Question 1

Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations:

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 2

The discovery and correction of errors is important in a computerized system. What kind of error(s) might occur in these systems? What type of error(s) will be prevented in a computerized system?
Potential errors:
1. Failing to record transactions.
2. Recording a transaction more than once.
3. Recording a transaction in incorrect accounts.
4. Entering an incorrect number in both the debit and credit parts of the transaction.

Accepted Answer

With a computerized system, yo

Question 3

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

Accepted Answer

Purchases journal - for purchases made o

Question 4

Closing journal entries are recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 5

In computerized accounting systems, reports may be generated at any time.

Accepted Answer

A) True 
 B)False

Question 6

Segment data:

Accepted Answer

A)  can be used for vertical, but not horizontal analysis. 
B)  is gathered from invoice data. 
C)  is only useful by product line. 
D)  analysis is required by GAAP. 
A)  can be used for vertical, but not horizontal analysis. 
B)  is gathered from invoice data. 
C)  is only useful by product line. 
D)  analysis is required by GAAP.

Question 7

Systems analysis is the final phase in the creation or revision of an accounting system.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  adjusting entry for accrued salaries 
B)  receipt of cash on supplies returned 
C)  receipt of cash from services rendered 
D)  payment of employees' salaries 
A)  adjusting entry for accrued salaries 
B)  receipt of cash on supplies returned 
C)  receipt of cash from services rendered 
D)  payment of employees' salaries

Question 9

Read each transaction and identify the appropriate journal that it should be recorded in;
1. Owner withdrew supplies
2. Sale made on account
3. Payment to vendor on account
4. Payment received from customer on account
5. Purchases on account
6. Adjusting journal entry for supplies used
7. Owner withdrew cash
8. Company borrows money from bank
9. Record monthly depreciation
10. Close revenue accounts at month end

Accepted Answer

1. general journal
2. sales journal
3. c

Question 10

When using a revenue journal:

Accepted Answer

A)  both a "Fees Earned" and an "Accounts Receivable" column are included. 
B)  both cash sales and sales on account are posted to the journal. 
C)  revenues are normally recorded when the company sends customer invoices. 
D)  postings to customer accounts are done at month end. 
A)  both a "Fees Earned" and an "Accounts Receivable" column are included. 
B)  both cash sales and sales on account are posted to the journal. 
C)  revenues are normally recorded when the company sends customer invoices. 
D)  postings to customer accounts are done at month end.

Question 11

Vision Service Company has the following debits and credits from two transactions presented in a customer account:
NAME: Roswell Communications, Inc.
Address: 345 Alien Way
   Describe each transaction and the source of each posting.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 12

Match between columns
                        Premises: Purchase of supplies on account.
Adjustment to record depreciation at the end of the month.
Adjustment to record accrued salaries at the end of the period.
Payment of rent.
Purchase of computer on account.
Payment of an account payable.
Advance payment of a one-year fire insurance policy on the office.
Purchase of supplies for cash.

Accepted Answer

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

Question 13

In which journal would an adjustment for an overcharge by a creditor be recorded?

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 14

The total on the "Cash Receipts" report at January 31 should equal

Accepted Answer

A)  the total revenue earned for the month of January. 
B)  the total of the purchases journal on January 31. 
C)  the total of the Cash Debit column of the cash receipts journal. 
D)  the balance in Accounts Receivable at January 31. 
A)  the total revenue earned for the month of January. 
B)  the total of the purchases journal on January 31. 
C)  the total of the Cash Debit column of the cash receipts journal. 
D)  the balance in Accounts Receivable at January 31.

Question 15

Purchases of store equipment on account are recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 16

The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

The Cash column is for debits (not credi

Question 18

Adjusting journal entries are recorded in a special journal.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

At the end of the month, the total of the amount column of the revenue journal is posted as a

Accepted Answer

A)  debit to Accounts Receivable and a credit to Cash 
B)  debit to Accounts Receivable and a credit to Fees Earned 
C)  debit to Cash and a credit to Fees Earned 
D)  debit to Cash and a credit to Accounts Payable 
A)  debit to Accounts Receivable and a credit to Cash 
B)  debit to Accounts Receivable and a credit to Fees Earned 
C)  debit to Cash and a credit to Fees Earned 
D)  debit to Cash and a credit to Accounts Payable

Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations:

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

Closing journal entries are recorded in the general journal.

In computerized accounting systems, reports may be generated at any time.

Segment data:

Systems analysis is the final phase in the creation or revision of an accounting system.

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

When using a revenue journal:

Vision Service Company has the following debits and credits from two transactions presented in a customer account: NAME: Roswell Communications, Inc. Address: 345 Alien Way Describe each transaction and the source of each posting.

In which journal would an adjustment for an overcharge by a creditor be recorded?

The total on the "Cash Receipts" report at January 31 should equal

Purchases of store equipment on account are recorded in the general journal.

The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable.

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

Adjusting journal entries are recorded in a special journal.

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

At the end of the month, the total of the amount column of the revenue journal is posted as a

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

Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations:

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

Closing journal entries are recorded in the general journal.

In computerized accounting systems, reports may be generated at any time.

Segment data:

Systems analysis is the final phase in the creation or revision of an accounting system.

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

When using a revenue journal:

Vision Service Company has the following debits and credits from two transactions presented in a customer account: NAME: Roswell Communications, Inc. Address: 345 Alien Way Describe each transaction and the source of each posting.

In which journal would an adjustment for an overcharge by a creditor be recorded?

The total on the "Cash Receipts" report at January 31 should equal

Purchases of store equipment on account are recorded in the general journal.

The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable.

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

Adjusting journal entries are recorded in a special journal.

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

At the end of the month, the total of the amount column of the revenue journal is posted as a

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