Question 1

Morgan Company has the following segment revenues for fiscal 2011 and 2010.
   Prepare a vertical analysis of the segment data.

Accepted Answer

The answer of Morgan Company has the following segment revenues...

Question 2

Which of the following is not an advantage of a computerized system over a manual system?

Accepted Answer

A)  transactions are recorded and posted at the same time 
B)  accuracy is usually better with a computerized system 
C)  current balances are always available 
D)  internal controls are optional to the computerized system 
A)  transactions are recorded and posted at the same time 
B)  accuracy is usually better with a computerized system 
C)  current balances are always available 
D)  internal controls are optional to the computerized system

Question 3

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 4

When posting a column total in the purchases journal, a credit should be posted to

Accepted Answer

A)  Merchandise Inventory 
B)  Accounts Payable 
C)  Sales Returns and Allowances 
D)  Cash 
A)  Merchandise Inventory 
B)  Accounts Payable 
C)  Sales Returns and Allowances 
D)  Cash

Question 5

When a sale for $1,350 takes place, with a $250 deposit having been received in advance, only the $1,100 on account is recorded into the Revenue journal.

Accepted Answer

A) True 
 B)False

Question 6

When a large number of individual accounts with a common characteristic are grouped together, accounting calls this a controlling account.

Accepted Answer

A) True 
 B)False

Question 7

The following cash receipts headings have been suggested for Tower Tree-Trimming Service Company. Which of the following statements is false?

Accepted Answer

A)  The second column should be Account Credited. 
B)  The Cash column should be a debit. 
C)  The Other Accounts column should be a credit. 
D)  The Accounts Receivable column should be a debit. 
A)  The second column should be Account Credited. 
B)  The Cash column should be a debit. 
C)  The Other Accounts column should be a credit. 
D)  The Accounts Receivable column should be a debit.

Question 8

What is meant by the term B2C?

Accepted Answer

A)  Balance to cash 
B)  Business to cash 
C)  Book to capital 
D)  Business to consumer 
A)  Balance to cash 
B)  Business to cash 
C)  Book to capital 
D)  Business to consumer

Question 9

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 10

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

Accepted Answer

The answer of Select the correct subsidiary ledger and appropriate...

Question 11

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

Accepted Answer

The answer of Match the following types of journal transactions...

Question 12

Morgan Company has the following segment revenues for fiscal 2014 and 2013.
   Prepare a horizontal analysis of the segment data using 2013 as the base year.

Accepted Answer

The answer of Morgan Company has the following segment revenues...

Question 13

The revenue journal is to make it more efficient to record sales transactions made for cash.

Accepted Answer

A) True 
 B)False

Question 14

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 15

Which of the following is true about the revenue journal?

Accepted Answer

A)  cash revenues and revenues on account are recorded in the revenue journal 
B)  only cash revenues are recorded in the revenue journal 
C)  only revenues on account are recorded in the revenue journal 
D)  unearned revenues are also recorded in the revenue journal 
A)  cash revenues and revenues on account are recorded in the revenue journal 
B)  only cash revenues are recorded in the revenue journal 
C)  only revenues on account are recorded in the revenue journal 
D)  unearned revenues are also recorded in the revenue journal

Question 16

Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows:
   Prepare a vertical analysis.

Accepted Answer

@#IMG-DLM&_TB2013_00 * Differe

Question 17

Which of the following could not be considered a business segment?

Accepted Answer

A)  Region 
B)  Product 
C)  Customer Type 
D)  All of these could be considered business segments. 
A)  Region 
B)  Product 
C)  Customer Type 
D)  All of these could be considered business segments.

Question 18

The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

Accepted Answer

A) True 
 B)False

Question 19

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 20

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

Exam 5: Accounting Systems

Morgan Company has the following segment revenues for fiscal 2011 and 2010. Prepare a vertical analysis of the segment data.

Which of the following is not an advantage of a computerized system over a manual 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.

When posting a column total in the purchases journal, a credit should be posted to

When a sale for $1,350 takes place, with a $250 deposit having been received in advance, only the $1,100 on account is recorded into the Revenue journal.

When a large number of individual accounts with a common characteristic are grouped together, accounting calls this a controlling account.

The following cash receipts headings have been suggested for Tower Tree-Trimming Service Company. Which of the following statements is false?

What is meant by the term B2C?

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

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

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

Morgan Company has the following segment revenues for fiscal 2014 and 2013. Prepare a horizontal analysis of the segment data using 2013 as the base year.

The revenue journal is to make it more efficient to record sales transactions made for cash.

Which of the following is true about the revenue journal?

Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows: Prepare a vertical analysis.

Which of the following could not be considered a business segment?

The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

A Cash Payments journal would not include a

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

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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