Exam 7: Accounting Information Systems

Southeastern Company sold merchandise for $4,450 to Northern Company on account.The cost of goods sold was $1,185.Southeastern Company uses a perpetual inventory system and special journals.The $4,450 is recorded as ________.

A subsidiary ledger is ________.

Which of the following is NOT included in the purchases journal?

Which of the following is TRUE of posting from a sales journal to the general ledger?

Entries from the purchases journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger.

Triangle Company sold a product on credit for $2,235 to Hexagon Sales.The cost of goods sold was $1,324.Assuming Triangle is following a perpetual inventory system and using a sales journal,it will record $2,235 in the ________.

Which of the following is a benefit of using a computerized accounting information system?

A sales journal is ________.

A CR.5 posting reference in a subsidiary ledger signifies that the ________.

In cloud computing,the accounting software and data are stored on the company's server instead of a third-party server.

Midwest Enterprises uses special journals.The company borrowed $10,000 from First State Bank.This transaction is recorded in the ________.

Which of the following is an output device in an accounting information system?

Rockville Company makes a $1,200 purchase of merchandise inventory on account.This transaction will be recorded in the ________.

A source document provides the evidence and data for accounting transactions.

Which of the following transactions is recorded by selecting the "Receive payment" action of QuickBooks?

Northern Company sold goods to Eastern Enterprises for $1,000 on account.Cost of goods sold was $745.Northern uses a perpetual inventory system and special journals.The cost of goods sold is recorded in the ________ column of the sales journal.

Which of the following is a column in a purchases journal?

In an accounting information system,outputs are the reports used for decision making,which include the financial statements.

Purchases on account are recorded in the purchases journal.

In a perpetual inventory system,when cash sales are recorded,________.