Question 1

Enterprise-application software is a stand-alone program not commonly used in North America.

Accepted Answer

A) True 
 B)False

Question 2

The difference in the Sales Journal between the perpetual and periodic systems is the column to record cost of goods sold and inventory amounts for each sale.

Accepted Answer

A) True 
 B)False

Question 3

When a Sales Journal's sales amount column is totalled at the end of the month,the total is:

Accepted Answer

A)  Debited to Sales and credited to Accounts Receivable. 
B)  Debited to Accounts Receivable and credited to Cash. 
C)  Debited to Cash and credited to Accounts Receivable. 
D)  Debited to Accounts Receivable and credited to Sales. 
E)  Debited to Cash and credited to Sales. 
A)  Debited to Sales and credited to Accounts Receivable. 
B)  Debited to Accounts Receivable and credited to Cash. 
C)  Debited to Cash and credited to Accounts Receivable. 
D)  Debited to Accounts Receivable and credited to Sales. 
E)  Debited to Cash and credited to Sales.

Question 4

The General Journal is used for:

Accepted Answer

A)  Recording adjusting entries. 
B)  Posting transactions to special journals. 
C)  Accumulating debits and credits. 
D)  Collecting detailed listings of amounts. 
E)  Recording both adjusting entries and posting transactions to special journals. 
A)  Recording adjusting entries. 
B)  Posting transactions to special journals. 
C)  Accumulating debits and credits. 
D)  Collecting detailed listings of amounts. 
E)  Recording both adjusting entries and posting transactions to special journals.

Question 5

The general rule for posting to a subsidiary ledger and its controlling account is:

Accepted Answer

A)  The controlling account is debited periodically for an amount or amounts equal to the sum of the debits to the subsidiary ledger. 
B)  The controlling account is credited periodically for an amount or amounts equal to the sum of the credits to the subsidiary ledger. 
C)  A trial balance ledger. 
D)  The controlling account is both debited and credited periodically for an amount or amounts equal to the sum of the debits or credits to the subsidiary ledger. 
E)  All of these answers are correct. 
A)  The controlling account is debited periodically for an amount or amounts equal to the sum of the debits to the subsidiary ledger. 
B)  The controlling account is credited periodically for an amount or amounts equal to the sum of the credits to the subsidiary ledger. 
C)  A trial balance ledger. 
D)  The controlling account is both debited and credited periodically for an amount or amounts equal to the sum of the debits or credits to the subsidiary ledger. 
E)  All of these answers are correct.

Question 6

Four qualitative characteristics of information produced by an AIS are that the information must be timely,accurate,relevant and cost-effective.

Accepted Answer

A) True 
 B)False

Question 7

Items posted from the General Journal carry the initial P.

Accepted Answer

A) True 
 B)False

Question 8

The general rule for posting is that the controlling account is debited periodically for an amount equal to the sum of the debits to the subsidiary ledger,and is credited periodically for an amount equal to the sum of the credits to the subsidiary ledger.

Accepted Answer

A) True 
 B)False

Question 9

In general,subsidiary ledgers are not needed in perpetual systems because the accounting system captures sufficient details to support analyses that decision makers need.

Accepted Answer

A) True 
 B)False

Question 10

Dina Company uses a Sales Journal,a Purchases Journal,a Cash Receipts Journal,a Cash Disbursements Journal,and a General Journal,and a perpetual inventory system.The following transactions occurred during the month of December:  
-Prepare a Sales Journal for Dina Company and journalize the appropriate transactions.

Accepted Answer

The answer of Dina Company uses a Sales Journal,a Purchases...

Question 11

A sales journal is used for recording cash sales.

Accepted Answer

A) True 
 B)False

Question 12

A list of the balances of all the accounts in the Accounts Receivable Ledger that is added to show the total of accounts receivable outstanding is called a:

Accepted Answer

A)  Schedule of accounts payable. 
B)  Controlling account. 
C)  Schedule of accounts receivable. 
D)  Subsidiary ledger. 
E)  Special journal. 
A)  Schedule of accounts payable. 
B)  Controlling account. 
C)  Schedule of accounts receivable. 
D)  Subsidiary ledger. 
E)  Special journal.

Question 13

The ledger that contains the financial statement accounts of a business is the:

Accepted Answer

A)  Columnar journal. 
B)  Accounts payable ledger. 
C)  General journal. 
D)  General ledger. 
E)  Subsidiary ledger. 
A)  Columnar journal. 
B)  Accounts payable ledger. 
C)  General journal. 
D)  General ledger. 
E)  Subsidiary ledger.

Question 14

Equipment,inventory,and investments may also need subsidiary ledgers.

Accepted Answer

A) True 
 B)False

Question 15

Heidi Company uses a Sales Journal,a Purchases Journal,a Cash Receipts Journal,a Cash Disbursements Journal,and a General Journal.The following are the totals from the special journals for the month ended July 31:   Required:
Post the appropriate amounts to the Accounts Receivable and Accounts Payable controlling T-accounts.

