Exam 15: Accounting Information Systems

A sales journal is ________.

Cash disbursement journals also are known as ________.

Examples of source documents in an accounting information system include the statement of cash flows and sales journal.

To safeguard a business's assets and reduce the likelihood of fraud and errors,its accounting information system ________.

A cash payments journal is a special journal that ________.

The accounts payable subsidiary ledger lists each vendor along with amounts paid to the vendors and the remaining amounts owed to them.

An accounting information system is said to be relevant,if it ________.

If there is no cash involved in a business transaction,the transaction should be recorded in ________.

All transactions are recorded in either one of the special journals or in the general journal,but not both.

When using a periodic inventory system,the Merchandise Inventory DR column,in the purchases journal,is replaced with a column titled Cost of Goods Sold DR.

Define enterprise resource planning (ERP)systems and state one advantage and one disadvantage of ERP systems.

A CR.5 posting reference in a subsidiary ledger signifies that the ________.

Prenumbered source documents provide necessary control in a system by automatically assigning a sequential number to each new transaction.

Adjusting entries are recorded in the ________.

Because companies use special journals,the use of the General Journal is optional.

In a manual accounting information system,cash purchases are generally recorded in the ________.

Entries from the purchases journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger.

Australia Corporation sells a product for $500 cash to Martin and Lewis Enterprises.This transaction will be recorded in the ________.

Which of the following transactions is recorded in the purchases journal?

A subsidiary ledger is ________.