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Exam 17: Accounting With Special Journals

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Question 61

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A subsidiary ledger:

A) Includes transactions not covered by special journals.
B) Is a listing of all of the accounts of a business.
C) Is a listing of individual accounts with a common characteristic.
D) Is also called a general ledger.
E) Is also called a special journal.

F) A) and D)
G) C) and D)

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Question 62

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_____________________ are systems that interpret,transform,and summarize information for use in analysis and reporting.

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Question 63

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Explain the purposes,types,and uses of special journals.

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.

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 Woodview Company uses a sales journal,purchases journal,cash receipts journal,cash disbursements journal,and general journal.They use the periodic inventory method.The following transactions occurred during the month of December: Record the above transactions using the journals below.

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

Accounting information systems are designed to capture information about a company's transactions and events and to provide output including financial,managerial,and tax reports.

The five basic principles of accounting information systems are control,competency,compatibility,flexibility,and cost-benefit.

In a typical purchases journal,you would expect to see the following columns:

Outdoors Unlimited uses special journals to record its daily transactions.They use the perpetual inventory system.Shown below is its cash receipts journal and selected ledger accounts. a.Post the cash receipts journal to the appropriate ledger accounts. b.Review the transactions in the journal,identify any that seem to require investigation,and explain.

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

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

The segment return on assets:

Assume that a company uses a sales journal,a purchases journal,a cash receipts journal,a cash disbursements journal,and a general journal.A sales return for credit on account would be recorded in the:

Explain how the amounts in the subsidiary ledgers are tested for accuracy.

The flexibility principle requires that an accounting information system conform to a company's activities,personnel,and structure and adapt to a company's unique characteristics.

To check for accuracy after posting: first a trial balance is completed,then the subsidiary ledgers are tested by preparing a schedule of the controlling account.

Discuss how technology-based information systems affect accounting.

The Midwest segment of a company had a segment return on assets of 13%.If the revenues and operating income of this segment were $4 million and $1 million,respectively,what is the segment's average total assets amount?