Question 1

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 2

The term B2C refers to transactions conducted between two companies.

Accepted Answer

A) True 
 B)False

Question 3

An owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the

Accepted Answer

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

Question 4

Processing methods are the means by which the system collects, summarizes, and reports accounting information.

Accepted Answer

A) True 
 B)False

Question 5

An "Accounts Receivable Subsidiary Ledger" report shows

Accepted Answer

A)  revenues by customer for a specified date range. 
B)  cash receipts by customer for a specified date range. 
C)  cash payments to creditors for a specific date range. 
D)  sales by customer as of a specific date. 
A)  revenues by customer for a specified date range. 
B)  cash receipts by customer for a specified date range. 
C)  cash payments to creditors for a specific date range. 
D)  sales by customer as of a specific date.

Question 6

Updating information in a computerized accounting system happens at the end of the month.

Accepted Answer

A) True 
 B)False

Question 7

Sales of office supplies for cash, at cost, to a neighboring business as an accommodation, are recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 8

A Cash Payments journal would not include a

Accepted Answer

A)  Cash credit column 
B)  Sales Discounts credit column 
C)  Accounts Payable debit column 
D)  Other Accounts debit column 
A)  Cash credit column 
B)  Sales Discounts credit column 
C)  Accounts Payable debit column 
D)  Other Accounts debit column

Question 9

A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business's financial and operating information.

Accepted Answer

A)  accounting 
B)  fiduciary 
C)  operations 
D)  auditing 
A)  accounting 
B)  fiduciary 
C)  operations 
D)  auditing

Question 10

Services provided for cash is recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 11

Explain whether each of the following would usually be used in a computerized accounting system and why.
1. Special journals
2. Accounts receivable control accounts
3. Electronic invoice form
4. Month-end postings to the general ledger

Accepted Answer

Special journals and accounts receivable

Question 12

Services provided on account is recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 13

One way to report revenue earned by a company is to present it by the different segments of business.

Accepted Answer

A) True 
 B)False

Question 14

Match the following types of journal transactions with the journal in which it would be entered.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 15

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

Accepted Answer

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

Question 16

The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 17

In addition to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except:

Accepted Answer

A)  supply chain management 
B)  regulatory compliance management 
C)  customer relationship management 
D)  product life cycle management 
A)  supply chain management 
B)  regulatory compliance management 
C)  customer relationship management 
D)  product life cycle management

Question 18

What is a business segment? How can business segments be analyzed?

Accepted Answer

A business segment is a subset of a busi

Question 19

Morgan Company has the following segment revenues for fiscal 2014 and 2013.
 $\begin{array}{|l|l|l|}
\hline & \textbf{2014} & \textbf{2013} \
&\textbf {(in millious) } & \textbf {(in millions) } \
\hline \text { U.S. } & \$ 825.0 & \$ 600.00 \
\hline \text { Canada } & 325.5 & 345.5 \
\hline \text { Other countries } & 215.5 & 168.5 \
\hline \text { Total Revenus } & 1,366.0 & 1,114.0 \
\hline & & \
\end{array}$ Prepare a horizontal analysis of the segment data using 2013 as the base year.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 20

Which of the following accounts normally has a subsidiary ledger?

Accepted Answer

A)  capital stock 
B)  retained earnings 
C)  supplies 
D)  accounts payable 
A)  capital stock 
B)  retained earnings 
C)  supplies 
D)  accounts payable

The following is an example of:

The term B2C refers to transactions conducted between two companies.

An owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the

Processing methods are the means by which the system collects, summarizes, and reports accounting information.

An "Accounts Receivable Subsidiary Ledger" report shows

Updating information in a computerized accounting system happens at the end of the month.

Sales of office supplies for cash, at cost, to a neighboring business as an accommodation, are recorded in the revenue journal.

A Cash Payments journal would not include a

A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business's financial and operating information.

Services provided for cash is recorded in the revenue journal.

Explain whether each of the following would usually be used in a computerized accounting system and why. 1. Special journals 2. Accounts receivable control accounts 3. Electronic invoice form 4. Month-end postings to the general ledger

Services provided on account is recorded in the revenue journal.

One way to report revenue earned by a company is to present it by the different segments of business.

Match the following types of journal transactions with the journal in which it would be entered.

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.

In addition to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except:

What is a business segment? How can business segments be analyzed?

Morgan Company has the following segment revenues for fiscal 2014 and 2013. 2014 2013 (in millious) (in millions) U.S. \ 825.0 \ 600.00 Canada 325.5 345.5 Other countries 215.5 168.5 Total Revenus 1,366.0 1,114.0 Prepare a horizontal analysis of the segment data using 2013 as the base year.

Which of the following accounts normally has a subsidiary ledger?

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

The following is an example of:

The term B2C refers to transactions conducted between two companies.

An owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the

Processing methods are the means by which the system collects, summarizes, and reports accounting information.

An "Accounts Receivable Subsidiary Ledger" report shows

Updating information in a computerized accounting system happens at the end of the month.

Sales of office supplies for cash, at cost, to a neighboring business as an accommodation, are recorded in the revenue journal.

A Cash Payments journal would not include a

A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business's financial and operating information.

Services provided for cash is recorded in the revenue journal.

Explain whether each of the following would usually be used in a computerized accounting system and why. 1. Special journals 2. Accounts receivable control accounts 3. Electronic invoice form 4. Month-end postings to the general ledger

Services provided on account is recorded in the revenue journal.

One way to report revenue earned by a company is to present it by the different segments of business.

Match the following types of journal transactions with the journal in which it would be entered.

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.

In addition to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except:

What is a business segment? How can business segments be analyzed?

Morgan Company has the following segment revenues for fiscal 2014 and 2013. 2014 2013 (in millious) (in millions) U.S. \ 825.0 \ 600.00 Canada 325.5 345.5 Other countries 215.5 168.5 Total Revenus 1,366.0 1,114.0 Prepare a horizontal analysis of the segment data using 2013 as the base year.

Which of the following accounts normally has a subsidiary ledger?

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