Exam 25: Accounting With Special Journals

The accounting principle that requires an accounting information system to report useful,understandable,timely,and pertinent information for effective decision-making is the:

In a typical cash disbursements journal,you would expect to see the following columns:

A list of all the accounts in the accounts receivable ledger with their balances and the total is a(n):

The purchases journal is identical under both the periodic and the perpetual inventory systems.

Accounting information systems collect and process data from transactions and events,organize them in useful forms and communicate results to decision makers.

Off-the-shelf accounting software is not adequate to meet the needs of small businesses.

List the five basic principles of accounting information systems.

The segment return on assets:

_____________________ are systems that interpret,transform,and summarize information for use in analysis and reporting.

Input devices include journal entries,keyboards,scanners,and modems.

When posting from special journals,each debit and credit entry is entered as a separate amount.

A company records its transactions and events in four special journals and a general journal (perpetual inventory method).The columns of these journals are numbered as follows: Sales Journal Purchases Journal 1. Accounts Receivable/Sales 3. Accounts Payable 2. Cost of goods sold/ Inventory 4. Inventory 5. Office Supplies 6. Other Accounts Cash Receipts Journal Cash Disbursements Journal 7. Cash 13. Cash 8. Sales Discounts 14. Inventory 9. Accounts Receivable 15. Other Accounts 10. Sales 16. Accounts Payable 11. Other Accounts 12. Cost of goods Sold / Inventory General Journal 17. Miscellaneous Dr. 18. Miscellaneous Cr. Show how each of the following transactions would be recorded in the above set of accounting journals by inserting the number(s)of the columns in which the debit(s)would appear in the column labeled "Debits" below and by inserting the number(s)of the columns in which the credits would appear in the column labeled "Credits" below. Debits Credits a. Sold merchandise on account, \ 1,200 ; the cost of the goods sold is \ 750 . b. Collected a customer's account, \ 800 cash, less a 2\% discount. c. Received and paid the monthly electric bill, \2 50 cash. d. Purchased office supplies on credit \ 100 . e. Sold merchandise for cash, \ 500 . f. Paid a creditor for merchandise within the Discount period, \ 1,000 cash, credit terms of 2/10, n /30 . g. Customer returned merchandise, \ 150 ; the cost of the goods returned is \ 95 . h. Purchased merchandise on account, \ 2,000 .

With online systems,all information storage should be off-line to protect the data.

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Explain the purposes,types,and uses of special journals.

A company had cash sales during the period.These transactions would be recorded in which of the following journals?

The __________________ principle requires that the benefits from an activity in an accounting information system outweigh the costs of that activity.

A columnar journal is any journal with only one column.

A ____________________ is a part of a company that is separately identified by its products or services or by the geographic market it serves.

Describe the posting process for special journals.