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Exam 7: Accounting Information Systems

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Question 51

Multiple Choice

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A company would use which of the following journals to record cash payments?

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

F) A) and E)
G) A) and B)

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Question 52

Multiple Choice

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

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

F) A) and B)
G) B) and D)

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Question 53

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Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period.Identify the journal the transaction would be recorded in.

The _____________________ principle requires that an accounting information system aid managers in controlling and monitoring business activities.

The Accounts Payable account in the general ledger is:

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

Plimpton Sales uses special journals to record business transactions.Plimpton sells office equipment.The company completed the following transactions a through j.Identify the journal in which each transaction should be recorded.

The following special journal is taken from a merchandising company that uses the perpetual inventory system:

Source documents:

Farthington Soccer Supplies purchases merchandise from a supplier on credit,terms 2/10,n/30 for $15,300.When recording the purchase transaction in its purchases journal,Farthington would enter:

Which of the following statements is not true regarding internal control procedures?

The Stapleton Company uses special journals for sales,purchases,cash receipts,cash disbursements,and uses a general journal.They operate with a perpetual inventory system.The following transactions occurred during the current month of September: Record the above transactions into the appropriate journals that follow.

A company that reports segment information had average total assets of $1,522,450 and total net income of $590,700.Segment A had average total assets of $927,800 and segment operating income of $298,300.Segment B had average assets of $594,650 and segment operating income of $292,400.The segment return on assets for Segment A is:

Which of the following is not a feature of special journals?

Alani's Hawaiian segment had revenues of $2,075 million,operating income of $1,500 million,and average assets of $1,450 million.The Hawaiian segment return on assets is:

____________________ are the part of the accounting information system that provide the means to take information out of the system and make it available to users.

An approach that enters and processes data into the accounting system as soon as source documents are available is called:

Using _______________ ledgers,that store transaction data of individual accounts with common characteristics,removes unnecessary details from the general ledger.

If a company purchases $15,200 of merchandise on credit,which journal will the transaction be recorded in?

A company records its transactions and events in four special journals and a general journal.The company completed the following transactions a through j.Identify the journal in which each transaction should be recorded. a.Sold merchandise for cash.__________________ b.Collected on a customer's account.__________________ c.Paid the monthly electric bill.__________________ d.Purchased office supplies on credit.__________________ e.Sold merchandise on credit.__________________ f.Paid a creditor on account.__________________ g.Received returned merchandise for credit.__________________ h.Purchased merchandise on account.__________________ i.Received proceeds from a note issued to the bank.__________________ j.Returned damaged merchandise to the supplier.__________________