Question 1

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Accepted Answer

The controlling accounts are part of the

Question 2

Information storage:

Accepted Answer

A) Eliminates the need for professional judgment 
B) Keeps data in a form accessible to information processors 
C) Provides the basic information processed by an accounting system 
D) Captures information from source documents 
E) Is always in electronic format 
A) Eliminates the need for professional judgment 
B) Keeps data in a form accessible to information processors 
C) Provides the basic information processed by an accounting system 
D) Captures information from source documents 
E) Is always in electronic format

Question 3

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly or monthly.

Accepted Answer

The answer of __________________ processing accumulates source documents for a...

Question 4

Match between columns
                        Premises:  The special journal that is used to record all payments of cash 
 Programs that manage a company's vital operations which range from order-taking to manufacturing to accounting 
 A part of a company that can be separately identified by the products or services that it provides or by the geographic market that it serves 
 A list of each customer from the accounts receivable ledger with their balances and the total 
 An information system principle requiring that an accounting system report useful, understandable, timely and pertinent information for decision making 
 The component of an accounting system that interprets, transforms and summarizes information for use in analyisis and reporting 
 The special journal used to record all receipts of cash 
 The people, records, methods and equipment that collect and process data from transactions and events, organize them in useful forms and communicate results to decision makers 
Links among computers giving different users and different computers access to common databases and programs 
 An information system principle requiring that an accounting information system aid managers in controlling and monitoring business activities

Accepted Answer

The Answer of    Control principle  and is...

Question 5

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

Accepted Answer

Schedule o

Question 6

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

Accepted Answer

A) Debited to Sales and credited to Accounts Receivable 
B) Debited to Accounts Receivable and credited to Cash 
C) Debited to Cash and credited to Accounts Receivable 
D) Debited to Accounts Receivable and credited to Sales 
E) Debited to Cash and credited to Sales 
A) Debited to Sales and credited to Accounts Receivable 
B) Debited to Accounts Receivable and credited to Cash 
C) Debited to Cash and credited to Accounts Receivable 
D) Debited to Accounts Receivable and credited to Sales 
E) Debited to Cash and credited to Sales

Question 7

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

Accepted Answer

A) Accounts payable dr. 
B) Purchase discounts cr. 
C) Accounts receivable cr. 
D) Inventory dr.(if perpetual method used) 
E) Cost of Goods Sold dr.(if perpetual method used) 
A) Accounts payable dr. 
B) Purchase discounts cr. 
C) Accounts receivable cr. 
D) Inventory dr.(if perpetual method used) 
E) Cost of Goods Sold dr.(if perpetual method used)

Question 8

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

Segment re

Question 10

The following special journal is taken from a merchandising company that uses the perpetual inventory system:
   1.What is the name of the journal shown above?
2.Write an explanation for each entry in this journal.
3.What do the numbers in parentheses at the bottom of the journal indicate?

Accepted Answer

1.This is a cash receipts journal (perpe

Question 11

Computer networks are links among computers giving different users and different computers access to common databases and programs.

Accepted Answer

A) True 
 B)False

Question 12

Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.

Accepted Answer

A) True 
 B)False

Question 13

List the five basic principles of accounting information systems.

Accepted Answer

Accounting information systems

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

A customer who had purchased $25,000 worth of merchandise on account returns 20% of this order to the seller because he is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

