Question 1

Use the following cash payments journal to record the preceding transactions.

Accepted Answer

The answer of   Use the following cash payments...

Question 2

Which of the following activities is handled by selecting the "Make payment" action of QuickBooks?

Accepted Answer

A) entering sales receipts 
B) selecting bills to be paid 
C) recording a bill that has been received 
D) recording customer payments 
A) entering sales receipts 
B) selecting bills to be paid 
C) recording a bill that has been received 
D) recording customer payments

Question 3

Which of the following is an example of a storage device in an accounting information system?

Accepted Answer

A) monitor 
B) network 
C) printer 
D) server 
A) monitor 
B) network 
C) printer 
D) server

Question 4

Entries in the cash payments journal are posted daily to the accounts payable subsidiary ledger and monthly to the general ledger.

Accepted Answer

A) True 
 B)False

Question 5

A CR.5 posting reference in a subsidiary ledger signifies that the ________.

Accepted Answer

A) posting is transferred from the cash receipts journal,page 5 
B) transaction on page number 5 is credited 
C) amount credited is after a 5% discount 
D) sales on credit is expected to be paid within five days 
A) posting is transferred from the cash receipts journal,page 5 
B) transaction on page number 5 is credited 
C) amount credited is after a 5% discount 
D) sales on credit is expected to be paid within five days

Question 6

Which of the following transactions is recorded by selecting the "Receive payment" action of QuickBooks?

Accepted Answer

A) making electricity bill payments 
B) selling merchandise inventory on account 
C) selling products for cash 
D) paying interest to bondholders 
A) making electricity bill payments 
B) selling merchandise inventory on account 
C) selling products for cash 
D) paying interest to bondholders

Question 7

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

Accepted Answer

A) In a computerized accounting information system,processing includes manually journalizing transactions and posting to the accounts. 
B) In a computerized accounting information system,there will be a main centralized computer where data is stored,which cannot be accessed from any other computers. 
C) In both computerized and manual systems,all data are contained in paper documents and are often stored in filing cabinets and off-site document warehouses. 
D) In a computerized accounting information system,companies need to spend large amounts of cash to ensure that their data and information are secure. 
A) In a computerized accounting information system,processing includes manually journalizing transactions and posting to the accounts. 
B) In a computerized accounting information system,there will be a main centralized computer where data is stored,which cannot be accessed from any other computers. 
C) In both computerized and manual systems,all data are contained in paper documents and are often stored in filing cabinets and off-site document warehouses. 
D) In a computerized accounting information system,companies need to spend large amounts of cash to ensure that their data and information are secure.

Question 8

If there is no cash involved in a business transaction,the transaction should be recorded in ________.

Accepted Answer

A) either the cash receipts journal or general journal 
B) either the sales journal or purchases journal 
C) the general journal only 
D) sales journal,purchases journal,or general journal 
A) either the cash receipts journal or general journal 
B) either the sales journal or purchases journal 
C) the general journal only 
D) sales journal,purchases journal,or general journal

Question 9

$$\begin{array} { | l | l | } 
\hline \text {Jun. } 4 & \begin{array} { l } 
\text { Sold merchandise inventory on account to Sarah Pardee, } \$ 1,210 . \text { Cost of goods, } \$ 920 . \
\text { Invoice no. } 101 .
\end{array} \
\hline 10 & \begin{array} { l } 
\text { Sold merchandise inventory on account to Sean Lewis, } \$ 2,100 . \text { Cost of goods, } \$ 1,660 . \
\text { Invoice no. } 102 .
\end{array} \
\hline 12 & \begin{array} { l } 
\text { Sold merchandise inventory on account to Ellie Robins, } \$ 400 . \text { Cost of goods, } \$ 230 . \
\text { Invoice no. } 103 .
\end{array} \
\hline 26 & \begin{array} { l } 
\text { Sold merchandise inventory on account to Diana Rees, } \$ 870 . \text { Cost of goods, } \$ 630 . \
\text { Invoice no. } 104 .
\end{array} \
\hline
\end{array}$$ Use the following sales journal to record the preceding transactions.
 $$\begin{array} { | c | c | c | c | c | c | } 
\hline \text { Sales Journal } & & & && \text { Page 1 } \
\hline \text { Date } & \begin{array} { c } 
\text { Invoice } \
\text { No. }
\end{array} & \begin{array} { c } 
\text { Customer } \
\text { Account } \
\text { Debited }
\end{array} & \begin{array} { c } 
\text { Post } \
\text { Ref. }
\end{array} & \begin{array} { c } 
\text { Accounts Receivable DR } \
\text { Sales Revenue CR }
\end{array} & \begin{array} { c } 
\text { Cost of Goods Sold DR } \
\text { Merchandise Inventory } \
\text { CR }
\end{array} \
\hline & & & & & \
\hline & & & & & \
\hline & & & & & \
\hline
\end{array}$$

Accepted Answer

\[\begin{array} { | r | r | l | l | r |

Question 10

An accounting information system is said to have good compatibility,if it ________.

