Question 1

Individual transactions in the sales journal are posted regularly to customers' accounts in the ________________________________________.

Accepted Answer

accounts r

Question 2

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

Accepted Answer

The answer of A ____________________ is a part of a...

Question 3

Output devices include all of the following except:

Accepted Answer

A)  Printers 
B)  Monitors 
C)  LCD projectors 
D)  Web communication 
E)  General journals 
A)  Printers 
B)  Monitors 
C)  LCD projectors 
D)  Web communication 
E)  General journals

Question 4

The Sun Company completed the following sales and cash receipts transactions during the first week of December. The Sun Company uses the perpetual inventory system.
SHAPE \* MERGEFORMAT
 $$\begin{array}{l}
\text { Sales Journal }\
\begin{array} { | l | l | l | l | l | l |} 
\hline \text { Date } & \text { Account Debited } & \begin{array} { l } 
\text { Invoice } \
\text { Number }
\end{array} & \text { PR } & \begin{array} { l } 
\text { Accounts Receivable Dr. } \
\text { Sales Cr. }
\end{array} & \begin{array} { l } 
\text { Cost of Goods Sold Dr. } \
\text { Inventory Cr. }
\end{array} \
\hline & & & & & \
\hline & & & & & \
\hline & & & & & \
\hline & & & & & \
\hline
\end{array}
\end{array}$$   a. Use the sales journal and the cash receipts journal to record these transactions.
b. Prepare a schedule of accounts receivable. There were no account receivables at December 1.

Accepted Answer

The answer of The Sun Company completed the following sales...

Question 5

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

Question 6

A company had cash sales during the period. These transactions would be recorded in which of the following journals?

Accepted Answer

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

Question 7

The main difference in the sales journal under the perpetual and periodic inventory system is:

Accepted Answer

A)  The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. 
B)  The sales tax receivable column that is used under the perpetual system but not the periodic. 
C)  The sales tax payable column that is used under the perpetual system but not the periodic. 
D)  The accounts receivable column that is used under the perpetual system but not the periodic. 
E)  The column for recording cash that is used under the perpetual system but not the periodic. 
A)  The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. 
B)  The sales tax receivable column that is used under the perpetual system but not the periodic. 
C)  The sales tax payable column that is used under the perpetual system but not the periodic. 
D)  The accounts receivable column that is used under the perpetual system but not the periodic. 
E)  The column for recording cash that is used under the perpetual system but not the periodic.

Question 8

Match between columns
                        Premises: Purchased a display rack on account for $4,700.
Paid a utility bill for $3,400 cash.
Returned defective inventory purchased on account, $2,900.
Borrowed $5,000 cash from the bank.
Purchased merchandise on account, $2,700.
Recorded depreciation on store equipment of $4,000.
A customer returned a $250 item purchased on account.
Purchased $1,590 of store supplies on account.
Recorded cash sales of $14,700.
Paid $65,000 cash for wages and salaries.

Accepted Answer

The Answer of Sales journal and Cash disbursements journal and is...

Question 9

A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods. How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

Accepted Answer

A)  $\begin{array}{|c|r|r|}
\hline \text { Sales } & 6,000 & \
\hline \text { Accounts Receivable } & & 6,000 \
\hline
\end{array}$ 
B)  $\begin{array}{|c|r|r|}
\hline \text { Accounts Receivable } & 6,000 & \
\hline \text { Sales } & & 6,000 \
\hline
\end{array}$ 
C)  $\begin{array}{|c|r|r|}
\hline \text { Sales Returns and Allowances } & 6,000 & \
\hline \text { Accounts Receivable } & & 6,000 \
\hline
\end{array}$ 
D)  $\begin{array}{|c|r|r|}
\hline \text { Accounts Receivable } & 6,000 & \
\hline \text { Sales Returns and Allowances } & & 6,000 \
\hline
\end{array}$ 
E)  $\begin{array}{|c|r|l|}
\hline \text { Sales } & 60,000 & \
\hline \text { Accounts Receivable } & & 60,000 \
\hline
\end{array}$ 
A)  $\begin{array}{|c|r|r|}
\hline \text { Sales } & 6,000 & \
\hline \text { Accounts Receivable } & & 6,000 \
\hline
\end{array}$ 
B)  $\begin{array}{|c|r|r|}
\hline \text { Accounts Receivable } & 6,000 & \
\hline \text { Sales } & & 6,000 \
\hline
\end{array}$ 
C)  $\begin{array}{|c|r|r|}
\hline \text { Sales Returns and Allowances } & 6,000 & \
\hline \text { Accounts Receivable } & & 6,000 \
\hline
\end{array}$ 
D)  $\begin{array}{|c|r|r|}
\hline \text { Accounts Receivable } & 6,000 & \
\hline \text { Sales Returns and Allowances } & & 6,000 \
\hline
\end{array}$ 
E)  $\begin{array}{|c|r|l|}
\hline \text { Sales } & 60,000 & \
\hline \text { Accounts Receivable } & & 60,000 \
\hline
\end{array}$