Accepted Answer

A) 
$$\begin{array} { | l | r | r | } 
\hline \text { Sales } & 5,000 & \
\hline \text { Accounts Receivable } & & 5,000 \
\hline
\end{array}$$ 
B) 
$$\begin{array} { | l | r | r | } 
\hline \text { Accounts Receivable } & 5,000 & \
\hline \text { Sales } & & 5,000 \
\hline
\end{array}$$ 
C) 
$$\begin{array} { | l | r | r | } 
\hline \text { Sales Returns and Alllowances } & \mathbf { 5 , 0 0 0 } & \
\hline \text { Accounts Receivable } & & \mathbf { 5 , 0 0 0 } \
\hline
\end{array}$$ 
D) 
$$\begin{array} { | l | r | r | } 
\hline \text { Accounts Receivable } & \mathbf { 5 , 0 0 0 } & \
\hline \text { Sales Returns and Allowances } & & \mathbf { 5 , 0 0 0 } \
\hline
\end{array}$$ 
E) 
$$\begin{array} { | l | r | r | } 
\hline \text { Sales } & 25,000 & \
\hline \text { Accounts Receivable } & & 25,000 \
\hline
\end{array}$$ 
A) 
$$\begin{array} { | l | r | r | } 
\hline \text { Sales } & 5,000 & \
\hline \text { Accounts Receivable } & & 5,000 \
\hline
\end{array}$$ 
B) 
$$\begin{array} { | l | r | r | } 
\hline \text { Accounts Receivable } & 5,000 & \
\hline \text { Sales } & & 5,000 \
\hline
\end{array}$$ 
C) 
$$\begin{array} { | l | r | r | } 
\hline \text { Sales Returns and Alllowances } & \mathbf { 5 , 0 0 0 } & \
\hline \text { Accounts Receivable } & & \mathbf { 5 , 0 0 0 } \
\hline
\end{array}$$ 
D) 
$$\begin{array} { | l | r | r | } 
\hline \text { Accounts Receivable } & \mathbf { 5 , 0 0 0 } & \
\hline \text { Sales Returns and Allowances } & & \mathbf { 5 , 0 0 0 } \
\hline
\end{array}$$ 
E) 
$$\begin{array} { | l | r | r | } 
\hline \text { Sales } & 25,000 & \
\hline \text { Accounts Receivable } & & 25,000 \
\hline
\end{array}$$

Question 16

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

Accepted Answer

The answer of The __________________ principle requires that the benefits...

Question 17

Software

Accepted Answer

A)   Input devices 
B)   Information storage 
C)  Information processor 
D)  Output devices 
E)  Source document 
A)   Input devices 
B)   Information storage 
C)  Information processor 
D)  Output devices 
E)  Source document

Question 18

Assume that a company using a purchases journal made an error in totaling the journal's columns.The error should be discovered:

Accepted Answer

A) When the purchases journal is posted to the general ledger 
B) When the trial balance is prepared 
C) When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account 
D) When the creditors receive their payments 
E) When the financial statements are prepared 
A) When the purchases journal is posted to the general ledger 
B) When the trial balance is prepared 
C) When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account 
D) When the creditors receive their payments 
E) When the financial statements are prepared

Question 19

A __________________ journal is used to record and post transactions of similar type.

Accepted Answer

The answer of A __________________ journal is used to record...

Question 20

Explain the purposes,types and uses of special journals.

Accepted Answer

Special journals are used for recording

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Information storage:

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly or monthly.

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

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

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

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

The following special journal is taken from a merchandising company that uses the perpetual inventory system: 1.What is the name of the journal shown above? 2.Write an explanation for each entry in this journal. 3.What do the numbers in parentheses at the bottom of the journal indicate?

Computer networks are links among computers giving different users and different computers access to common databases and programs.

Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.

List the five basic principles of accounting information systems.

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

A customer who had purchased $25,000 worth of merchandise on account returns 20% of this order to the seller because he is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

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

Software

Assume that a company using a purchases journal made an error in totaling the journal's columns.The error should be discovered:

A __________________ journal is used to record and post transactions of similar type.

Explain the purposes,types and uses of special journals.

Introducing Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Investments and International Operations

Reporting and Analyzing Partnerships

Filters

Exam 16: Reporting and Preparing Special Journals

What are controlling accounts and subsidiary ledgers? What is the relationship between them?

Information storage:

__________________ processing accumulates source documents for a period of time and then processes them all at once such as daily,weekly or monthly.

A _______________________________________ is a listing of accounts from the accounts payable ledger with their balances and the sum of all balances.

When the sales journal's column for accounts receivable and sales is totaled at the end of the month,its total is:

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

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

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

The following special journal is taken from a merchandising company that uses the perpetual inventory system: 1.What is the name of the journal shown above? 2.Write an explanation for each entry in this journal. 3.What do the numbers in parentheses at the bottom of the journal indicate?

Computer networks are links among computers giving different users and different computers access to common databases and programs.

Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.

List the five basic principles of accounting information systems.

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

A customer who had purchased $25,000 worth of merchandise on account returns 20% of this order to the seller because he is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?

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

Software

Assume that a company using a purchases journal made an error in totaling the journal's columns.The error should be discovered:

A __________________ journal is used to record and post transactions of similar type.

Explain the purposes,types and uses of special journals.

Introducing Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Investments and International Operations

Reporting and Analyzing Partnerships

Filters