Question 1

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

Accepted Answer

A) True 
 B)False  True

Question 2

Match between columns
                        Premises: Rendering of services on account.
Sale of office supplies for cash, at cost, to a neighboring business.
Adjustment to record supplies used at the end of the year.
Investment of additional cash in the business by the owner.
Rendering of services for cash.
Closing of drawing account at the end of the year.
Receipt of cash on account from a customer.

Accepted Answer

The Answer of general journal and revenue journal and cash is...

Question 3

A purchase of supplies for cash is recorded in the

Accepted Answer

A)  Revenue journal 
B)  Purchases journal 
C)  Cash Receipts journal 
D)  Cash Payments journal 
A)  Revenue journal 
B)  Purchases journal 
C)  Cash Receipts journal 
D)  Cash Payments journal D

Question 4

Posting from a revenue journal to the customer account is normally done only at the end of the month.

Accepted Answer

A) True 
 B)False

Question 5

A purchase of supplies on account is recorded in the

Accepted Answer

A)  Revenue journal 
B)  General journal 
C)  Purchases journal 
D)  Cash Payments journal 
A)  Revenue journal 
B)  General journal 
C)  Purchases journal 
D)  Cash Payments journal

Question 6

Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows:
   Prepare a vertical analysis.

Accepted Answer

@#IMG-DLM&_TB2085_00_TB2085_00

Question 7

In which journal is the receipt of a promissory note from a customer on account recorded?

Accepted Answer

A)  Revenue journal 
B)  Cash Receipts journal 
C)  General journal 
D)  Purchases journal 
A)  Revenue journal 
B)  Cash Receipts journal 
C)  General journal 
D)  Purchases journal

Question 8

The Other Accounts column in the Cash Receipts journal is used for recording debits to any account for which there is no special debit column.

Accepted Answer

A) True 
 B)False

Question 9

The basic procedure of posting from a revenue journal is to make all postings at the end of the month.

Accepted Answer

A) True 
 B)False

Question 10

Briefly describe the three-step process of accounting system development.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 11

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and retail items. The accountant has implemented a purchases journal. Which of the following columns should be included in the new purchases journal?

Accepted Answer

A)  Accounts Payable - Cr., Beverage Supplies - Dr, Food Supplies - Dr, Retail Items Supplies - Dr, Other - Dr. 
B)  Accounts Payable - Dr, Other - Dr, Beverage Supplies - Cr, Food Supplies -Cr, Retain Items Supplies - Cr. 
C)  Beverage Supplies - Dr, Food Supplies - Dr, Retail Items Supplies - Dr, Other - Dr, Cash - Cr. 
D)  Beverage Supplies - Dr, Food Supplies - Dr, Retail Items Supplies - Dr, Other - Cr, Accounts Payable - Dr. 
A)  Accounts Payable - Cr., Beverage Supplies - Dr, Food Supplies - Dr, Retail Items Supplies - Dr, Other - Dr. 
B)  Accounts Payable - Dr, Other - Dr, Beverage Supplies - Cr, Food Supplies -Cr, Retain Items Supplies - Cr. 
C)  Beverage Supplies - Dr, Food Supplies - Dr, Retail Items Supplies - Dr, Other - Dr, Cash - Cr. 
D)  Beverage Supplies - Dr, Food Supplies - Dr, Retail Items Supplies - Dr, Other - Cr, Accounts Payable - Dr.

Question 12

Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting systems?

Accepted Answer

A)  analysis 
B)  design 
C)  implementation 
D)  feedback 
A)  analysis 
B)  design 
C)  implementation 
D)  feedback

Question 13

Computerized accounting systems prevent all journalizing errors.

Accepted Answer

A) True 
 B)False

Question 14

Subsidiary ledgers

Accepted Answer

A)  are used only for Accounts Payable and Accounts Receivable 
B)  may be used for various ledger accounts 
C)  may be used for only for the Cash account 
D)  are never used for more than four accounts 
A)  are used only for Accounts Payable and Accounts Receivable 
B)  may be used for various ledger accounts 
C)  may be used for only for the Cash account 
D)  are never used for more than four accounts

Question 15

For each of the following business, explain how a revenue journal might be modified for the specific business.
1. Jon's Auto Repair Business
2. Esquire Movie Theater
3. Beach Hut Snack Bar, Restaurant, and Lounge

Accepted Answer

Jon's Auto Repair Business might modify

Question 16

What is meant by the term B2C?

Accepted Answer

A)  Balance to cash 
B)  Business to cash 
C)  Book to capital 
D)  Business to consumer 
A)  Balance to cash 
B)  Business to cash 
C)  Book to capital 
D)  Business to consumer

Question 17

Which of the following is not an element of internal controls?

Accepted Answer

A)  to protect assets from misuse 
B)  ensure the accuracy of business information 
C)  ensure that laws and regulations are followed 
D)  ensure that company policies are in place to maximize profits 
A)  to protect assets from misuse 
B)  ensure the accuracy of business information 
C)  ensure that laws and regulations are followed 
D)  ensure that company policies are in place to maximize profits

Question 18

The following is an example of:

Accepted Answer

A)  product analysis 
B)  vertical analysis 
C)  horizontal analysis 
D)  percentage analysis 
A)  product analysis 
B)  vertical analysis 
C)  horizontal analysis 
D)  percentage analysis

Question 19

A cash investment made by the owner should be recorded on the

Accepted Answer

A)  cash receipts journal 
B)  purchases journal 
C)  cash payments journal 
D)  revenue journal 
A)  cash receipts journal 
B)  purchases journal 
C)  cash payments journal 
D)  revenue journal

Question 20

Davidson, Inc. incurred the following transactions during the month of January. Record the appropriate ones in the Cash receipts journal. If a transaction should not be recorded in the Cash receipts journal, indicate where it should be posted.

Accepted Answer

@#IMG-DLM&_TB2085_00_TB2085_00 Transacti

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

A purchase of supplies for cash is recorded in the

Posting from a revenue journal to the customer account is normally done only at the end of the month.

A purchase of supplies on account is recorded in the

Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows: Prepare a vertical analysis.

In which journal is the receipt of a promissory note from a customer on account recorded?

The Other Accounts column in the Cash Receipts journal is used for recording debits to any account for which there is no special debit column.

The basic procedure of posting from a revenue journal is to make all postings at the end of the month.

Briefly describe the three-step process of accounting system development.

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and retail items. The accountant has implemented a purchases journal. Which of the following columns should be included in the new purchases journal?

Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting systems?

Computerized accounting systems prevent all journalizing errors.

Subsidiary ledgers

For each of the following business, explain how a revenue journal might be modified for the specific business. 1. Jon's Auto Repair Business 2. Esquire Movie Theater 3. Beach Hut Snack Bar, Restaurant, and Lounge

What is meant by the term B2C?

Which of the following is not an element of internal controls?

The following is an example of:

A cash investment made by the owner should be recorded on the

Davidson, Inc. incurred the following transactions during the month of January. Record the appropriate ones in the Cash receipts journal. If a transaction should not be recorded in the Cash receipts journal, indicate where it should be posted.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 5: Accounting Systems

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

A purchase of supplies for cash is recorded in the

Posting from a revenue journal to the customer account is normally done only at the end of the month.

A purchase of supplies on account is recorded in the

Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows: Prepare a vertical analysis.

In which journal is the receipt of a promissory note from a customer on account recorded?

The Other Accounts column in the Cash Receipts journal is used for recording debits to any account for which there is no special debit column.

The basic procedure of posting from a revenue journal is to make all postings at the end of the month.

Briefly describe the three-step process of accounting system development.

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and retail items. The accountant has implemented a purchases journal. Which of the following columns should be included in the new purchases journal?

Which of the following is not part of a three-step process that a growing business uses for the evolution of its accounting systems?

Computerized accounting systems prevent all journalizing errors.

Subsidiary ledgers

For each of the following business, explain how a revenue journal might be modified for the specific business. 1. Jon's Auto Repair Business 2. Esquire Movie Theater 3. Beach Hut Snack Bar, Restaurant, and Lounge

What is meant by the term B2C?

Which of the following is not an element of internal controls?

The following is an example of:

A cash investment made by the owner should be recorded on the

Davidson, Inc. incurred the following transactions during the month of January. Record the appropriate ones in the Cash receipts journal. If a transaction should not be recorded in the Cash receipts journal, indicate where it should be posted.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters