Question 1

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 2

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 3

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

Accepted Answer

special

Question 4

Identify the accounting information system principle indicated in letters a-e that applies to each of the situations below by entering the appropriate letter next to the statement.

Accepted Answer

The answer of Identify the accounting information system principle indicated...

Question 5

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.

Accepted Answer

The answer of The ___________ principle requires that an accounting...

Question 6

All of the following statements regarding source documents are true except:

Accepted Answer

A)  Source documents provide the basic information processed by an accounting system.
B)  Source documents include invoices,cash register files,and employee earnings records.
C)  Source documents should not be sent directly from a company's system to its customers or suppliers.
D)  Source documents can be paper or electronic files.
E)  Source documents can include Web communications.F) B) and D)
G) A) and E) C

Question 7

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Accepted Answer

segment re...

Question 8

Subsidiary ledgers do all of the following except:

Accepted Answer

A)  Remove excessive detail from the general ledger.
B)  Provide up-to-date information on customer or other specific account balances.
C)  Aid in error identification for individual accounts.
D)  Help with division of labor (recordkeeping tasks) .
E)  Eliminate the need for individual postings to the customer or supplier accounts.F) A) and B)
G) C) and E)

Question 9

For a retailer required to collect sales taxes from customers,all of the following adaptations would be made to the sales journal except:

Accepted Answer

A)  Column totals would continue to be posted as usual.
B)  A Sales Taxes Payable credit column would be added.
C)  There would be a separate Accounts Receivable debit column.
D)  A Sales Taxes Payable debit column would be added.
E)  There would be a separate Sales credit column.F) D) and E)
G) A) and E)

Question 10

Which of the following statements regarding accounting information systems is not true?

Accepted Answer

A)  Accounting information systems collect and process data from transactions and events.
B)  Accounting information systems organize data in useful forms.
C)  Accounting information systems are not subject to internal control policies.
D)  Accounting information systems are useful to effective decision making.
E)  Accounting information systems communicate information to business decision makers.F) A) and E)
G) B) and D)

Question 11

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

Accepted Answer

The answer of ______________________ capture information from source documents and...

Question 12

Which of the following is not a special journal:

Accepted Answer

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

Question 13

Which of the following journals would a company use to record a merchandise return?

Accepted Answer

A)  General journal.
B)  Cash receipts journal.
C)  Cash disbursements journal.
D)  Purchases journal.
E)  Sales journal.F) All of the above
G) A) and D) A

Question 14

Which of the following statements regarding accounting information systems is not true?

Accepted Answer

A)  Accounting information systems consist of people,records,methods,and equipment.
B)  Accounting information systems are more important than ever to decision makers.
C)  Accounting information systems cannot improve on a company's competitive edge.
D)  Accounting information systems are designed to provide output including financial,managerial,and tax reports.
E)  Accounting information systems are designed to capture information about a company's transactions.F) A) and C)
G) A) and B)

Question 15

The sales journal is used for recording:

Accepted Answer

A)  Credit purchases.
B)  Credit sales.
C)  Cash sales.
D)  Cash purchases.
E)  Cash receipts.F) A) and B)
G) A) and C)

Question 16

A company makes a payment of $5,000 on a long-term note payable.The journal the transaction would be recorded in is the.

Accepted Answer

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

Question 17

When a company uses special journals,the general journal is used to record selected transactions and events including:

Accepted Answer

A)  Closing entries.
B)  Sales on credit.
C)  Cash payments.
D)  Credit purchases.
E)  Credit sales.F) C) and D)
G) A) and C)

Question 18

If a company issues a check for $2,900 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.F) A) and D)
G) C) and D)

Question 19

A __________________ is an all-purpose journal that can record any type of transaction.

Accepted Answer

The answer of A __________________ is an all-purpose journal that...

Question 20

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

Accepted Answer

The answer of __________________ processing of transactions accumulates source documents...

Exam 7: Accounting Information Systems

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

Correct AnswerverifiedShow Answer

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

Correct Answerverifiedschedule o...View AnswerShow Answer

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

Correct Answerverifiedspecial

Identify the accounting information system principle indicated in letters a-e that applies to each of the situations below by entering the appropriate letter next to the statement.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

All of the following statements regarding source documents are true except:

Correct AnswerverifiedC

The _______________________ ratio is a measure of a segment's profitability and is calculated as segment operating income divided by segment average assets.

Correct Answerverifiedsegment re...View AnswerShow Answer

Subsidiary ledgers do all of the following except:

Correct AnswerverifiedShow Answer

For a retailer required to collect sales taxes from customers,all of the following adaptations would be made to the sales journal except:

Correct AnswerverifiedShow Answer

Which of the following statements regarding accounting information systems is not true?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a special journal:

Correct AnswerverifiedShow Answer

Which of the following journals would a company use to record a merchandise return?

Correct AnswerverifiedA

Which of the following statements regarding accounting information systems is not true?

Correct AnswerverifiedShow Answer

The sales journal is used for recording:

Correct AnswerverifiedShow Answer

A company makes a payment of $5,000 on a long-term note payable.The journal the transaction would be recorded in is the.

Correct AnswerverifiedShow Answer

When a company uses special journals,the general journal is used to record selected transactions and events including:

Correct AnswerverifiedShow Answer

If a company issues a check for $2,900 in payment of merchandise,identify the journal the transaction would be recorded in.

Correct AnswerverifiedShow Answer

A __________________ is an all-purpose journal that can record any type of transaction.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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segment re...
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