Exam 27: Understanding Accounting Information Systems and their Components

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

(True/False)

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Question 41

Purchases on account are recorded in the purchases journal.

(True/False)

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Question 42

Which of the following is not typically shown as a separate column in a cash receipts journal that uses the perpetual inventory system?

(Multiple Choice)

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Question 43

Which of the following is true of a network?

(Multiple Choice)

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Question 44

Golden Corporation had the following transactions: oct 1 Purchased merchandise inventory on account with credit terms of 1/10,/30 from Rice Co., \ 2,100. 10 Purchased office supplies on account from MET Co., \ 250 . Terms were n/EOM. 26 Purchased furniture on account with credit terms of 2/10,/60 from Ocean Co., \ 1,700 Use the following purchases journal to record the preceding transactions. The company uses a perpetual inventory system. $Golden Corporation had the following transactions: \begin{array} { | l | l | } \hline \text { oct } 1 & \text { Purchased merchandise inventory on account with credit terms of } 1 / 10 , \mathrm { n } / 30 \text { from Rice } \\ & \text { Co., } \$ 2,100 . \\ \hline 10 & \text { Purchased office supplies on account from MET Co., } \$ 250 \text {. Terms were n/EOM. } \\ \hline 26 & \text { Purchased furniture on account with credit terms of } 2 / 10 , \mathrm { n } / 60 \text { from Ocean Co., } \$ 1,700 \\ \hline & \\ \hline \end{array} Use the following purchases journal to record the preceding transactions. The company uses a perpetual inventory system.$

(Essay)

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Question 45

Northern Corporation sold goods to Eastern Enterprises for $1,000 on account. Cost of goods sold was $745. Northern uses a perpetual inventory system and special journals. The cost of goods sold is recorded in the ________ column of the sales journal.

(Multiple Choice)

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Question 46

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

(Multiple Choice)

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Question 47

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

(True/False)

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Question 48

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

(Multiple Choice)

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Question 49

Which of the following is true of a purchases journal?

(Multiple Choice)

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Question 50

Match the benefit of an effective accounting information system with the definition. -Relevance

(Multiple Choice)

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Question 51

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

(True/False)

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Question 52

Which of the following is true of the comparison between a manual and a computerized accounting information system?

(Multiple Choice)

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Question 53

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

(Multiple Choice)

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Question 54

The ________ is a set of programs or instructions that drive the computer to perform the work desired.

(Multiple Choice)

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Question 55

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

(True/False)

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Question 56

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

(Multiple Choice)

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Question 57

On May 31, a retail firm pays rent of $2700 for the month of May. When this transaction is recorded in the cash payments journal, ________.

(Multiple Choice)

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Question 58

The purchases journal is a special journal that ________.

(Multiple Choice)

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Question 59

If there is cash involved in a business transaction, the transaction should be recorded in either the ________.

(Multiple Choice)

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Question 60

Showing 41 - 60 of 164

Exam 27: Understanding Accounting Information Systems and their Components

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

Purchases on account are recorded in the purchases journal.

Which of the following is not typically shown as a separate column in a cash receipts journal that uses the perpetual inventory system?

Which of the following is true of a network?

Northern Corporation sold goods to Eastern Enterprises for $1,000 on account. Cost of goods sold was $745. Northern uses a perpetual inventory system and special journals. The cost of goods sold is recorded in the ________ column of the sales journal.

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

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

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

Which of the following is true of a purchases journal?

Match the benefit of an effective accounting information system with the definition. -Relevance

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

Which of the following is true of the comparison between a manual and a computerized accounting information system?

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

The ________ is a set of programs or instructions that drive the computer to perform the work desired.

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

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

On May 31, a retail firm pays rent of $2700 for the month of May. When this transaction is recorded in the cash payments journal, ________.

The purchases journal is a special journal that ________.

If there is cash involved in a business transaction, the transaction should be recorded in either the ________.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based Just-In-Time

Cost Volume Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

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