Exam 27: Accounting Information Systems

On April 1,a hardware manufacturing firm purchases inventory on account for $700.Which of the following correctly describes the effect of this transaction? Assume a perpetual inventory system is used.

In a computerized accounting information system,all data are contained in paper documents that are often stored in filing cabinets and off-site document warehouses.

On July 4,a hardware manufacturing firm purchased inventory on account for $1,300.The company plans to pay $700 in the following week and the remaining amount in the week after.Which of the following is the correct entry to record this transaction in a purchases journal? Assume a perpetual inventory system is used.

Which of the following accounting information system activities can be classified under payroll business transactions?

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

Which of the following is an input device in an accounting information system?

One of the main disadvantages of a typical ERP system is that it cannot be offered through cloud computing.

While recording a transaction in the cash receipts journal,the Other Accounts CR column is used when a transaction involves a credit entry that is not listed in the headings (columns)of the cash receipts journal.

Assume that a company has only four customers: A,B,C,and D.The accounts receivable balance in the general ledger is $7,983 and the accounts receivable subsidiary ledger of customers A,C,and D have $1,246,$2,596,and $3,240,respectively.Calculate the amount in the accounts receivable subsidiary ledger account of customer B.

Which of the following is true of an accounts receivable subsidiary ledger?

Which of the following is true of data processing and storage in a computerized information system?

The cash payments journal is a special journal used to record cash payments by only currency and not by check.

Which of the following is true of a sales journal?

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

An enterprise resource planning (ERP)is a ________.

Which of the following transactions is recorded in the "Enter Bills" function of QuickBooks?

While posting the entries from a sales journal,the total of the Accounts Receivable DR,Sales Revenue CR column is posted to the accounts receivable subsidiary ledger

Hexagon Corporation sold a product on credit for $2,235 to Merin Lynch.The cost of goods sold was $1,324.Assuming that the firm is following a perpetual inventory system and using a sales journal,it will record $2,235 in the ________.

Which of the following is an example of hardware?

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