Question 1

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly,or monthly.

Accepted Answer

The answer of __________________ processing accumulates source documents for a...

Question 2

Enterprise resource planning software packages include the programs that manage a company's vital operations.

Accepted Answer

A) True 
 B)False

Question 3

______________________ provide the basic information processed by an accounting system and can include bank statements,billings to customers,and employee earnings records.

Accepted Answer

The answer of ______________________ provide the basic information processed by...

Question 4

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account,then the accounts are presumed to be correct.

Accepted Answer

A) True 
 B)False

Question 5

In a typical sales journal,you would expect to see the following columns:

Accepted Answer

A)  Sales dr.
B)  Sales cr.
C)  Purchases dr.(if periodic method used) .
D)  Inventory dr.(if perpetual method used) .
E)  Cost of Goods Sold cr.(if perpetual method used) .F) A) and B)
G) A) and C)

Question 6

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record ___________________________ and __________________ for each sale that is used in the perpetual system but not in the periodic.

Accepted Answer

cost of goods sold; ...

Question 7

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 8

Match between columns
                        Premises: The special journal used to record all receipts of cash
The people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers
Links among computers giving different users and different computers access to common databases and programs
Programs that manage a company's vital operations which range from order-taking to manufacturing to accounting
An information system principle requiring that an accounting system report useful, understandable, timely, and pertinent information for decision making
A list of each customer from the accounts receivable ledger with their balances and the total
An information system principle requiring that an accounting information system aid managers in controlling and monitoring business activities
A part of a company that can be separately identified by the products or services that it provides or by the geographic market that it serves
The special journal that is used to record all payments of cash
The component of an accounting system that interprets, transforms, and summarizes information for use in analysis and reporting

Accepted Answer

The Answer of  Information processor  and  Computer is...

Question 9

Internal controls include policies to direct operations toward common goals,procedures to ensure reliable financial reports,safeguards to protect company assets,and methods to achieve compliance with laws and regulations.

Accepted Answer

A) True 
 B)False

Question 10

Under the perpetual inventory system,special journals are not required.

Accepted Answer

A) True 
 B)False

Question 11

Renton Co.uses special journals to record its transactions.They use the perpetual inventory system.Shown below are the purchasing and cash disbursement transactions for current month of May:
  Record these transactions in the following journals:

Accepted Answer

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Question 12

A procedure called direct posting of sales invoices can substitute for the special sales journal.

Accepted Answer

A) True 
 B)False

Question 13

With online systems,all information storage should be off-line to protect the data.

Accepted Answer

A) True 
 B)False

Question 14

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

Accepted Answer

A) True 
 B)False

Question 15

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

Accepted Answer

A) True 
 B)False

Question 16

A company's Southwest segment had revenues of $12 million,operating income of $2 million,and average total assets of $3 million.The Southwest segment return on assets is:

Accepted Answer

A)  42.85%
B)  41.67%
C)  25.00%
D)  16.67%
E)  66.67%F) A) and E)
G) B) and C)

Question 17

A company uses a cash receipts journal (periodic system)  as shown below:  How would the following transactions be recorded in this cash receipts journal?
12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 
12/11 Sold merchandise on credit to Dog,Inc,Invoice No.852,for $4,000 (cost is $2,200)  Terms are 2/10,n/30.

Accepted Answer

A)   
B)   
C)   
D)   
E)   F) All of the above
G) A) and E)

Question 18

After posting is completed,there may be an error if:

Accepted Answer

A)  The sum of the customer account balances does not equal the total in the sales journal.
B)  The sum of the accounts receivable ledger does not equal the balance in the Sales account.
C)  The sum of the customer account balances does not equal the Accounts Receivable controlling account balance.
D)  The balance in the sales journal does not equal the Accounts Receivable account balance.
E)  The sum of the accounts receivable ledger does not equal the balance in the sales journal.F) B) and D)
G) C) and E)

Question 19

The control principle for accounting information systems requires that the:

Accepted Answer

A)  Benefits from an activity outweigh the costs of the activity.
B)  System report useful,understandable,timely,and pertinent information for effective decision making.
C)  System aid managers in controlling and monitoring business activities.
D)  System adapt to changes in the company,business environment,and needs of decision makers.
E)  System conform with a company's activities,personnel,and structure.F) C) and E)
G) A) and E)

Question 20

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its 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.F) B) and D)
G) A) and C)

Exam 17: Accounting With Special Journals

A procedure called direct posting of sales invoices can substitute for the special sales journal.

