Exam 27 Appendix : Accounting With Special Journals

The following information is available for some of Coca-Cola's segments (all amounts are in millions): a. Determine the segment return on assets for each geographic segment b. Comment on the results. How do the segments compare with respect to profitability?

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial, managerial and tax reports.

List the five basic principles of accounting information systems.

The sales journal is used for recording:

If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account, then the accounts are presumed to be correct.

Most companies use batch processing instead of online because batch processing requires continual updating of databases.

Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals.

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

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.

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

Equipment, inventory and investments can each include its own subsidiary ledger.

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

Williams Company began business on May 1. They use the periodic inventory method. The following transactions involving purchases and cash disbursements occurred during the first week of May. a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable as of May 7. There was no accounts payable on May 1.

Due to electronic files and Web communications, source documents are no longer required.

The __________________ principle requires that an accounting information system report useful, understandable, timely and pertinent information for effective decision making.

After posting is completed, there may be an error if:

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

____________________ is the accounting system component that keeps data in a form accessible to information processors.

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

A company borrowed money from the bank and signed a long-term note payable. This transaction would be recorded in which of the following journals?