Question 1

Source documents:

Accepted Answer

A)  Are input devices. 
B)  Provide basic information processed by an accounting system. 
C)  Can be electronic files. 
D)  Both provide basic information processed by an accounting system and can be electronic files. 
E)  All of these answers are correct. 
A)  Are input devices. 
B)  Provide basic information processed by an accounting system. 
C)  Can be electronic files. 
D)  Both provide basic information processed by an accounting system and can be electronic files. 
E)  All of these answers are correct.

Question 2

Define an accounting information system (AIS).

Accepted Answer

An accounting information system is a gr

Question 3

Under the perpetual system,special journals are not required.

Accepted Answer

A) True 
 B)False

Question 4

Accounting information systems are designed to capture information about a company's transactions and to provide output including financial statements and special purpose reports.

Accepted Answer

A) True 
 B)False

Question 5

Source documents are a group of components that collect and process raw financial data into timely,accurate,relevant,and cost-effective information to meet the purposes of internal and external users.

Accepted Answer

A) True 
 B)False

Question 6

Abercrombie Company uses a periodic inventory system and four special journals: Purchases,Sales,Cash Receipts,and Cash Disbursements.The following transactions were incurred during August:   Record the above transactions in the appropriate journals below.Ignore transactions that should not be posted to the journals provided.

Accepted Answer

The answer of Abercrombie Company uses a periodic inventory system...

Question 7

Discuss the differences in the special journals for a perpetual versus a periodic inventory system.

Accepted Answer

Under the perpetual inventory system,the

Question 8

Most of the transactions of a merchandising company fall into four groups,including all of the following except:

Accepted Answer

A)  Sales on credit. 
B)  Sales returns and allowances. 
C)  Purchases on credit. 
D)  Cash receipts. 
E)  Cash disbursements. 
A)  Sales on credit. 
B)  Sales returns and allowances. 
C)  Purchases on credit. 
D)  Cash receipts. 
E)  Cash disbursements.

Question 9

A book of original entry that is designed and used for recording only a specified type of transaction is called a:

Accepted Answer

A)  Schedule. 
B)  Columnar ledger. 
C)  Special journal. 
D)  General journal. 
E)  Subsidiary ledger. 
A)  Schedule. 
B)  Columnar ledger. 
C)  Special journal. 
D)  General journal. 
E)  Subsidiary ledger.

Question 10

An MIS is designed to:

Accepted Answer

A)  Ensure reliable financial reports. 
B)  Safeguard company assets. 
C)  Ensure full disclosure. 
D)  Both ensure reliable financial reports and safeguard company assets. 
E)  Collect and process data. 
A)  Ensure reliable financial reports. 
B)  Safeguard company assets. 
C)  Ensure full disclosure. 
D)  Both ensure reliable financial reports and safeguard company assets. 
E)  Collect and process data.

Question 11

Describe the posting process for special journals.

Accepted Answer

Posting to special journals is a three-s

Question 12

Using __________________ ledgers removes unnecessary details from the general ledger.

Accepted Answer

The answer of Using __________________ ledgers removes unnecessary details from...

Question 13

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

Question 14

Individual transactions in the Sales Journal are regularly posted to customer accounts in the Accounts Payable ledger.

Accepted Answer

A) True 
 B)False

Question 15

Trekking Company uses a perpetual inventory system and four special journals: Purchases,Sales,Cash Receipts,and Cash Disbursements.The following transactions were incurred during August:   Record the above transactions in the appropriate journals that follow.Ignore any transactions that should not be posted to the journals provided.

Accepted Answer

The answer of Trekking Company uses a perpetual inventory system...

Question 16

Accounting information systems collect and process data about transactions and events,organize them in useful forms,and communicate results to decision makers.

Accepted Answer

A) True 
 B)False

Question 17

The following transactions were completed by Augsburg Company during the month of May:  
-Prepare a Cash Receipts Journal for Augsburg and record the appropriate transactions,assuming a perpetual inventory system is used.

Accepted Answer

The answer of The following transactions were completed by Augsburg...

Question 18

A(n)__________________ journal is used in recording and posting transactions of similar type.

Accepted Answer

The answer of A(n)__________________ journal is used in recording and...

Question 19

Enterprise-application software is used primarily for journal entries.

Accepted Answer

A) True 
 B)False

Question 20

The Accounts Receivable ledger is:

Accepted Answer

A)  used for recording credit sales. 
B)  used for storing transaction data for individual customers. 
C)  used for storing transaction data for individual creditors. 
D)  used for recording cash receipts from customers. 
E)  also the controlling account. 
A)  used for recording credit sales. 
B)  used for storing transaction data for individual customers. 
C)  used for storing transaction data for individual creditors. 
D)  used for recording cash receipts from customers. 
E)  also the controlling account.

Source documents:

Define an accounting information system (AIS).

Under the perpetual system,special journals are not required.

Accounting information systems are designed to capture information about a company's transactions and to provide output including financial statements and special purpose reports.

Source documents are a group of components that collect and process raw financial data into timely,accurate,relevant,and cost-effective information to meet the purposes of internal and external users.

Discuss the differences in the special journals for a perpetual versus a periodic inventory system.

Most of the transactions of a merchandising company fall into four groups,including all of the following except:

A book of original entry that is designed and used for recording only a specified type of transaction is called a:

An MIS is designed to:

Describe the posting process for special journals.

Using __________________ ledgers removes unnecessary details from the general ledger.

The Sales Journal is used for:

Individual transactions in the Sales Journal are regularly posted to customer accounts in the Accounts Payable ledger.

Accounting information systems collect and process data about transactions and events,organize them in useful forms,and communicate results to decision makers.

The following transactions were completed by Augsburg Company during the month of May: -Prepare a Cash Receipts Journal for Augsburg and record the appropriate transactions,assuming a perpetual inventory system is used.

A(n)__________________ journal is used in recording and posting transactions of similar type.

Enterprise-application software is used primarily for journal entries.

The Accounts Receivable ledger is:

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

Source documents:

Define an accounting information system (AIS).

Under the perpetual system,special journals are not required.

Accounting information systems are designed to capture information about a company's transactions and to provide output including financial statements and special purpose reports.

Source documents are a group of components that collect and process raw financial data into timely,accurate,relevant,and cost-effective information to meet the purposes of internal and external users.

Discuss the differences in the special journals for a perpetual versus a periodic inventory system.

Most of the transactions of a merchandising company fall into four groups,including all of the following except:

A book of original entry that is designed and used for recording only a specified type of transaction is called a:

An MIS is designed to:

Describe the posting process for special journals.

Using __________________ ledgers removes unnecessary details from the general ledger.

The Sales Journal is used for:

Individual transactions in the Sales Journal are regularly posted to customer accounts in the Accounts Payable ledger.

Accounting information systems collect and process data about transactions and events,organize them in useful forms,and communicate results to decision makers.

The following transactions were completed by Augsburg Company during the month of May: -Prepare a Cash Receipts Journal for Augsburg and record the appropriate transactions,assuming a perpetual inventory system is used.

A(n)__________________ journal is used in recording and posting transactions of similar type.

Enterprise-application software is used primarily for journal entries.

The Accounts Receivable ledger is:

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