Accepted Answer

The answer of Heidi Company uses a Sales Journal,a Purchases...

Question 16

Off-the-shelf accounting software is inadequate to meet the needs of small businesses.

Accepted Answer

A) True 
 B)False

Question 17

Outdoors Unlimited uses special journals to record its daily transactions.Shown below is a Cash Receipts Journal and selected ledger accounts.Post the Cash Receipts Journal to the appropriate accounts.

Accepted Answer

The answer of Outdoors Unlimited uses special journals to record...

Question 18

The Purchases Journal is used for:

Accepted Answer

A)  Recording credit purchases. 
B)  Recording credit sales. 
C)  Recording cash sales. 
D)  Recording cash purchases. 
E)  Recording both credit purchases and credit sales. 
A)  Recording credit purchases. 
B)  Recording credit sales. 
C)  Recording cash sales. 
D)  Recording cash purchases. 
E)  Recording both credit purchases and credit sales.

Question 19

Accounting information systems:

Accepted Answer

A)  Collect and process data from events and transactions. 
B)  Organize data in useful forms. 
C)  Communicate information to decision makers. 
D)  Both collect and process data from events and transactions and organize data in useful forms. 
E)  All of these answers are correct. 
A)  Collect and process data from events and transactions. 
B)  Organize data in useful forms. 
C)  Communicate information to decision makers. 
D)  Both collect and process data from events and transactions and organize data in useful forms. 
E)  All of these answers are correct.

Question 20

Because accounting information systems are so accurate,decision makers in practice do not need to have a basic knowledge of how the systems work.

Accepted Answer

A) True 
 B)False

Enterprise-application software is a stand-alone program not commonly used in North America.

The difference in the Sales Journal between the perpetual and periodic systems is the column to record cost of goods sold and inventory amounts for each sale.

When a Sales Journal's sales amount column is totalled at the end of the month,the total is:

The General Journal is used for:

The general rule for posting to a subsidiary ledger and its controlling account is:

Four qualitative characteristics of information produced by an AIS are that the information must be timely,accurate,relevant and cost-effective.

Items posted from the General Journal carry the initial P.

The general rule for posting is that the controlling account is debited periodically for an amount equal to the sum of the debits to the subsidiary ledger,and is credited periodically for an amount equal to the sum of the credits to the subsidiary ledger.

In general,subsidiary ledgers are not needed in perpetual systems because the accounting system captures sufficient details to support analyses that decision makers need.

A sales journal is used for recording cash sales.

A list of the balances of all the accounts in the Accounts Receivable Ledger that is added to show the total of accounts receivable outstanding is called a:

The ledger that contains the financial statement accounts of a business is the:

Equipment,inventory,and investments may also need subsidiary ledgers.

Off-the-shelf accounting software is inadequate to meet the needs of small businesses.

Outdoors Unlimited uses special journals to record its daily transactions.Shown below is a Cash Receipts Journal and selected ledger accounts.Post the Cash Receipts Journal to the appropriate accounts.

The Purchases Journal is used for:

Accounting information systems:

Because accounting information systems are so accurate,decision makers in practice do not need to have a basic knowledge of how the systems work.

Accounting in Business

Analyzing and Reporting Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Internal Control and Cash

Receivables

Filters

Exam 7: Accounting Information Systems

Enterprise-application software is a stand-alone program not commonly used in North America.

The difference in the Sales Journal between the perpetual and periodic systems is the column to record cost of goods sold and inventory amounts for each sale.

When a Sales Journal's sales amount column is totalled at the end of the month,the total is:

The General Journal is used for:

The general rule for posting to a subsidiary ledger and its controlling account is:

Four qualitative characteristics of information produced by an AIS are that the information must be timely,accurate,relevant and cost-effective.

Items posted from the General Journal carry the initial P.

The general rule for posting is that the controlling account is debited periodically for an amount equal to the sum of the debits to the subsidiary ledger,and is credited periodically for an amount equal to the sum of the credits to the subsidiary ledger.

In general,subsidiary ledgers are not needed in perpetual systems because the accounting system captures sufficient details to support analyses that decision makers need.

A sales journal is used for recording cash sales.

A list of the balances of all the accounts in the Accounts Receivable Ledger that is added to show the total of accounts receivable outstanding is called a:

The ledger that contains the financial statement accounts of a business is the:

Equipment,inventory,and investments may also need subsidiary ledgers.

Off-the-shelf accounting software is inadequate to meet the needs of small businesses.

Outdoors Unlimited uses special journals to record its daily transactions.Shown below is a Cash Receipts Journal and selected ledger accounts.Post the Cash Receipts Journal to the appropriate accounts.

The Purchases Journal is used for:

Accounting information systems:

Because accounting information systems are so accurate,decision makers in practice do not need to have a basic knowledge of how the systems work.

Accounting in Business

Analyzing and Reporting Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Internal Control and Cash

Receivables

Filters