbursements (perpetual inventory method).The following transactions were incurred during August: Record these transactions in the appropriate special journals below:

Output devices include all of the following except:

The five fundamental principles of accounting information systems are:

Three transactions that would be recorded in the sales journal are: (1) recording sales taxes (2) recording sales returns and allowances,and (3) recording purchases discounts.

A book of original entry that is used to record and post transactions of a similar type is a:

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

A subsidiary ledger is a listing of individual accounts with a common characteristic.

A typical sales journal is used to record cash sales.

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

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

A customer who had purchased $75,000 worth of merchandise on account returns 5% of this order to the seller because he is not satisfied with the quality of the goods.This transaction would be recorded in which journal if historically the seller has had very few returns of this nature?

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