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.

Match between columns Premises: Financial statements Software Electronic files Journal entries Journals Employee paychecks Invoice from suppliers Computer hard drive Computer monitor Computer keyboard

The Answer of Source document and Output devices is...

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

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

Exam 17: Accounting With Special Journals

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?

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

B

The accounts payable ledger is used for storing transactions data regarding individual customers.

Free

(True/False)

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Question 2

Correct Answer:

Verified

False

The accounts receivable ledger:

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

B

The compatibility principle requires that an accounting system report useful,understandable,timely,and pertinent information for effective decision making.

(True/False)

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Question 4

A company's Latin American segment had revenues of $2,089 million,operating income of $1,033 million,and average total assets of $1,443 million.The Latin American segment return on assets is:

(Multiple Choice)

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Question 5

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

(Multiple Choice)

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Question 6

A __________________ journal is used to record and post transactions of similar type.

(Short Answer)

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Question 7

Using __________________ ledgers removes unnecessary details from the general ledger.

(Short Answer)

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Question 8

A company uses a sales journal,purchases journal,cash receipts journal,cash disbursements journal,and general journal.A perpetual inventory system is used.The following transactions were completed by the company during the current month of October: Record these transactions in the appropriate journal shown below:

(Essay)

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Question 9

Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.

(True/False)

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Question 10

A business segment:

(Multiple Choice)

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Question 11

Match the following accounting system components with the appropriate item(s):

Financial statements

Source document

Software

Output devices

Electronic files

Input devices

Correct Answer:

Verified

Financial statements

Software

Electronic files

Journal entries

Journals

(Matching)

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Question 12

The __________________ principle requires that an accounting information system conform to a company's activities,personnel,and structure and must adapt to a company's unique characteristics.

(Short Answer)

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Question 13

Enterprise resource planning software is primarily used for recording journal entries.

(True/False)

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Question 14

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

(Multiple Choice)

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Question 15

A company entered into the following transactions.Match each transaction with the appropriate journal.The journals can be used one time,zero times,or more than one time if necessary.

Borrowed $5,000 cash from the bank

General journal

Paid a utility bill for $3,400 cash

Cash disbursements journal

Recorded depreciation on store equipment of $4,000

Cash receipts journal

Correct Answer:

Verified

Borrowed $5,000 cash from the bank

Paid a utility bill for $3,400 cash

Recorded depreciation on store equipment of $4,000

Recorded cash sales of $14,700

Purchased merchandise on account, $2,700

(Matching)

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Question 16

Off-the-shelf accounting software is not adequate to meet the needs of small businesses.

(True/False)

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Question 17

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

(True/False)

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Question 18

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

(Short Answer)

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Question 19

The __________________ principle requires that the benefits from an activity in an accounting information system outweigh the costs of that activity.

(Short Answer)

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Question 20

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 accounts payable ledger is used for storing transactions data regarding individual customers.

The accounts receivable ledger:

The compatibility principle requires that an accounting system report useful,understandable,timely,and pertinent information for effective decision making.

A company's Latin American segment had revenues of $2,089 million,operating income of $1,033 million,and average total assets of $1,443 million.The Latin American segment return on assets is:

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

A __________________ journal is used to record and post transactions of similar type.

Using __________________ ledgers removes unnecessary details from the general ledger.

Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.

A business segment:

The __________________ principle requires that an accounting information system conform to a company's activities,personnel,and structure and must adapt to a company's unique characteristics.

Enterprise resource planning software is primarily used for recording journal entries.

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

Off-the-shelf accounting software is not adequate to meet the needs of small businesses.

Accurate source documents are crucial to accounting systems to limit the possibility of entering faulty data into the system.

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

The __________________ principle requires that the benefits from an activity in an accounting information system outweigh the costs of that activity.

Introducing Financial Accounting

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Accounting for Partnerships

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