Question 1

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

Accepted Answer

A)  Accounts payable dr. 
B)  Sales discounts dr. 
C)  Accounts receivable dr. 
D)  Inventory dr. (if perpetual method used). 
E)  Cost of Goods Sold dr. (if perpetual method used). 
A)  Accounts payable dr. 
B)  Sales discounts dr. 
C)  Accounts receivable dr. 
D)  Inventory dr. (if perpetual method used). 
E)  Cost of Goods Sold dr. (if perpetual method used).

Question 2

A business segment:

Accepted Answer

A)  Requires only internal reporting. 
B)  Is a part of a company that is separately identified by its products, services, or geographic market. 
C)  Requires special journals. 
D)  Requires subsidiary ledgers. 
E)  Cannot report its results separately. 
A)  Requires only internal reporting. 
B)  Is a part of a company that is separately identified by its products, services, or geographic market. 
C)  Requires special journals. 
D)  Requires subsidiary ledgers. 
E)  Cannot report its results separately.

Question 3

Input devices include journal entries, keyboards, scanners, and modems.

Accepted Answer

A) True 
 B)False

Question 4

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Accepted Answer

The answer of ____________________ is the accounting system component that...

Question 5

The SAP enterprise resource planning software is already being used to help direct the operations of many of the world's largest companies.

Accepted Answer

A) True 
 B)False

Question 6

Effective accounting information systems will do all of the following except:

Accepted Answer

A)  Collect data from transactions and events. 
B)  Organize data in useful forms. 
C)  Communicate information to business decision makers. 
D)  Process data from transactions and events. 
E)  Eliminate all errors. 
A)  Collect data from transactions and events. 
B)  Organize data in useful forms. 
C)  Communicate information to business decision makers. 
D)  Process data from transactions and events. 
E)  Eliminate all errors.

Question 7

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 selected accounts in the accounts receivable ledger that is added to show the total amount of the significant 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 creditor (supplier) to the company. 
A)  A subsidiary ledger that contains an account for each credit customer. 
B)  A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant 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 creditor (supplier) to the company.

Question 8

The accounts receivable ledger:

Accepted Answer

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

Question 9

Accounting information processes are structured to eliminate the need for professional judgment.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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 12

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 13

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

Accepted Answer

A) True 
 B)False

Question 14

The general journal is used for transactions not covered by special journals and for regular, adjusting, closing, and correcting entries.

Accepted Answer

A) True 
 B)False

Question 15

Match between columns
                        Premises: 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.
An information system principle requiring that an accounting system report useful, understandable, timely, and pertinent information for decision making.
The special journal that is used to record all payments of cash.
A list of each customer from the accounts receivable ledger with their balances and the total.
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 component of an accounting system that interprets, transforms, and summarizes information for use in analysis and reporting.
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 information system aid managers in controlling and monitoring business activities.
The special journal used to record all receipts of cash.

Accepted Answer

The Answer of Cash receipts journal and Business segment and is...

Question 16

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements (perpetual inventory method). The following transactions were incurred during August:
   Record these transactions in the appropriate special journals below:

Accepted Answer

The answer of A company uses four special journals: purchases,...

Question 17

Input devices are the means to make accounting information available to users.

Accepted Answer

A) True 
 B)False

Question 18

A book of original entry that is used to record and post transactions of a similar type is 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 19

Describe the posting process for special journals.

Accepted Answer

Posting to special journals is a three-s

Question 20

Special journals are designed in a manner that is best suited for each business, so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

Accepted Answer

A) True 
 B)False

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

A business segment:

Input devices include journal entries, keyboards, scanners, and modems.

____________________ is the accounting system component that keeps data in a form accessible to information processors.

The SAP enterprise resource planning software is already being used to help direct the operations of many of the world's largest companies.

Effective accounting information systems will do all of the following except:

An accounts receivable ledger is:

The accounts receivable ledger:

Accounting information processes are structured to eliminate the need for professional judgment.

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

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

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.

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

The general journal is used for transactions not covered by special journals and for regular, adjusting, closing, and correcting entries.

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements (perpetual inventory method). The following transactions were incurred during August: Record these transactions in the appropriate special journals below:

Input devices are the means to make accounting information available to users.

A book of original entry that is used to record and post transactions of a similar type is a:

Describe the posting process for special journals.

Special journals are designed in a manner that is best suited for each business, so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

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

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

A business segment:

Input devices include journal entries, keyboards, scanners, and modems.

____________________ is the accounting system component that keeps data in a form accessible to information processors.

The SAP enterprise resource planning software is already being used to help direct the operations of many of the world's largest companies.

Effective accounting information systems will do all of the following except:

An accounts receivable ledger is:

The accounts receivable ledger:

Accounting information processes are structured to eliminate the need for professional judgment.

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

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

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.

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

The general journal is used for transactions not covered by special journals and for regular, adjusting, closing, and correcting entries.

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements (perpetual inventory method). The following transactions were incurred during August: Record these transactions in the appropriate special journals below:

Input devices are the means to make accounting information available to users.

A book of original entry that is used to record and post transactions of a similar type is a:

Describe the posting process for special journals.

Special journals are designed in a manner that is best suited for each business, so good systems design for a business could include collapsing the sales and cash receipts journal into one journal.

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