Exam 27: Understanding Accounting Information Systems and their Components

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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.

(True/False)

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Question 121

Which of the following is true of posting entries from a cash payments journal?

(Multiple Choice)

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Question 122

An accounting information system has three basic components: source documents and input devices, processing and storage, and internal controls.

(True/False)

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Question 123

In a cash receipts journal, ________.

(Multiple Choice)

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Question 124

Which of the following is a column in a purchases journal?

(Multiple Choice)

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Question 125

On July 10, a hardware retailer purchased merchandise inventory on account for $1300. The company plans to pay $1000 the following week and the remaining amount the week after. Which of the following is the correct entry to record the July 10 transaction in a purchases journal? Assume a perpetual inventory system is used.

(Multiple Choice)

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Question 126

The sales journal is used for all sales of merchandise inventory.

(True/False)

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Question 127

Which of the following is NOT an example of a storage device in an accounting information system?

(Multiple Choice)

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Question 128

List and briefly discuss the three basic components of an accounting information system.

(Essay)

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Question 129

What are the two basic components of a computerized accounting information system?

(Multiple Choice)

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Question 130

In cloud computing, the accounting software and data are stored on the company's server instead of a third-party server.

(True/False)

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Question 131

Describe the transactions recorded in the purchases journal.

(Essay)

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Question 132

Which of the following is true of source documents in an accounting information system?

(Multiple Choice)

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Question 133

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

(Multiple Choice)

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Question 134

Describe the transactions recorded in the cash payments journal.

(Essay)

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Question 135

When using QuickBooks, the software automatically transfers the amounts from the general ledger to Excel. The accountant can then prepare the financial statements.

(True/False)

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Question 136

The main computer where data are stored, which can be accessed from many different computers, is known as software.

(True/False)

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Question 137

Cash sales are recorded in the ________ journal.

(Multiple Choice)

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Question 138

If a business uses the periodic inventory system, the sales journal will ________.

(Multiple Choice)

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Question 139

In a perpetual inventory system, which of the following are debit columns in a typical cash payments journal?

(Multiple Choice)

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Question 140

Showing 121 - 140 of 164

Exam 27: Understanding Accounting Information Systems and their Components

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.

Which of the following is true of posting entries from a cash payments journal?

An accounting information system has three basic components: source documents and input devices, processing and storage, and internal controls.

In a cash receipts journal, ________.

Which of the following is a column in a purchases journal?

The sales journal is used for all sales of merchandise inventory.

Which of the following is NOT an example of a storage device in an accounting information system?

List and briefly discuss the three basic components of an accounting information system.

What are the two basic components of a computerized accounting information system?

In cloud computing, the accounting software and data are stored on the company's server instead of a third-party server.

Describe the transactions recorded in the purchases journal.

Which of the following is true of source documents in an accounting information system?

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

Describe the transactions recorded in the cash payments journal.

When using QuickBooks, the software automatically transfers the amounts from the general ledger to Excel. The accountant can then prepare the financial statements.

The main computer where data are stored, which can be accessed from many different computers, is known as software.

Cash sales are recorded in the ________ journal.

If a business uses the periodic inventory system, the sales journal will ________.

In a perpetual inventory system, which of the following are debit columns in a typical cash payments journal?

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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