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Exam 7: Accounting Information Systems

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Question 41

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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.

A) True
B) False

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Question 42

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

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Question 43

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A company makes a cash sale of $24,000. The cost of the merchandise is $13,000. Identify the journal the transaction would be recorded in:

Which of the following journals would a company use to record period-end adjusting entries to accrue revenues?

The ________ principle requires that an accounting information system report useful, understandable, timely, and pertinent information for effective decision making.

Information storage databases:

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

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

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

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

If a company issues a check for $2,750 in payment of the salaries expense for the last half of the month, the transaction will be recorded in which journal?

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

______________processing of transactions enters and processes data as soon as source documents are available.

The SAP enterprise-resource planning software is being used to help direct the operations of many of the world's largest companies.

Which of the following is not true about enterprise resource planning (ERP) software:

Doughton Furniture Company purchased merchandise on credit from Furniture Supply for $8,000. Two days later Doughton returned $2,000 of the merchandise due to damage. When Doughton pays for the merchandise minus the return, it would record the payment in the:

The following segment information is available for the three regions of the country in which Fresh Snacks, Inc. does business (all amounts are in millions): $\begin{array} { | l | c | c | c | } \hline & \text { Midwest } & \text { West } & \text { Sauth } \\\hline \text { Segment operating income } & 120 & 380 & 75 \\\hline \text { Segment average assets } & 310 & 782 & 103 \\\hline\end{array}$ a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?

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

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record ________ and ________ for each sale. This column is used in the perpetual system but not in the periodic.

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When recording the sales transaction in its sales journal, Maxie's would enter: