Question 1

Which of the following statements is true regarding accounting information systems?

Accepted Answer

A)  Both large and small firms should use the same type of accounting system. 
B)  All firms should have the same types of transactions. 
C)  The volume of data to be handled should not vary between firms. 
D)  The kind of information that management requires of an accounting system will vary, depending on the type of firm. 
A)  Both large and small firms should use the same type of accounting system. 
B)  All firms should have the same types of transactions. 
C)  The volume of data to be handled should not vary between firms. 
D)  The kind of information that management requires of an accounting system will vary, depending on the type of firm.

Question 2

The double-entry accounting system means

Accepted Answer

A)  each transaction is recorded with two journal entries. 
B)  each item is recorded in a journal entry, then in a general ledger account. 
C)  the dual effect of each transaction is recorded with debits and credits of equal amount. 
D)  None of these answer choices is correct. 
A)  each transaction is recorded with two journal entries. 
B)  each item is recorded in a journal entry, then in a general ledger account. 
C)  the dual effect of each transaction is recorded with debits and credits of equal amount. 
D)  None of these answer choices is correct.

Question 3

Calculation of expense
Sales salaries paid during 2020 were $ 90,000. Advances to salesmen were $ 1,300 on January 1, 2020, and $ 800 on December 31, 2020. Sales salaries payable were $ 1,300 on January 1, 2020, and $ 1,400 on December 31, 2020.
Instructions
Calculate the Sales Salaries Expense for calendar 2020.

Accepted Answer

$ 90,000 + $ 1,300 -

Question 4

On December 10, 2020, Bella Inc. received a cheque for $ 13,625 from a customer for services that Bella will be performing in December 2020 and January 2021. By December 31, 2020, Bella had earned 60% of that amount. Assuming the appropriate year-end adjustments were made, the 2020 balance in Bella Unearned Revenue account will be

Accepted Answer

A)  $ 8,175. 
B)  $ 6,812.50. 
C)  $ 5,450. 
D)  zero. 
A)  $ 8,175. 
B)  $ 6,812.50. 
C)  $ 5,450. 
D)  zero.

Question 5

An accrued revenue can best be described as an amount

Accepted Answer

A)  collected and currently matched with expenses. 
B)  collected and not currently matched with expenses. 
C)  not collected and currently matched with expenses. 
D)  not collected and not currently matched with expenses 
A)  collected and currently matched with expenses. 
B)  collected and not currently matched with expenses. 
C)  not collected and currently matched with expenses. 
D)  not collected and not currently matched with expenses

Question 6

The accounting cycle
Summarize the steps in the accounting cycle.

Accepted Answer

The accounting cycle may be summarized i

Which of the following statements is true regarding accounting information systems?

The double-entry accounting system means

An accrued revenue can best be described as an amount

The accounting cycle Summarize the steps in the accounting cycle.

The Canadian Financial Reporting Environment

Conceptual Framework Underlying Financial Reporting

Measurement

Reporting Financial Performance

Financial Position and Cash Flows

Revenue Recognition

Cash and Receivables

Inventory

Investments

Property, Plant, and Equipment: Accounting Model Basics

Depreciation, Impairment, and Disposition

Intangible Assets and Goodwill

Filters

Exam 13: Accounting Information Systems and Adjusting Entries: A Comprehensive Guide

Which of the following statements is true regarding accounting information systems?

The double-entry accounting system means

An accrued revenue can best be described as an amount

The accounting cycle Summarize the steps in the accounting cycle.

The Canadian Financial Reporting Environment

Conceptual Framework Underlying Financial Reporting

Measurement

Reporting Financial Performance

Financial Position and Cash Flows

Revenue Recognition

Cash and Receivables

Inventory

Investments

Property, Plant, and Equipment: Accounting Model Basics

Depreciation, Impairment, and Disposition

Intangible Assets and Goodwill

Filters