Question 1

Match the following terms with the appropriate definition(s).

Accepted Answer

The answer of Match the following terms with the appropriate...

Question 2

Posting debits from the Sales journal to Accounts Receivable twice - once to the general ledger account Accounts Receivable and once to the customer's subsidiary account - violates the accounting equation of debits equal credits.

Accepted Answer

A) True 
 B)False  False

Question 3

Input devices include:

Accepted Answer

A)  Bar-code readers. 
B)  Printers. 
C)  Software. 
D)  Ledgers. 
E)  Information processors. 
A)  Bar-code readers. 
B)  Printers. 
C)  Software. 
D)  Ledgers. 
E)  Information processors. A

Question 4

Information processors:

Accepted Answer

A)  Include information storage. 
B)  Interpret, transform, and summarize information for use in analysis and reporting. 
C)  Are components of an accounting system that keep data in accessible form. 
D)  Are the means to take information out of an accounting system and make it available to users. 
E)  Include scanners. 
A)  Include information storage. 
B)  Interpret, transform, and summarize information for use in analysis and reporting. 
C)  Are components of an accounting system that keep data in accessible form. 
D)  Are the means to take information out of an accounting system and make it available to users. 
E)  Include scanners.

Question 5

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 6

Accounting information processes are structured to eliminate the need for professional judgment.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  Control principle. 
B)  Compatibility principle. 
C)  Relevance principle. 
D)  Flexibility principle. 
E)  Cost-Benefit principle. 
A)  Control principle. 
B)  Compatibility principle. 
C)  Relevance principle. 
D)  Flexibility principle. 
E)  Cost-Benefit principle.

Question 9

To be sure that total debits and credits in a columnar journal are equal, before posting we should:

Accepted Answer

A)  Crossfoot. 
B)  Foot. 
C)  Journalize. 
D)  Post. 
E)  Reconcile. 
A)  Crossfoot. 
B)  Foot. 
C)  Journalize. 
D)  Post. 
E)  Reconcile.

Question 10

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.

Accepted Answer

The answer of Renton Co. uses special journals to record...

Question 11

_____________________________________ consist of people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful reports and communicate results to decision makers.

Accepted Answer

Accounting

Question 12

Match the following accounting system components a through e with the appropriate application(s) 1 through 10:

Accepted Answer

The answer of Match the following accounting system components a...

Question 13

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

Accepted Answer

The answer of _______________________ are links among computers giving different...

Question 14

Individual transactions in the sales journal are posted regularly to customers' accounts in the _______________________________________.

Accepted Answer

Accounts r

Question 15

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 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

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

Accepted Answer

A) True 
 B)False

Question 18

A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n):

Accepted Answer

A)  Controlling account. 
B)  Accounts receivable ledger. 
C)  Accounts payable ledger. 
D)  General ledger. 
E)  Special journal. 
A)  Controlling account. 
B)  Accounts receivable ledger. 
C)  Accounts payable ledger. 
D)  General ledger. 
E)  Special journal.

Question 19

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.

Accepted Answer

A) True 
 B)False

Question 20

A company issued a check for $7,900 in payment of merchandise. Identify the journal the transaction would be recorded in.

Accepted Answer

A)  Cash disbursements journal. 
B)  Sales journal. 
C)  Cash receipts journal. 
D)  Purchases journal. 
E)  General journal. 
A)  Cash disbursements journal. 
B)  Sales journal. 
C)  Cash receipts journal. 
D)  Purchases journal. 
E)  General journal.

Exam 7: Accounting Information Systems

Match the following terms with the appropriate definition(s).

Posting debits from the Sales journal to Accounts Receivable twice - once to the general ledger account Accounts Receivable and once to the customer's subsidiary account - violates the accounting equation of debits equal credits.

Input devices include:

Information processors:

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

Accounting information processes are structured to eliminate the need for professional judgment.

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

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

To be sure that total debits and credits in a columnar journal are equal, before posting we should:

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.

_____________________________________ consist of people, records, methods, and equipment that collect and process data from transactions and events, organize them in useful reports and communicate results to decision makers.

Match the following accounting system components a through e with the appropriate application(s) 1 through 10:

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

Individual transactions in the sales journal are posted regularly to customers' accounts in the _______________________________________.

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

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

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

A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n):

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 issued a check for $7,900 in payment of merchandise. Identify the journal the transaction would be recorded in.

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

Long-Term Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

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

Filters