Correct Answer
verified

Renton Co.uses special journals to record its transactions.They use the perpetual inventory system.Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals:

Correct Answer
verified
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View Answer

A company's Southwest segment had revenues of $12 million,operating income of $2 million,and average total assets of $3 million.The Southwest segment return on assets is:

Correct Answer
verified

The control principle for accounting information systems requires that the:

Correct Answer
verified

Under the perpetual inventory system,special journals are not required.

Correct Answer
verified

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record _________ and for each sale that is used in the perpetual system but not in the periodic.

Correct Answer
verified
cost of goods sold; ...
View Answer

Correct Answer
verified

Enterprise resource planning software packages include the programs that manage a company's vital operations.

Correct Answer
verified

With online systems,all information storage should be off-line to protect the data.

Correct Answer
verified

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

Correct Answer
verified

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

Correct Answer
verified

In a typical sales journal,you would expect to see the following columns:

Correct Answer
verified

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account,then the accounts are presumed to be correct.

Correct Answer
verified

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

Correct Answer
verified

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly,or monthly.

Correct Answer
verified

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Correct Answer
verified

After posting is completed,there may be an error if:

Correct Answer
verified

Match the following terms with the appropriate definition(s):

______________________ provide the basic information processed by an accounting system and can include bank statements,billings to customers,and employee earnings records.

Correct Answer
verified

Internal controls include policies to direct operations toward common goals,procedures to ensure reliable financial reports,safeguards to protect company assets,and methods to achieve compliance with laws and regulations.

Correct Answer
verified

Exam 17: Accounting With Special Journals

A procedure called direct posting of sales invoices can substitute for the special sales journal.

Correct AnswerverifiedShow Answer

Renton Co.uses special journals to record its transactions.They use the perpetual inventory system.Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals:

Correct Answerverified_TB6947_00_TB6947_00...View AnswerShow Answer

A company's Southwest segment had revenues of $12 million,operating income of $2 million,and average total assets of $3 million.The Southwest segment return on assets is:

Correct AnswerverifiedShow Answer

The control principle for accounting information systems requires that the:

Correct AnswerverifiedShow Answer

Under the perpetual inventory system,special journals are not required.

Correct AnswerverifiedShow Answer

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record ___________________________ and __________________ for each sale that is used in the perpetual system but not in the periodic.

Correct Answerverifiedcost of goods sold; ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Enterprise resource planning software packages include the programs that manage a company's vital operations.

Correct AnswerverifiedShow Answer

With online systems,all information storage should be off-line to protect the data.

Correct AnswerverifiedShow Answer

Segment information is often useful to investors for evaluating a company's profitability,risk,and growth.

Correct AnswerverifiedShow Answer

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

Correct AnswerverifiedShow Answer

In a typical sales journal,you would expect to see the following columns:

Correct AnswerverifiedShow Answer

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account,then the accounts are presumed to be correct.

Correct AnswerverifiedShow Answer

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

Correct AnswerverifiedShow Answer

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly,or monthly.

Correct AnswerverifiedShow Answer

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Correct AnswerverifiedShow Answer

After posting is completed,there may be an error if:

Correct AnswerverifiedShow Answer

Match the following terms with the appropriate definition(s):

______________________ provide the basic information processed by an accounting system and can include bank statements,billings to customers,and employee earnings records.

Correct AnswerverifiedShow Answer

Internal controls include policies to direct operations toward common goals,procedures to ensure reliable financial reports,safeguards to protect company assets,and methods to achieve compliance with laws and regulations.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
_TB6947_00_TB6947_00...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record _________ and for each sale that is used in the perpetual system but not in the periodic.

Correct Answer
verified
cost of goods sold; ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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