Question 1

Identify the accounting information system principle below that applies to each of these situations:

Accepted Answer

(1) E; (2)...

Question 2

_____________________________________ 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 3

The use of an Accounts Payable controlling account:

Accepted Answer

A)  Reduces the number of accounts in the subsidiary ledger.
B)  Reduces the total number of accounts maintained.
C)  Reduces the number of entries in the general journals.
D)  Reduces the number of accounts in the general ledger.
E)  Increases the number of columns in the journals.

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A)  Chart of accounts
B)  Controlling account
C)  Schedule of accounts receivable
D)  Subsidiary ledger
E)  Special journal

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

The Accounts Payable account in the general ledger is:

Accepted Answer

A)  A controlling account for the subsidiary accounts payable ledger.
B)  The account that controls the purchases journal.
C)  The subsidiary account to the purchases journal.
D)  Part of a special journal.
E)  Part of a subsidiary ledger.

Question 8

Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

accounts r...

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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 12

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?

Accepted Answer

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

Question 13

A company entered into the following transactions.For each transaction,indicate the appropriate journal in which it would be recorded.

Accepted Answer

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Question 14

Effective accounting information systems will do all of the following except:

Accepted Answer

A)  Collect data from transactions and events.
B)  Organize data in useful forms.
C)  Communicate information to business decision makers.
D)  Process data from transactions and events.
E)  Eliminate all errors.

Question 15

Due to electronic files and web communication,source documents are no longer required.

Accepted Answer

A) True 
 B)False

Question 16

An accounts receivable ledger is:

Accepted Answer

A)  A subsidiary ledger that contains an account for each credit customer.
B)  A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding.
C)  A book of original entry that is designed and used for recording only a specified type of transaction.
D)  The ledger that contains the financial statement accounts of a business.
E)  A subsidiary ledger that contains a separate account for each creditor (supplier)  to the company.

Question 17

The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the periodic inventory system.
  a.Use the sales journal and the cash receipts journal to record these transactions
b.Prepare a schedule of accounts receivable.There were no accounts receivable at December 1.

Accepted Answer

a. <img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30">_TB6947_00_TB6947...

Question 18

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Accepted Answer

A) True 
 B)False

Question 19

What are the five basic components of accounting information systems?

Accepted Answer

The five basic components of a...

Exam 17: Accounting With Special Journals

What are the five basic components of accounting information systems?

Correct Answer
verified
The five basic components of a...
View Answer

Correct Answer
verified
a. _TB6947_00_TB6947...
View Answer

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.

Correct Answer
verified

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

Correct Answer
verified

Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

Correct Answer
verified

An accounts receivable ledger is:

Correct Answer
verified

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

Correct Answer
verified

Identify the accounting information system principle below that applies to each of these situations:

Correct Answer
verified
(1) E; (2)...
View Answer

_____________________________________ 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.

Correct Answer
verified
Accounting...
View Answer

A company entered into the following transactions.For each transaction,indicate the appropriate journal in which it would be recorded.

Correct Answer
verified
_TB6947_00...
View Answer

The Accounts Payable account in the general ledger is:

Correct Answer
verified

The use of an Accounts Payable controlling account:

Correct Answer
verified

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

Correct Answer
verified
accounts r...
View Answer

Effective accounting information systems will do all of the following except:

Correct Answer
verified

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?

Correct Answer
verified

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Correct Answer
verified

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

Correct Answer
verified

Due to electronic files and web communication,source documents are no longer required.

Correct Answer
verified

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

Correct Answer
verified

Exam 17: Accounting With Special Journals

What are the five basic components of accounting information systems?

Correct AnswerverifiedThe five basic components of a...View AnswerShow Answer

Correct Answerverifieda. _TB6947_00_TB6947...View AnswerShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Individual transactions in the sales journal are regularly posted to customer accounts in the accounts payable ledger.

Correct AnswerverifiedShow Answer

An accounts receivable ledger is:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Identify the accounting information system principle below that applies to each of these situations:

Correct Answerverified(1) E; (2)...View AnswerShow Answer

_____________________________________ 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.

Correct AnswerverifiedAccounting...View AnswerShow Answer

A company entered into the following transactions.For each transaction,indicate the appropriate journal in which it would be recorded.

Correct Answerverified_TB6947_00...View AnswerShow Answer

The Accounts Payable account in the general ledger is:

Correct AnswerverifiedShow Answer

The use of an Accounts Payable controlling account:

Correct AnswerverifiedShow Answer

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

Correct Answerverifiedaccounts r...View AnswerShow Answer

Effective accounting information systems will do all of the following except:

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Due to electronic files and web communication,source documents are no longer required.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified
The five basic components of a...
View Answer

Correct Answer
verified
a. _TB6947_00_TB6947...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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(1) E; (2)...
View Answer

Correct Answer
verified
Accounting...
View Answer

Correct Answer
verified
_TB6947_00...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
verified
accounts r...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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