Question 1

The cash receipts journal will be used for

Accepted Answer

A)  only cash received from customers on account. 
B)  all cash received. 
C)  cash received from customers on account and cash sales. 
D)  only cash received from cash sales. 
A)  only cash received from customers on account. 
B)  all cash received. 
C)  cash received from customers on account and cash sales. 
D)  only cash received from cash sales.

Question 2

The debits and credits from two transactions are presented in the following creditor's account:
NAME Windsurf, Inc.
ADDRESS 343 Coastline Road
   Describe each transaction and the source of each posting.

Accepted Answer

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

Question 3

Which of the following transactions is recorded in the revenue journal?

Accepted Answer

A)  sale of excess office equipment for cash 
B)  rendering services for cash 
C)  rendering services on account 
D)  sale of excess office equipment on account 
A)  sale of excess office equipment for cash 
B)  rendering services for cash 
C)  rendering services on account 
D)  sale of excess office equipment on account

Question 4

Services provided for cash is recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 5

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 6

A withdrawal of cash made by the owner will be found in the

Accepted Answer

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

Question 7

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction?

Accepted Answer

A)  10 
B)  15 
C)  42 
D)  Ö 
A)  10 
B)  15 
C)  42 
D)  Ö

Question 8

For each of the following business, explain how a revenue journal might be modified for the specific business.
1. Jon's Auto Repair Business
2. Esquire Movie Theater
3. Beach Hut Snack Bar, Restaurant, and Lounge

Accepted Answer

Jon's Auto Repair Business might modify

Question 9

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

The answer of The posting references in the following purchases...

Question 10

When using a purchases journal

Accepted Answer

A)  all cash and credit purchases are recorded in the journal. 
B)  posting to creditor accounts is only done at the end of the month. 
C)  the "Other Accounts" total is posted to Accounts Payable at month's end. 
D)  there will always be an "Accounts Payable Cr." column. 
A)  all cash and credit purchases are recorded in the journal. 
B)  posting to creditor accounts is only done at the end of the month. 
C)  the "Other Accounts" total is posted to Accounts Payable at month's end. 
D)  there will always be an "Accounts Payable Cr." column.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Specialized journals are books of original entry.

Accepted Answer

A) True 
 B)False

Question 13

The goal of systems analysis is to determine

Accepted Answer

A)  when to implement a system 
B)  information needs 
C)  the size of the competitor's system 
D)  changes to the present system 
A)  when to implement a system 
B)  information needs 
C)  the size of the competitor's system 
D)  changes to the present system

Question 14

Define the meaning of B2C and B2B.

Accepted Answer

Both terms relate to e-commerce.
B2C - B

Question 15

Computerized accounting systems

Accepted Answer

A)  are only used by medium and large sized companies 
B)  are generally not as accurate as manual systems 
C)  record and post transactions at the same time 
D)  must make use of special journals 
A)  are only used by medium and large sized companies 
B)  are generally not as accurate as manual systems 
C)  record and post transactions at the same time 
D)  must make use of special journals

Question 16

A personal withdrawal of cash is recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 17

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 18

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

Accepted Answer

A subsidiary ledgers groups a large numb

Question 19

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 5: Accounting Systems

The cash receipts journal will be used for

The debits and credits from two transactions are presented in the following creditor's account: NAME Windsurf, Inc. ADDRESS 343 Coastline Road Describe each transaction and the source of each posting.

Which of the following transactions is recorded in the revenue journal?

Services provided for cash is recorded in the revenue journal.

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

A withdrawal of cash made by the owner will be found in the

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction?

For each of the following business, explain how a revenue journal might be modified for the specific business. 1. Jon's Auto Repair Business 2. Esquire Movie Theater 3. Beach Hut Snack Bar, Restaurant, and Lounge

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.

When using a purchases journal

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

Specialized journals are books of original entry.

The goal of systems analysis is to determine

Define the meaning of B2C and B2B.

Computerized accounting systems

A personal withdrawal of cash is recorded in the general journal.

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

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

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

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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