Question 1

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 2

A personal withdrawal of cash is recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 3

Using the Internet to perform business transactions is called e-commerce.

Accepted Answer

A) True 
 B)False

Question 4

Month-end posting to controlling accounts in a computerized accounting system is not required because

Accepted Answer

A)  controlling accounts are not used in computerized systems. 
B)  transactions are posted to accounts immediately. 
C)  the input operator can choose to post to accounts at any time. 
D)  computerized accounting posts entry at the end of the financial year. 
A)  controlling accounts are not used in computerized systems. 
B)  transactions are posted to accounts immediately. 
C)  the input operator can choose to post to accounts at any time. 
D)  computerized accounting posts entry at the end of the financial year.

Question 5

Accounting systems evolve through a three-step process: analysis, design and feedback.

Accepted Answer

A) True 
 B)False

Question 6

When a sale for $1,350 takes place, with a $250 deposit having been received in advance, only the $1,100 on account is recorded into the Revenue journal.

Accepted Answer

A) True 
 B)False

Question 7

If the individual subsidiary ledger accounts of Accounts Receivable and Accounts Payable contained the following data: 
Cadence Company - Vendor - $250 credit balance
Franklin Enterprises - Customer - $750 debit balance
Marcelo Construction - Client - $125 - debit balance
Peyton Supplies - Supplier - $375 - credit balance
The Accounts Receivable (A/R) controlling account and the Accounts Payable (A/P) controlling account balances would be:

Accepted Answer

A)  A/R - $1,000, A/P - $500 
B)  A/R - $625, A/P - $875 
C)  A/R - $875, A/P - $625 
D)  A/R - $750, A/P - $750 
A)  A/R - $1,000, A/P - $500 
B)  A/R - $625, A/P - $875 
C)  A/R - $875, A/P - $625 
D)  A/R - $750, A/P - $750

Question 8

The accounts included on specialized journals should not be customized for a businesses particular activities.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following transactions is recorded in the purchases journal?

Accepted Answer

A)  purchase of store supplies on account 
B)  return of damaged office equipment 
C)  purchase of store supplies for cash 
D)  purchase of office equipment for cash 
A)  purchase of store supplies on account 
B)  return of damaged office equipment 
C)  purchase of store supplies for cash 
D)  purchase of office equipment for cash

Question 10

An adjustment resulting from a creditor charging too much for merchandise would be recorded in the:

Accepted Answer

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

Question 11

The means by which the accounting system collects, summarizes, and reports accounting information is called information

Accepted Answer

A)  reporting methods 
B)  accounting methods 
C)  control methods 
D)  processing methods 
A)  reporting methods 
B)  accounting methods 
C)  control methods 
D)  processing methods

Question 12

Which of the following transactions is recorded in the revenue journal?

Accepted Answer

A)  sale of excess office equipment for cash 
B)  rendering services for cash 
C)  rendering services on account 
D)  sale of excess office equipment on account 
A)  sale of excess office equipment for cash 
B)  rendering services for cash 
C)  rendering services on account 
D)  sale of excess office equipment on account

Question 13

Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice information:   Using horizontal analysis, determine the percentage change in revenues for the North region.
Round to one decimal place.

Accepted Answer

A)  22.4% 
B)  (25.0%) 
C)  25.0% 
D)  (22.4%) 
A)  22.4% 
B)  (25.0%) 
C)  25.0% 
D)  (22.4%)

Question 14

The debits and credits from two transactions are presented in the following supplier's (creditor's) account:
NAME: Banner Computer Services, Inc.
Address: 890 Novice Lane
   Describe each transaction and the source of each posting.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 15

Identify the three main advantages of a computerized accounting system over a manual accounting system.

Accepted Answer

1. Simplification of the recording proce

Question 16

When specialized journals are used, the general journal is necessary.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is recorded in the cash receipts journal?

Accepted Answer

A)  cash withdrawn by the owner 
B)  cash purchase of equipment 
C)  cash received on customer's account 
D)  adjusting entry for depreciation 
A)  cash withdrawn by the owner 
B)  cash purchase of equipment 
C)  cash received on customer's account 
D)  adjusting entry for depreciation

Question 18

The subsidiary ledger that includes customer account activity is called the

Accepted Answer

A)  asset ledger 
B)  accounts payable ledger 
C)  expense ledger 
D)  accounts receivable ledger 
A)  asset ledger 
B)  accounts payable ledger 
C)  expense ledger 
D)  accounts receivable ledger

Question 19

Specialized journals are books of original entry.

Accepted Answer

A) True 
 B)False

Question 20

For each of the following businesses, explain how a purchase journal might be modified for the specific business.
1. North County Medical Center
2. Tri-County Farms, Inc.
3. Prescott's Quick Lube and Tire Store

Accepted Answer

The purchases journal for North County M

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

A personal withdrawal of cash is recorded in the general journal.

Using the Internet to perform business transactions is called e-commerce.

Month-end posting to controlling accounts in a computerized accounting system is not required because

Accounting systems evolve through a three-step process: analysis, design and feedback.

When a sale for $1,350 takes place, with a $250 deposit having been received in advance, only the $1,100 on account is recorded into the Revenue journal.

The accounts included on specialized journals should not be customized for a businesses particular activities.

Which of the following transactions is recorded in the purchases journal?

An adjustment resulting from a creditor charging too much for merchandise would be recorded in the:

The means by which the accounting system collects, summarizes, and reports accounting information is called information

Which of the following transactions is recorded in the revenue journal?

Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice information: Using horizontal analysis, determine the percentage change in revenues for the North region. Round to one decimal place.

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Banner Computer Services, Inc. Address: 890 Novice Lane Describe each transaction and the source of each posting.

Identify the three main advantages of a computerized accounting system over a manual accounting system.

When specialized journals are used, the general journal is necessary.

Which of the following is recorded in the cash receipts journal?

The subsidiary ledger that includes customer account activity is called the

Specialized journals are books of original entry.

For each of the following businesses, explain how a purchase journal might be modified for the specific business. 1. North County Medical Center 2. Tri-County Farms, Inc. 3. Prescott's Quick Lube and Tire Store

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

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Exam 5: Accounting Systems

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

A personal withdrawal of cash is recorded in the general journal.

Using the Internet to perform business transactions is called e-commerce.

Month-end posting to controlling accounts in a computerized accounting system is not required because

Accounting systems evolve through a three-step process: analysis, design and feedback.

When a sale for $1,350 takes place, with a $250 deposit having been received in advance, only the $1,100 on account is recorded into the Revenue journal.

The accounts included on specialized journals should not be customized for a businesses particular activities.

Which of the following transactions is recorded in the purchases journal?

An adjustment resulting from a creditor charging too much for merchandise would be recorded in the:

The means by which the accounting system collects, summarizes, and reports accounting information is called information

Which of the following transactions is recorded in the revenue journal?

Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice information: Using horizontal analysis, determine the percentage change in revenues for the North region. Round to one decimal place.

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Banner Computer Services, Inc. Address: 890 Novice Lane Describe each transaction and the source of each posting.

Identify the three main advantages of a computerized accounting system over a manual accounting system.

When specialized journals are used, the general journal is necessary.

Which of the following is recorded in the cash receipts journal?

The subsidiary ledger that includes customer account activity is called the

Specialized journals are books of original entry.

For each of the following businesses, explain how a purchase journal might be modified for the specific business. 1. North County Medical Center 2. Tri-County Farms, Inc. 3. Prescott's Quick Lube and Tire Store

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