Question 1

Which of the following journals would a company use to record a merchandise return?

Accepted Answer

A) General journal. 
B) Cash receipts journal. 
C) Cash disbursements journal. 
D) Purchases journal. 
E) Sales journal. 
A) General journal. 
B) Cash receipts journal. 
C) Cash disbursements journal. 
D) Purchases journal. 
E) Sales journal. A

Question 2

All of the following statements regarding source documents are true except:

Accepted Answer

A) Source documents provide the basic information processed by an accounting system. 
B) Source documents include invoices,cash register files,and employee earnings records. 
C) Source documents should not be sent directly from a company's system to its customers or suppliers. 
D) Source documents can be paper or electronic files. 
E) Source documents can include Web communications. 
A) Source documents provide the basic information processed by an accounting system. 
B) Source documents include invoices,cash register files,and employee earnings records. 
C) Source documents should not be sent directly from a company's system to its customers or suppliers. 
D) Source documents can be paper or electronic files. 
E) Source documents can include Web communications. C

Question 3

A __________________ journal is used to record and post transactions of similar type.

Accepted Answer

special

Question 4

A __________________ is an all-purpose journal that can record any type of transaction.

Accepted Answer

The answer of A __________________ is an all-purpose journal that...

Question 5

Identify the accounting information system principle indicated in letters a-e that applies to each of the situations below by entering the appropriate letter next to the statement.

Accepted Answer

The answer of Identify the accounting information system principle indicated...

Question 6

The __________________ principle requires that the benefits from an activity in an accounting information system outweigh the costs of that activity.

Accepted Answer

The answer of The __________________ principle requires that the benefits...

Question 7

If a company issues a check for $2,900 in payment of merchandise,identify the journal the transaction would be recorded in.

Accepted Answer

A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal. 
A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal.

Question 8

Subsidiary ledgers do all of the following except:

Accepted Answer

A) Remove excessive detail from the general ledger. 
B) Provide up-to-date information on customer or other specific account balances. 
C) Aid in error identification for individual accounts. 
D) Help with division of labor (recordkeeping tasks). 
E) Eliminate the need for individual postings to the customer or supplier accounts. 
A) Remove excessive detail from the general ledger. 
B) Provide up-to-date information on customer or other specific account balances. 
C) Aid in error identification for individual accounts. 
D) Help with division of labor (recordkeeping tasks). 
E) Eliminate the need for individual postings to the customer or supplier accounts.

Question 9

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Accepted Answer

segment re

Question 10

The sales journal is used for recording:

Accepted Answer

A) Credit purchases. 
B) Credit sales. 
C) Cash sales. 
D) Cash purchases. 
E) Cash receipts. 
A) Credit purchases. 
B) Credit sales. 
C) Cash sales. 
D) Cash purchases. 
E) Cash receipts.

Question 11

For a retailer required to collect sales taxes from customers,all of the following adaptations would be made to the sales journal except:

Accepted Answer

A) Column totals would continue to be posted as usual. 
B) A Sales Taxes Payable credit column would be added. 
C) There would be a separate Accounts Receivable debit column. 
D) A Sales Taxes Payable debit column would be added. 
E) There would be a separate Sales credit column. 
A) Column totals would continue to be posted as usual. 
B) A Sales Taxes Payable credit column would be added. 
C) There would be a separate Accounts Receivable debit column. 
D) A Sales Taxes Payable debit column would be added. 
E) There would be a separate Sales credit column.

Question 12

__________________ processing of transactions 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 of transactions accumulates source documents...

Question 13

______________________ capture information from source documents and enable its transfer to the system's information processing component.

Accepted Answer

The answer of ______________________ capture information from source documents and...

Question 14

Which of the following statements regarding accounting information systems is not true?

Accepted Answer

A) Accounting information systems collect and process data from transactions and events. 
B) Accounting information systems organize data in useful forms. 
C) Accounting information systems are not subject to internal control policies. 
D) Accounting information systems are useful to effective decision making. 
E) Accounting information systems communicate information to business decision makers. 
A) Accounting information systems collect and process data from transactions and events. 
B) Accounting information systems organize data in useful forms. 
C) Accounting information systems are not subject to internal control policies. 
D) Accounting information systems are useful to effective decision making. 
E) Accounting information systems communicate information to business decision makers.

Question 15

Which of the following is not a special journal:

Accepted Answer

A) Sales journal. 
B) Purchases journal. 
C) Cash receipts journal. 
D) Cash disbursements journal. 
E) General journal. 
A) Sales journal. 
B) Purchases journal. 
C) Cash receipts journal. 
D) Cash disbursements journal. 
E) General journal.

Question 16

The ___________ principle requires that an accounting information system must be able to adapt to changes in the company,business environment,and needs of decision makers.

Accepted Answer

The answer of The ___________ principle requires that an accounting...

Question 17

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

Accepted Answer

schedule o

Question 18

Which of the following statements regarding accounting information systems is not true?

Accepted Answer

A) Accounting information systems consist of people,records,methods,and equipment. 
B) Accounting information systems are more important than ever to decision makers. 
C) Accounting information systems cannot improve on a company's competitive edge. 
D) Accounting information systems are designed to provide output including financial,managerial,and tax reports. 
E) Accounting information systems are designed to capture information about a company's transactions. 
A) Accounting information systems consist of people,records,methods,and equipment. 
B) Accounting information systems are more important than ever to decision makers. 
C) Accounting information systems cannot improve on a company's competitive edge. 
D) Accounting information systems are designed to provide output including financial,managerial,and tax reports. 
E) Accounting information systems are designed to capture information about a company's transactions.

Question 19

A company makes a payment of $5,000 on a long-term note payable.The journal the transaction would be recorded in is the.

Accepted Answer

A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal. 
A) Cash disbursements journal. 
B) Sales journal. 
C) Cash receipts journal. 
D) Purchases journal. 
E) General journal.

Question 20

When a company uses special journals,the general journal is used to record selected transactions and events including:

Accepted Answer

A) Closing entries. 
B) Sales on credit. 
C) Cash payments. 
D) Credit purchases. 
E) Credit sales. 
A) Closing entries. 
B) Sales on credit. 
C) Cash payments. 
D) Credit purchases. 
E) Credit sales.

Exam 7: Accounting Information Systems

Which of the following journals would a company use to record a merchandise return?

All of the following statements regarding source documents are true except:

A __________________ journal is used to record and post transactions of similar type.

A __________________ is an all-purpose journal that can record any type of transaction.

Identify the accounting information system principle indicated in letters a-e that applies to each of the situations below by entering the appropriate letter next to the statement.

The __________________ principle requires that the benefits from an activity in an accounting information system outweigh the costs of that activity.

If a company issues a check for $2,900 in payment of merchandise,identify the journal the transaction would be recorded in.

Subsidiary ledgers do all of the following except:

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

The sales journal is used for recording:

For a retailer required to collect sales taxes from customers,all of the following adaptations would be made to the sales journal except:

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

______________________ capture information from source documents and enable its transfer to the system's information processing component.

Which of the following statements regarding accounting information systems is not true?

Which of the following is not a special journal:

The ___________ principle requires that an accounting information system must be able to adapt to changes in the company,business environment,and needs of decision makers.

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

Which of the following statements regarding accounting information systems is not true?

A company makes a payment of $5,000 on a long-term note payable.The journal the transaction would be recorded in is the.

When a company uses special journals,the general journal is used to record selected transactions and events including:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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