Question 10

_______________________________________ refers to the programs that help managers direct a company's vital operations.

Accepted Answer

Enterprise

Question 11

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 12

The special journals of many accounting systems include all the following except:

Accepted Answer

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

Question 13

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 14

The Consumer Products segment of a company had a segment return on assets of 53%. If the revenues and operating income of this segment were $872,630 million and $517,916 million, respectively, what is the segment's average total assets amount?

Accepted Answer

A)  $462,493 million 
B)  $977,200 million 
C)  $695,273 million 
D)  $274,495 million 
E)  $736,989 million 
A)  $462,493 million 
B)  $977,200 million 
C)  $695,273 million 
D)  $274,495 million 
E)  $736,989 million

Question 15

The purchases journal is used to record cash purchases of merchandise.

Accepted Answer

A) True 
 B)False

Question 16

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Accepted Answer

The controlling accounts are part of the

Question 17

Source documents:

Accepted Answer

A)  Are input devices. 
B)  Provide the basic information processed by an accounting system. 
C)  Cannot be electronic files. 
D)  Store processed information for future use. 
E)  Provide systems that interpret, transform and summarize data. 
A)  Are input devices. 
B)  Provide the basic information processed by an accounting system. 
C)  Cannot be electronic files. 
D)  Store processed information for future use. 
E)  Provide systems that interpret, transform and summarize data.

Question 18

An advantage of online processing is up-to-date databases.

Accepted Answer

A) True 
 B)False

Question 19

The cost-benefit principle affects all other accounting system principles.

Accepted Answer

A) True 
 B)False

Question 20

Due to electronic files and web communication, source documents are no longer required.

Accepted Answer

A) True 
 B)False

Individual transactions in the sales journal are posted regularly to customers' accounts in the ________________________________________.

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

Output devices include all of the following except:

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:

A company had cash sales during the period. These transactions would be recorded in which of the following journals?

The main difference in the sales journal under the perpetual and periodic inventory system is:

A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods. How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

_______________________________________ refers to the programs that help managers direct a company's vital operations.

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.

The special journals of many accounting systems include all the following except:

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.

The Consumer Products segment of a company had a segment return on assets of 53%. If the revenues and operating income of this segment were $872,630 million and $517,916 million, respectively, what is the segment's average total assets amount?

The purchases journal is used to record cash purchases of merchandise.

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Source documents:

An advantage of online processing is up-to-date databases.

The cost-benefit principle affects all other accounting system principles.

Due to electronic files and web communication, source documents are no longer required.

Introducing Financial Accounting

Accounting for Transactions

Preparing Financial Statements

Accounting for Merchandising Operations

Accounting for Inventories

Accounting for Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Accounting for Equity

Accounting for Cash Flows

Interpreting Financial Statements

Time Value of Money

Investments and International Operations

Accounting for Partnerships

Filters

Exam 17: Accounting With Special Journals

Individual transactions in the sales journal are posted regularly to customers' accounts in the ________________________________________.

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

Output devices include all of the following except:

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:

A company had cash sales during the period. These transactions would be recorded in which of the following journals?

The main difference in the sales journal under the perpetual and periodic inventory system is:

A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods. How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

_______________________________________ refers to the programs that help managers direct a company's vital operations.

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.

The special journals of many accounting systems include all the following except:

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.

The Consumer Products segment of a company had a segment return on assets of 53%. If the revenues and operating income of this segment were $872,630 million and $517,916 million, respectively, what is the segment's average total assets amount?

The purchases journal is used to record cash purchases of merchandise.

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Source documents:

An advantage of online processing is up-to-date databases.

The cost-benefit principle affects all other accounting system principles.

Due to electronic files and web communication, source documents are no longer required.

Introducing Financial Accounting

Accounting for Transactions

Preparing Financial Statements

Accounting for Merchandising Operations

Accounting for Inventories

Accounting for Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Accounting for Equity

Accounting for Cash Flows

Interpreting Financial Statements

Time Value of Money

Investments and International Operations

Accounting for Partnerships

Filters