Question 1

An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information

Accepted Answer

A) True 
 B)False

Question 2

Some of the more common subsidiary ledgers are:

Accepted Answer

A)  Accounts Payable, Accounts Receivable, and Owner's Equity subsidiary ledgers. 
B)  Accounts Receivable and Accounts Payable subsidiary ledgers. 
C)  Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner's Equity subsidiary ledgers. 
D)  Cash and Owner's Equity subsidiary ledgers. 
A)  Accounts Payable, Accounts Receivable, and Owner's Equity subsidiary ledgers. 
B)  Accounts Receivable and Accounts Payable subsidiary ledgers. 
C)  Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner's Equity subsidiary ledgers. 
D)  Cash and Owner's Equity subsidiary ledgers.

Question 3

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $18 which is the correct entry?

Accepted Answer

A)  Cash Cr. $18, Food Revenue Dr. $18, 
B)  Cash Dr. $18, Food Revenue Dr. $18 
C)  Cash Dr. $18, Food Revenue Cr. $18 
D)  Cash Cr. $18, Food Revenue Cr. $18 
A)  Cash Cr. $18, Food Revenue Dr. $18, 
B)  Cash Dr. $18, Food Revenue Dr. $18 
C)  Cash Dr. $18, Food Revenue Cr. $18 
D)  Cash Cr. $18, Food Revenue Cr. $18

Question 4

Morgan Company has the following segment revenues for fiscal 2011 and 2010.
 $\begin{array}{|l|l|l|}
\hline & \textbf{2011} & \textbf{2010} \
&\textbf {(in millious) } & \textbf {(in millions) } \
\hline \text { U.S. } & \$ 775.0 & \$ 650.00 \
\hline \text { Canada } & 325.5 & 245.5 \
\hline \text { Other countries } & 215.5 & 168.5 \
\hline \text { Total Revenues } & 1,316.0 & 1,064.0 \
\hline\
\end{array}$ Prepare a vertical analysis of the segment data.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 5

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

Accepted Answer

Accounts Receivable and Cash are not nee

Question 6

E-commerce

Accepted Answer

A)  accounts for less than 1% of all retail sales. 
B)  only relates to transactions between a company and a consumer 
C)  can improve the speed and efficiency of transactions. 
D)  increases paperwork. 
A)  accounts for less than 1% of all retail sales. 
B)  only relates to transactions between a company and a consumer 
C)  can improve the speed and efficiency of transactions. 
D)  increases paperwork.

Question 7

The accounts receivable subsidiary ledger is an example of a special journal.

Accepted Answer

A) True 
 B)False

Question 8

Processing methods:

Accepted Answer

A)  are the policy and procedures that protect assets from misuse. 
B)  must be computerized. 
C)  are the means by which the accounting system reports information. 
D)  ensure that business laws and regulations are followed. 
A)  are the policy and procedures that protect assets from misuse. 
B)  must be computerized. 
C)  are the means by which the accounting system reports information. 
D)  ensure that business laws and regulations are followed.

Question 9

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Accepted Answer

A) True 
 B)False

Question 10

Computerized accounting systems

Accepted Answer

A)  are only used by medium and large sized companies 
B)  are generally not as accurate as manual systems 
C)  record and post transactions at the same time 
D)  must make use of special journals 
A)  are only used by medium and large sized companies 
B)  are generally not as accurate as manual systems 
C)  record and post transactions at the same time 
D)  must make use of special journals

Question 11

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 12

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is always recorded in the general journal?

Accepted Answer

A)  services rendered for cash 
B)  correction of error in billing client 
C)  purchases of equipment on account 
D)  purchases of equipment for cash 
A)  services rendered for cash 
B)  correction of error in billing client 
C)  purchases of equipment on account 
D)  purchases of equipment for cash

Question 14

Purchase journals will have an Other Accounts Cr. column.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is always recorded in the general journal?

Accepted Answer

A)  rendering services for cash 
B)  purchases of supplies on account 
C)  rendering services on account 
D)  closing entries 
A)  rendering services for cash 
B)  purchases of supplies on account 
C)  rendering services on account 
D)  closing entries

Question 16

Define and describe an accounting system.

Accepted Answer

An accounting system is the methods and

Question 17

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 South region.
Round to one decimal place.

Accepted Answer

A)  30.0% 
B)  77.6% 
C)  (30.0%) 
D)  (77.6%) 
A)  30.0% 
B)  77.6% 
C)  (30.0%) 
D)  (77.6%)

Question 18

Computerized accounting systems

Accepted Answer

A)  is a tedious form of recordkeeping process. 
B)  improve the timeliness of reporting. 
C)  prevent all journalizing errors. 
D)  are only used in medium and large businesses. 
A)  is a tedious form of recordkeeping process. 
B)  improve the timeliness of reporting. 
C)  prevent all journalizing errors. 
D)  are only used in medium and large businesses.

Question 19

The goal of systems analysis is to determine

Accepted Answer

A)  when to implement a system 
B)  information needs 
C)  the size of the competitor's system 
D)  changes to the present system 
A)  when to implement a system 
B)  information needs 
C)  the size of the competitor's system 
D)  changes to the present system

Question 20

Which of the following statements is false?

Accepted Answer

A)  Most computerized accounting systems use principles from manual systems. 
B)  Subsidiary ledgers and special journals are only useful when a business doesn't have a large number of similar transactions. 
C)  Even small companies use computerized accounting systems. 
D)  Large companies often integrate their accounting system with their automated business systems. 
A)  Most computerized accounting systems use principles from manual systems. 
B)  Subsidiary ledgers and special journals are only useful when a business doesn't have a large number of similar transactions. 
C)  Even small companies use computerized accounting systems. 
D)  Large companies often integrate their accounting system with their automated business systems.

An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information

Some of the more common subsidiary ledgers are:

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $18 which is the correct entry?

Morgan Company has the following segment revenues for fiscal 2011 and 2010. 2011 2010 (in millious) (in millions) U.S. \ 775.0 \ 650.00 Canada 325.5 245.5 Other countries 215.5 168.5 Total Revenues 1,316.0 1,064.0 Prepare a vertical analysis of the segment data.

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

E-commerce

The accounts receivable subsidiary ledger is an example of a special journal.

Processing methods:

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Computerized accounting systems

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Which of the following is always recorded in the general journal?

Purchase journals will have an Other Accounts Cr. column.

Which of the following is always recorded in the general journal?

Define and describe an accounting system.

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 South region. Round to one decimal place.

Computerized accounting systems

The goal of systems analysis is to determine

Which of the following statements is false?

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

An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information

Some of the more common subsidiary ledgers are:

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $18 which is the correct entry?

Morgan Company has the following segment revenues for fiscal 2011 and 2010. 2011 2010 (in millious) (in millions) U.S. \ 775.0 \ 650.00 Canada 325.5 245.5 Other countries 215.5 168.5 Total Revenues 1,316.0 1,064.0 Prepare a vertical analysis of the segment data.

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

E-commerce

The accounts receivable subsidiary ledger is an example of a special journal.

Processing methods:

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

Computerized accounting systems

Select the correct subsidiary ledger and appropriate posting for each of the following customer and creditor activities.

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Which of the following is always recorded in the general journal?

Purchase journals will have an Other Accounts Cr. column.

Which of the following is always recorded in the general journal?

Define and describe an accounting system.

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 South region. Round to one decimal place.

Computerized accounting systems

The goal of systems analysis is to determine

Which of the following statements is false?

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