Question 1

The account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

Accepted Answer

A) True 
 B)False

Question 2

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 3

The following purchase transactions occurred during August for Backcountry Kayak Company.
   Record these transactions in a purchase journal.

Accepted Answer

The answer of The following purchase transactions occurred during August...

Question 4

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 5

Analysis of user needs is the final phase in the creation or revision of an accounting system.

Accepted Answer

A) True 
 B)False

Question 6

A cash purchase of supplies should be recorded in the

Accepted Answer

A)  Cash Receipts journal 
B)  Purchase journal 
C)  General journal 
D)  Cash Payments journal 
A)  Cash Receipts journal 
B)  Purchase journal 
C)  General journal 
D)  Cash Payments journal

Question 7

A computerized accounting system will not allow which of the following type of journalizing error?

Accepted Answer

A)  Entering an amount in an incorrect account 
B)  Reversing the debit and credit account in a transaction 
C)  Processing a transaction that has unequal debits and credits. 
D)  Entering a transaction with an incorrect date. 
A)  Entering an amount in an incorrect account 
B)  Reversing the debit and credit account in a transaction 
C)  Processing a transaction that has unequal debits and credits. 
D)  Entering a transaction with an incorrect date.

Question 8

Discuss the process of posting from a revenue journal to the subsidiary ledger and to the general ledger.

Accepted Answer

Each transaction is posted individually

Question 9

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 10

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 11

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 12

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 13

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

Accepted Answer

The answer of Utilizing the Revenue Journal, below, journalize the...

Question 14

Services provided on account is recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 15

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

The answer of Vision Service Company has the following debits...

Question 16

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 17

The three phases of setting up an accounting system are, in order

Accepted Answer

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

Question 18

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

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

Question 19

Which of the following journals is called an all-purpose journal?

Accepted Answer

A)  General journal 
B)  Purchases journal 
C)  Revenue journal 
D)  Accounting journal 
A)  General journal 
B)  Purchases journal 
C)  Revenue journal 
D)  Accounting journal

Question 20

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

Accepted Answer

The answer of Down-Under, an aquatic supply store, makes the...

Exam 5: Accounting Systems

The account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

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

The following purchase transactions occurred during August for Backcountry Kayak Company. Record these transactions in a purchase journal.

When using a revenue journal:

Analysis of user needs is the final phase in the creation or revision of an accounting system.

A cash purchase of supplies should be recorded in the

A computerized accounting system will not allow which of the following type of journalizing error?

Discuss the process of posting from a revenue journal to the subsidiary ledger and to the general ledger.

Processing methods:

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

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

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

Services provided on account is recorded in the 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.

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

The three phases of setting up an accounting system are, in order

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.

Which of the following journals is called an all-purpose journal?

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

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

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