Question 1

What are the five basic components of accounting information systems?

Accepted Answer

The five basic components of a

Question 2

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Accepted Answer

A) True 
 B)False

Question 3

A company entered into the following transactions.For each transaction,indicate the appropriate journal in which it would be recorded.

Accepted Answer

@#IMG-DLM&_TB6947_00

Question 4

The use of an Accounts Payable controlling account:

Accepted Answer

A) Reduces the number of accounts in the subsidiary ledger. 
B) Reduces the total number of accounts maintained. 
C) Reduces the number of entries in the general journals. 
D) Reduces the number of accounts in the general ledger. 
E) Increases the number of columns in the journals. 
A) Reduces the number of accounts in the subsidiary ledger. 
B) Reduces the total number of accounts maintained. 
C) Reduces the number of entries in the general journals. 
D) Reduces the number of accounts in the general ledger. 
E) Increases the number of columns in the journals.

Question 5

The Accounts Payable account in the general ledger is:

Accepted Answer

A) A controlling account for the subsidiary accounts payable ledger. 
B) The account that controls the purchases journal. 
C) The subsidiary account to the purchases journal. 
D) Part of a special journal. 
E) Part of a subsidiary ledger. 
A) A controlling account for the subsidiary accounts payable ledger. 
B) The account that controls the purchases journal. 
C) The subsidiary account to the purchases journal. 
D) Part of a special journal. 
E) Part of a subsidiary ledger.

Question 6

Most transactions for merchandising businesses fall into four groups: sales on credit,purchases on credit,cash receipts,and cash disbursements.

Accepted Answer

A) True 
 B)False

Question 7

A list of all the accounts in the accounts receivable ledger with their balances and the total is a(n):

Accepted Answer

A) Chart of accounts 
B) Controlling account 
C) Schedule of accounts receivable 
D) Subsidiary ledger 
E) Special journal 
A) Chart of accounts 
B) Controlling account 
C) Schedule of accounts receivable 
D) Subsidiary ledger 
E) Special journal

Question 8

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

Accepted Answer

A) True 
 B)False

Question 9

A company borrowed money from the bank and signed a long-term note payable.This transaction would be recorded in which of the following journals?

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

Question 10

Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 11

Due to electronic files and web communication,source documents are no longer required.

Accepted Answer

A) True 
 B)False

Question 12

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

Accepted Answer

A) True 
 B)False

Question 13

An accounts receivable ledger is:

Accepted Answer

A) A subsidiary ledger that contains an account for each credit customer. 
B) A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding. 
C) A book of original entry that is designed and used for recording only a specified 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 creditor (supplier) to the company. 
A) A subsidiary ledger that contains an account for each credit customer. 
B) A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding. 
C) A book of original entry that is designed and used for recording only a specified 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 creditor (supplier) to the company.

Question 14

The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the periodic inventory system.
   a.Use the sales journal and the cash receipts journal to record these transactions
b.Prepare a schedule of accounts receivable.There were no accounts receivable at December 1.

Accepted Answer

a. @#IMG-DLM&_TB6947_00_TB6947

Question 15

Identify the accounting information system principle below that applies to each of these situations:

Accepted Answer

(1) E; (2)

Question 16

Effective accounting information systems will do all of the following except:

Accepted Answer

A) Collect data from transactions and events. 
B) Organize data in useful forms. 
C) Communicate information to business decision makers. 
D) Process data from transactions and events. 
E) Eliminate all errors. 
A) Collect data from transactions and events. 
B) Organize data in useful forms. 
C) Communicate information to business decision makers. 
D) Process data from transactions and events. 
E) Eliminate all errors.

Question 17

_____________________________________ consist of people,records,methods and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Accepted Answer

Accounting

Question 18

Individual transactions in the sales journal are posted regularly to customers' accounts in the ________________________________________.

Accepted Answer

accounts r

Question 19

With advanced technology there is no need to trace to its source information that has been entered into an accounting information system.

Accepted Answer

A) True 
 B)False

What are the five basic components of accounting information systems?

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

A company entered into the following transactions.For each transaction,indicate the appropriate journal in which it would be recorded.

The use of an Accounts Payable controlling account:

The Accounts Payable account in the general ledger is:

Most transactions for merchandising businesses fall into four groups: sales on credit,purchases on credit,cash receipts,and cash disbursements.

A list of all the accounts in the accounts receivable ledger with their balances and the total is a(n):

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

A company borrowed money from the bank and signed a long-term note payable.This transaction would be recorded in which of the following journals?

Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

Due to electronic files and web communication,source documents are no longer required.

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

An accounts receivable ledger is:

Identify the accounting information system principle below that applies to each of these situations:

Effective accounting information systems will do all of the following except:

_____________________________________ consist of people,records,methods and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Individual transactions in the sales journal are posted regularly to customers' accounts in the ________________________________________.

With advanced technology there is no need to trace to its source information that has been entered into an accounting information system.

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

What are the five basic components of accounting information systems?

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

A company entered into the following transactions.For each transaction,indicate the appropriate journal in which it would be recorded.

The use of an Accounts Payable controlling account:

The Accounts Payable account in the general ledger is:

Most transactions for merchandising businesses fall into four groups: sales on credit,purchases on credit,cash receipts,and cash disbursements.

A list of all the accounts in the accounts receivable ledger with their balances and the total is a(n):

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

A company borrowed money from the bank and signed a long-term note payable.This transaction would be recorded in which of the following journals?

Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

Due to electronic files and web communication,source documents are no longer required.

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

An accounts receivable ledger is:

Identify the accounting information system principle below that applies to each of these situations:

Effective accounting information systems will do all of the following except:

_____________________________________ consist of people,records,methods and equipment that collect and process data from transactions and events,organize them in useful reports and communicate results to decision makers.

Individual transactions in the sales journal are posted regularly to customers' accounts in the ________________________________________.

With advanced technology there is no need to trace to its source information that has been entered into an accounting information system.

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