Question 1

After an accounting system has been set up, what is the next step?

Accepted Answer

A)  Analysis 
B)  Feedback 
C)  Implementation 
D)  Internal controls 
A)  Analysis 
B)  Feedback 
C)  Implementation 
D)  Internal controls

Question 2

Which transaction is normally recorded in a special journal?

Accepted Answer

A)  sales returns 
B)  depreciation expense 
C)  purchases on account 
D)  issued stock dividend 
A)  sales returns 
B)  depreciation expense 
C)  purchases on account 
D)  issued stock dividend

Question 3

The primary ledger containing all the balance sheet and income statement accounts is the

Accepted Answer

A)  general ledger 
B)  creditors ledger 
C)  customers ledger 
D)  subsidiary ledger 
A)  general ledger 
B)  creditors ledger 
C)  customers ledger 
D)  subsidiary ledger

Question 4

Analysis of user needs is the final phase in the creation or revision of an accounting system.

Accepted Answer

A) True 
 B)False

Question 5

A cash purchase of supplies should be recorded in the

Accepted Answer

A)  Cash Receipts journal 
B)  Purchase journal 
C)  General journal 
D)  Cash Payments journal 
A)  Cash Receipts journal 
B)  Purchase journal 
C)  General journal 
D)  Cash Payments journal

Question 6

The account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following could not be considered a business segment?

Accepted Answer

A)  Region 
B)  Product 
C)  Customer Type 
D)  All of these could be considered business segments. 
A)  Region 
B)  Product 
C)  Customer Type 
D)  All of these could be considered business segments.

Question 8

Services performed for cash should be 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

Question 9

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

Accepted Answer

A subsidiary ledgers groups a large numb

Question 10

When posting a column total in the purchases journal, a credit should be posted to

Accepted Answer

A)  Merchandise Inventory 
B)  Accounts Payable 
C)  Sales Returns and Allowances 
D)  Cash 
A)  Merchandise Inventory 
B)  Accounts Payable 
C)  Sales Returns and Allowances 
D)  Cash

Question 11

When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n)

Accepted Answer

A)  General ledger 
B)  Income Statement Ledger 
C)  Group Ledger 
D)  Subsidiary Ledger 
A)  General ledger 
B)  Income Statement Ledger 
C)  Group Ledger 
D)  Subsidiary Ledger

Question 12

A computerized accounting system will not allow which of the following type of journalizing error?

Accepted Answer

A)  Entering an amount in an incorrect account 
B)  Reversing the debit and credit account in a transaction 
C)  Processing a transaction that has unequal debits and credits. 
D)  Entering a transaction with an incorrect date. 
A)  Entering an amount in an incorrect account 
B)  Reversing the debit and credit account in a transaction 
C)  Processing a transaction that has unequal debits and credits. 
D)  Entering a transaction with an incorrect date.

Question 13

Which of the following is not an advantage of a computerized system over a manual system?

Accepted Answer

A)  transactions are recorded and posted at the same time 
B)  accuracy is usually better with a computerized system 
C)  current balances are always available 
D)  internal controls are optional to the computerized system 
A)  transactions are recorded and posted at the same time 
B)  accuracy is usually better with a computerized system 
C)  current balances are always available 
D)  internal controls are optional to the computerized system

Question 14

A controlling account is used to record the details of the individual accounts.

Accepted Answer

A) True 
 B)False

Question 15

The total on the "Accounts Payable Creditors Balances" report at January 31, the end of the first month of operations, agrees with the total of the Accounts Payable debit column in the cash payments journal for the same period.

Accepted Answer

A) True 
 B)False

Question 16

Generally, subsidiary ledgers are used for accounts that consist of a large number of individual items.

Accepted Answer

A) True 
 B)False

Question 17

The cash receipts journal will be used for

Accepted Answer

A)  only cash received from customers on account. 
B)  all cash received. 
C)  cash received from customers on account and cash sales. 
D)  only cash received from cash sales. 
A)  only cash received from customers on account. 
B)  all cash received. 
C)  cash received from customers on account and cash sales. 
D)  only cash received from cash sales.

Question 18

The post reference column of the revenue journal will reference the account number of the customer.

Accepted Answer

A) True 
 B)False

Question 19

The revenue journal is to make it more efficient to record sales transactions made for cash.

Accepted Answer

A) True 
 B)False

Question 20

The following purchase transactions occurred during August for Backcountry Kayak Company.
 Aug. 1$~~~~~~$Purchased kevlar kayaks for $5,600 on account from Gear Inc.
Aug. 6$~~~~~~$Purchased kevlar kayaks for $3,250 on account from Southland Company
Aug. 14$~~~~~$Purchased kayak paddles for $2,500 on account from Gear Inc. Record these transactions in a purchase journal.

Accepted Answer

@#IMG-DLM&_TB2085_00

After an accounting system has been set up, what is the next step?

Which transaction is normally recorded in a special journal?

The primary ledger containing all the balance sheet and income statement accounts is the

Analysis of user needs is the final phase in the creation or revision of an accounting system.

A cash purchase of supplies should be recorded in the

The account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

Which of the following could not be considered a business segment?

Services performed for cash should be recorded in the

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

When posting a column total in the purchases journal, a credit should be posted to

When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n)

A computerized accounting system will not allow which of the following type of journalizing error?

Which of the following is not an advantage of a computerized system over a manual system?

A controlling account is used to record the details of the individual accounts.

The total on the "Accounts Payable Creditors Balances" report at January 31, the end of the first month of operations, agrees with the total of the Accounts Payable debit column in the cash payments journal for the same period.

Generally, subsidiary ledgers are used for accounts that consist of a large number of individual items.

The cash receipts journal will be used for

The post reference column of the revenue journal will reference the account number of the customer.

The revenue journal is to make it more efficient to record sales transactions made for cash.

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

After an accounting system has been set up, what is the next step?

Which transaction is normally recorded in a special journal?

The primary ledger containing all the balance sheet and income statement accounts is the

Analysis of user needs is the final phase in the creation or revision of an accounting system.

A cash purchase of supplies should be recorded in the

The account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

Which of the following could not be considered a business segment?

Services performed for cash should be recorded in the

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

When posting a column total in the purchases journal, a credit should be posted to

When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n)

A computerized accounting system will not allow which of the following type of journalizing error?

Which of the following is not an advantage of a computerized system over a manual system?

A controlling account is used to record the details of the individual accounts.

The total on the "Accounts Payable Creditors Balances" report at January 31, the end of the first month of operations, agrees with the total of the Accounts Payable debit column in the cash payments journal for the same period.

Generally, subsidiary ledgers are used for accounts that consist of a large number of individual items.

The cash receipts journal will be used for

The post reference column of the revenue journal will reference the account number of the customer.

The revenue journal is to make it more efficient to record sales transactions made for cash.

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