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 B

Question 2

The debits and credits from two transactions are presented in the following customer account:

Accepted Answer

The answer of The debits and credits from two transactions...

Question 3

The methods or procedures used to record and report financial data are called the accounting system.

Accepted Answer

A) True 
 B)False  True

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

The debits and credits from two transactions are presented in the following supplier's (creditor's) account:
NAME: Xample, Inc.
Address: 567 Harrison Blvd.
   Describe each transaction and the source of each posting.

Accepted Answer

The answer of The debits and credits from two transactions...

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

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 8

Computerized accounting systems prevent all journalizing errors.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is not an element of internal controls?

Accepted Answer

A)  to protect assets from misuse 
B)  ensure the accuracy of business information 
C)  ensure that laws and regulations are followed 
D)  ensure that company policies are in place to maximize profits 
A)  to protect assets from misuse 
B)  ensure the accuracy of business information 
C)  ensure that laws and regulations are followed 
D)  ensure that company policies are in place to maximize profits

Question 10

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 11

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 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

Accepted Answer

A) True 
 B)False

Question 15

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 16

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 17

Most accounting systems evolve as the business grows and requires changes in their methods for collecting, accumulating, and reporting information.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

In which journal would the payment of salaries be posted?

Accepted Answer

A)  cash receipts journal 
B)  special journal 
C)  cash payments journal 
D)  expense journal 
A)  cash receipts journal 
B)  special journal 
C)  cash payments journal 
D)  expense journal

Exam 5: Accounting Systems

The following is an example of:

The debits and credits from two transactions are presented in the following customer account:

The methods or procedures used to record and report financial data are called the accounting system.

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

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Describe each transaction and the source of each posting.

E-commerce

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

Computerized accounting systems prevent all journalizing errors.

Which of the following is not an element of internal controls?

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

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

The subsidiary ledger that includes customer account activity is called the

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

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

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

Most accounting systems evolve as the business grows and requires changes in their methods for collecting, accumulating, and reporting information.

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

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

In which journal would the payment of salaries be posted?

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

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Filters