Exam 27: Understanding Accounting Information Systems and their Components

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

Because of the risk of fraud, electronic invoices and electronic receiving reports are seldom used in accounting information systems.

When using a periodic inventory system, the Merchandise Inventory DR column, in the purchases journal, is replaced with a column titled Cost of Goods Sold DR.

Generally, all transactions are recorded in both a special journal and the general journal.