Question 1

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

Accepted Answer

A) True 
 B)False  False

Question 2

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

Accepted Answer

A) True 
 B)False  False

Question 3

An Accounts Receivable ledger is

Accepted Answer

A)  A subsidiary ledger that contains an account for each credit customer 
B)  A list of the balances of all the accounts in the Accounts Receivable ledger that is added to show the total amount of accounts receivable outstanding 
C)  A book of original entry that is designed and used for recording only a specified type of transaction 
D)  The ledger that contains the financial statement accounts of a business 
E)  A subsidiary ledger that contains a separate account for each party that grants credit on account to the entity 
A)  A subsidiary ledger that contains an account for each credit customer 
B)  A list of the balances of all the accounts in the Accounts Receivable ledger that is added to show the total amount of accounts receivable outstanding 
C)  A book of original entry that is designed and used for recording only a specified type of transaction 
D)  The ledger that contains the financial statement accounts of a business 
E)  A subsidiary ledger that contains a separate account for each party that grants credit on account to the entity A

Question 4

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

Accepted Answer

Under the perpetual inventory system, th

Question 5

The General Ledger system represents the primary data base in the AIS.

Accepted Answer

A) True 
 B)False

Question 6

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 7

The basic components of an accounting system include

Accepted Answer

A)  Source documents 
B)  Input devices 
C)  Information processors 
D)  Information storage 
E)  All of these 
A)  Source documents 
B)  Input devices 
C)  Information processors 
D)  Information storage 
E)  All of these

Question 8

Special journals include

Accepted Answer

A)  Sales journal 
B)  Cash receipts journal 
C)  Purchases journal 
D)  Cash disbursements journal 
E)  All of these 
A)  Sales journal 
B)  Cash receipts journal 
C)  Purchases journal 
D)  Cash disbursements journal 
E)  All of these

Question 9

List the five subsystems within a management information system (MIS).

Accepted Answer

1. Sales and marketi

Question 10

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording.

Accepted Answer

A) True 
 B)False

Question 11

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 12

A columnar journal is a journal with only one column.

Accepted Answer

A) True 
 B)False

Question 13

The following transactions were completed by Augsburg Company during the month of May. The company uses a perpetual inventory system.
   Prepare a multi-column Purchases Journal for Augsburg and record the appropriate transactions. Complete the process and prepare a schedule of accounts payable.

Accepted Answer

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

Question 14

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 controlling account balance 
E)  The sum of the accounts receivable ledger does not equal the balance in the sales journal 
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 controlling account balance 
E)  The sum of the accounts receivable ledger does not equal the balance in the sales journal

Question 15

Two common subsidiary ledgers are cash receipts and cash disbursements.

Accepted Answer

A) True 
 B)False

Question 16

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 17

Outdoors Unlimited has the following transactions. For each transaction, indicate the appropriate journal.
(a) Sales Journal
(b) Purchases Journeal
(c) Cash Receipts Journal
(d) Cash Disbursements Journal
(e) General Journal

Accepted Answer

(1) d (2)

Question 18

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 19

Enterprise-application software is used primarily for journal entries.

Accepted Answer

A) True 
 B)False

Question 20

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

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

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

An Accounts Receivable ledger is

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

The General Ledger system represents the primary data base in the AIS.

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

The basic components of an accounting system include

Special journals include

List the five subsystems within a management information system (MIS).

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording.

The General Journal is used for

A columnar journal is a journal with only one column.

The following transactions were completed by Augsburg Company during the month of May. The company uses a perpetual inventory system. Prepare a multi-column Purchases Journal for Augsburg and record the appropriate transactions. Complete the process and prepare a schedule of accounts payable.

After posting is completed, there may be an error if

Two common subsidiary ledgers are cash receipts and cash disbursements.

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

Outdoors Unlimited has the following transactions. For each transaction, indicate the appropriate journal. (a) Sales Journal (b) Purchases Journeal (c) Cash Receipts Journal (d) Cash Disbursements Journal (e) General Journal

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.

Enterprise-application software is used primarily for journal entries.

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.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Property, Plant and Equipment Intangibles

Payroll Liabilities

Filters

Exam 11: Accounting Information Systems

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

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

An Accounts Receivable ledger is

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

The General Ledger system represents the primary data base in the AIS.

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

The basic components of an accounting system include

Special journals include

List the five subsystems within a management information system (MIS).

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording.

The General Journal is used for

A columnar journal is a journal with only one column.

The following transactions were completed by Augsburg Company during the month of May. The company uses a perpetual inventory system. Prepare a multi-column Purchases Journal for Augsburg and record the appropriate transactions. Complete the process and prepare a schedule of accounts payable.

After posting is completed, there may be an error if

Two common subsidiary ledgers are cash receipts and cash disbursements.

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

Outdoors Unlimited has the following transactions. For each transaction, indicate the appropriate journal. (a) Sales Journal (b) Purchases Journeal (c) Cash Receipts Journal (d) Cash Disbursements Journal (e) General Journal

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.

Enterprise-application software is used primarily for journal entries.

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.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Property, Plant and Equipment Intangibles

Payroll Liabilities

Filters