Exam 15: Accounting Information Systems

Southeastern Corporation sold merchandise for $4,450 to Northern,Inc.on account.The cost of goods sold was $1,185.Southeastern Corporation uses a perpetual inventory system and special journals.The $4,450 is recorded as ________.

Every transaction recorded in the cash receipts journal includes a ________.

Ocean Corporation sells a product for $500 on account to Great Atlantic Sales.This transaction will be recorded in the ________.

The collection of time records for company employees is an accounting information system activity that is classified as a business transaction involving the sale of merchandise inventory.

California Corporation sold a product for $7,150 to Alliance Enterprises on credit.The cost of goods sold is $5,650.Assuming the firm is following a perpetual inventory system and using a sales journal,it will record $5,650 in the ________.

In cloud computing,the accounting software and data are stored on the company's server instead of a third-party server.

Entry-level software packages for accounting information systems are difficult to use and require a complete knowledge of GAAP.

An effective accounting information system that provides relevant information ________.

Gold Corporation had the following transactions: Jan ,4 Sold merchandise inventory on account to Sarah Pardee, \ 1,210. Cost of goods, \ 920. Invoice no. 101. 10 Sold merchandise inventory on account to Sean Lewis, \ 2,100. Cost of goods, \ 1,660. Invoice no. 102. 12 Sold merchandise inventory on account to Ellie Robins, \ 400. Cost of goods, \ 230. Invoice no. 103. 6 Sold merchandise inventory on account to Diana Rees, \ 870. Cost of goods, \ 630. Invoice no. 104. Use the following sales journal to record the preceding transactions.The company uses the perpetual inventory system. Sales Journal Page 1 Date Invoice No. Customer Account Debited Post Ref. Accounts Receivable DR Sales Revenue CR Cost of Goods Sold DR Merchandise Inventory CR

When posting entries from a purchases journal to the general ledger,________.

St.Petersburg Corporation makes a $1,200 purchase of merchandise inventory for cash.This transaction will be recorded in the ________.

Rockville Corporation makes a $1,200 purchase of merchandise inventory on account.This transaction will be recorded in the ________.

Entry-level accounting software ________.

Which of the following is an example of a source document in a computerized accounting information system?

A subsidiary ledger is a record of accounts that provides supporting details on individual balances,the total of which appears in a general ledger account.

Which of the following is true of an effective accounting information system?

Describe the transactions recorded in the cash payments journal.

Which of the following accounting information system activities is completed when merchandise inventory is sold?

The main computer where data is stored,which can be accessed from many different computers is known as a(n)________.

A general ledger is an accounting journal designed to record one specific type of transaction.