Exam 27: Accounting Information Systems

MultiMet Corporation sold merchandise for $4,450 to Simpsons Inc.on credit.The cost of goods sold was $1,185.Assuming that the firm is following a perpetual inventory system,it will record $4,450 in the ________.

In a perpetual inventory system,the credit columns of a typical cash payments journal are ________.

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

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

Which of the following is not included in a typical cash receipts journal of a business using the perpetual inventory system?

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

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

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

On May 4,a retail firm pays a rent of $1,500 for the month of April.Which of the following is true when this transaction is recorded in a cash payment journal?

In a networked system,the server stores the program and the data.

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.

Sales on account are recorded in a cash receipts journal.

After posting entries in a sales journal to the general ledger,the Accounts Receivable balance in the general ledger should equal the sum of the individual customer balances in the accounts receivable subsidiary ledger.

Enterprise resource planning (ERP)systems are software systems that can integrate all of a company's functions,departments,and data into a single system.

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

________ refers to purchasing software and data storage from a third party.

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

Which of the following activities is handled in the Money Out section of QuickBooks?

An accounting information system has three basic components-source documents and input devices,processing and storage,and outputs.

Centium Corporation sold goods to John Dunn for $1,000 on credit.Cost of goods sold was $745.Assuming that the firm is following a perpetual inventory system and using a sales journal,it will record $745 in the ________.