A) Are input devices. B) Provide the basic information processed by an accounting system. C) Cannot be electronic files. D) Store processed information for future use. E) Cannot be paper documents. A) Are input devices. B) Provide the basic information processed by an accounting system. C) Cannot be electronic files. D) Store processed information for future use. E) Cannot be paper documents.

Exam 7: Accounting Information Systems

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

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(True/False)

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Question 1

Correct Answer:

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True

A record that contains all accounts (with amounts) of a company is the:

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

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

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(True/False)

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Question 3

Correct Answer:

Verified

False

Which of the following does not apply to enterprise resource planning (ERP) software:

(Multiple Choice)

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Question 4

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

(True/False)

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Question 5

A company issued a check for $7,900 in payment of the salaries expense for the last half of the month. Identify the journal the transaction would be recorded in.

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Question 6

The accounts payable ledger is used for storing transactions data regarding individual customers.

(True/False)

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Question 7

Most transactions for merchandising businesses fall into four groups: sales, purchases, cash receipts, and cash disbursements.

(True/False)

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Question 8

A columnar journal is any journal with only one column.

(True/False)

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Question 9

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company, business environment, and needs of decision makers.

(Short Answer)

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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?

(Not Answered)

Question 11

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Subsidiary ledgers do all of the following except:

(Multiple Choice)

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Question 12

Source documents:

(Multiple Choice)

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Question 13

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

(Multiple Choice)

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Question 14

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements. The following transactions were incurred during August:

(Essay)

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Question 15

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

(Short Answer)

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Question 16

The following information is available for Bosc, Inc. (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?

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Question 17

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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.

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Question 18

______________________ capture information from source documents and enable its transfer to the system's information processing component.

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Question 19

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

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Question 20

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Exam 7: Accounting Information Systems

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

A record that contains all accounts (with amounts) of a company is the:

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

Which of the following does not apply to enterprise resource planning (ERP) software:

The general journal is used for transactions not covered by special journals and for adjusting, closing, and correcting entries.

A company issued a check for $7,900 in payment of the salaries expense for the last half of the month. Identify the journal the transaction would be recorded in.

The accounts payable ledger is used for storing transactions data regarding individual customers.

Most transactions for merchandising businesses fall into four groups: sales, purchases, cash receipts, and cash disbursements.

A columnar journal is any journal with only one column.

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company, business environment, and needs of decision makers.

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?

Subsidiary ledgers do all of the following except:

Source documents:

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

A company uses four special journals: purchases, sales, cash receipts, and cash disbursements. The following transactions were incurred during August:

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

The following information is available for Bosc, Inc. (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?

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.

______________________ capture information from source documents and enable its transfer to the system's information processing component.

External users of financial statements are generally uninterested in segment information to understand a company's business activities.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Cost Accounting

Process Cost Accounting

Cost Allocation and Performance Measurement

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Capital Budgeting and Managerial Decisions

Time Value of Money

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