Accepted Answer

A) works smoothly with the business's employees and organizational structure 
B) safeguards a business's assets and reduces the likelihood of fraud and errors 
C) provides information that will improve decision making and reduce uncertainty 
D) accommodates changes in the business over time 
A) works smoothly with the business's employees and organizational structure 
B) safeguards a business's assets and reduces the likelihood of fraud and errors 
C) provides information that will improve decision making and reduce uncertainty 
D) accommodates changes in the business over time

Question 11

A general ledger is an accounting journal designed to record one specific type of transaction.

Accepted Answer

A) True 
 B)False

Question 12

Blue Company has four customers: A,B,C,and D.The accounts receivable balance in the general ledger is $8,583 and the accounts receivable subsidiary ledger of customers A,C,and D have $1,446,$3,596,and $3,340,respectively.Calculate the amount in the accounts receivable subsidiary ledger account of customer B.

Accepted Answer

A) $8,382 
B) $1,647 
C) $791 
D) $201 
A) $8,382 
B) $1,647 
C) $791 
D) $201

Question 13

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

Accepted Answer

A) Cloud computing 
B) Resource planning 
C) Networking 
D) Entry-level software 
A) Cloud computing 
B) Resource planning 
C) Networking 
D) Entry-level software

Question 14

A control account ________.

Accepted Answer

A) does not appear on the balance sheet 
B) has a balance that equals the sum of the balances in a group of related accounts in a subsidiary ledger 
C) is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements 
D) holds individual accounts that support a general ledger account 
A) does not appear on the balance sheet 
B) has a balance that equals the sum of the balances in a group of related accounts in a subsidiary ledger 
C) is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements 
D) holds individual accounts that support a general ledger account

Question 15

Entries in the sales journal are posted to both the accounts receivable subsidiary ledger and the general ledger.

Accepted Answer

A) True 
 B)False

Question 16

Rockville Corporation makes a $1,200 purchase of merchandise inventory on account.This transaction will be recorded in the ________.

Accepted Answer

A) cash payments journal 
B) sales journal 
C) cash receipts journal 
D) purchases journal 
A) cash payments journal 
B) sales journal 
C) cash receipts journal 
D) purchases journal

Question 17

An enterprise resource planning (ERP)is a ________.

Accepted Answer

A) hardware system that controls the access of employees to different levels of production in a firm 
B) software system used by small companies to record revenue and expenses 
C) hardware system of electronic linkages that allows different computers to share the same information 
D) software system that can integrate all of a company's functions,departments,and data into a single system 
A) hardware system that controls the access of employees to different levels of production in a firm 
B) software system used by small companies to record revenue and expenses 
C) hardware system of electronic linkages that allows different computers to share the same information 
D) software system that can integrate all of a company's functions,departments,and data into a single system

Question 18

Credit sales of assets other than merchandise inventory occur infrequently and are recorded in the ________.

Accepted Answer

A) sales journal 
B) cash receipts journal 
C) accounts receivable journal 
D) general journal 
A) sales journal 
B) cash receipts journal 
C) accounts receivable journal 
D) general journal

Question 19

In a purchases journal,the total of the ________ column is not posted to the general ledger.

Accepted Answer

A) Merchandise Inventory DR 
B) Other Accounts DR,Amount 
C) Accounts Payable CR 
D) Office Supplies DR 
A) Merchandise Inventory DR 
B) Other Accounts DR,Amount 
C) Accounts Payable CR 
D) Office Supplies DR

Question 20

Which of the following transactions is recorded in the purchases journal?

Accepted Answer

A) purchase of furniture on account 
B) cash purchase of merchandise inventory 
C) sale of merchandise inventory on account 
D) cash sales of merchandise inventory 
A) purchase of furniture on account 
B) cash purchase of merchandise inventory 
C) sale of merchandise inventory on account 
D) cash sales of merchandise inventory

Exam 27: Accounting Information Systems

Use the following cash payments journal to record the preceding transactions.

Which of the following activities is handled by selecting the "Make payment" action of QuickBooks?

Which of the following is an example of a storage device in an accounting information system?

Entries in the cash payments journal are posted daily to the accounts payable subsidiary ledger and monthly to the general ledger.

A CR.5 posting reference in a subsidiary ledger signifies that the ________.

Which of the following transactions is recorded by selecting the "Receive payment" action of QuickBooks?

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

If there is no cash involved in a business transaction,the transaction should be recorded in ________.

An accounting information system is said to have good compatibility,if it ________.

A general ledger is an accounting journal designed to record one specific type of transaction.

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

A control account ________.

Entries in the sales journal are posted to both the accounts receivable subsidiary ledger and the general ledger.

Rockville Corporation makes a $1,200 purchase of merchandise inventory on account.This transaction will be recorded in the ________.

An enterprise resource planning (ERP)is a ________.

Credit sales of assets other than merchandise inventory occur infrequently and are recorded in the ________.

In a purchases journal,the total of the ________ column is not posted to the general ledger.

Which of the following transactions is recorded in the purchases 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, and Quality Management Systems

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

Filters