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Enterprise resource planning software:


A) Refers to programs that help manage a company's vital operations.
B) Is another name for spreadsheet programs.
C) Uses batch processing of business information.
D) Is substantially declining in use.
E) Is another name for database programs.

F) A) and E)
G) D) and E)

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A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature?


A) A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature? A) B) C) D) E)
B) A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature? A) B) C) D) E)
C) A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature? A) B) C) D) E)
D) A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature? A) B) C) D) E)
E) A customer who had purchased $60,000 worth of merchandise on account returns 10% of this order to the seller because she is not satisfied with the quality of the goods.How would this entry be recorded on the books of the seller if historically the seller has had very few returns of this nature? A) B) C) D) E)

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

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

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


A) Date storage
B) Batch processing
C) Online processing
D) Computer programming
E) Web communication

F) A) and C)
G) A) and B)

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Williams Company began business on May 1.They use the periodic inventory method.The following transactions involving purchases and cash disbursements occurred during the first week of May: Williams Company began business on May 1.They use the periodic inventory method.The following transactions involving purchases and cash disbursements occurred during the first week of May: a.Use the purchases journal and the cash disbursements journal to record these transactions b.Prepare a schedule of accounts payable as of May 7.There was no accounts payable on May 1. a.Use the purchases journal and the cash disbursements journal to record these transactions b.Prepare a schedule of accounts payable as of May 7.There was no accounts payable on May 1. Williams Company began business on May 1.They use the periodic inventory method.The following transactions involving purchases and cash disbursements occurred during the first week of May: a.Use the purchases journal and the cash disbursements journal to record these transactions b.Prepare a schedule of accounts payable as of May 7.There was no accounts payable on May 1. Williams Company began business on May 1.They use the periodic inventory method.The following transactions involving purchases and cash disbursements occurred during the first week of May: a.Use the purchases journal and the cash disbursements journal to record these transactions b.Prepare a schedule of accounts payable as of May 7.There was no accounts payable on May 1.

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a. blured image_TB6947_00_TB6947...

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Accounting information processes are structured to eliminate the need for professional judgment.

A) True
B) False

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The ledger that contains the financial statement accounts of a company is the:


A) General ledger
B) General journal
C) Special ledger
D) Special journal
E) Column balance ledger

F) B) and C)
G) A) and B)

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

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segment re...

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The flexibility principle of accounting information systems requires that the:


A) Benefits from an activity outweigh the costs of the activity.
B) System report useful,understandable,timely,and pertinent information for effective decision making.
C) System aid managers in controlling and monitoring business activities.
D) System adapt to changes in the company,business environment,and needs of decision makers.
E) System conform with a company's activities,personnel,and structure.

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

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The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system. The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system. a.Use the sales journal and the cash receipts journal to record these transactions. The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system. a.Use the sales journal and the cash receipts journal to record these transactions. a.Use the sales journal and the cash receipts journal to record these transactions. The Sun Company completed the following sales and cash receipts transactions during the first week of December.The Sun Company uses the perpetual inventory system. a.Use the sales journal and the cash receipts journal to record these transactions.

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a. blured image_TB6947_00_TB6947...

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

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


A) Sales dr.
B) Sales discounts cr.
C) Accounts receivable dr.
D) Inventory dr.(if perpetual method used) .
E) Cost of Goods Sold dr.(if perpetual method used) .

F) B) and C)
G) None of the above

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The accounting principle that requires an accounting information system to report useful,understandable,timely,and pertinent information for effective decision-making is the:


A) Control principle
B) Compatibility principle
C) Relevance principle
D) Flexibility principle
E) Cost-benefit principle

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

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Equipment,inventory,and investments can each have its own subsidiary ledger.

A) True
B) False

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___________________ processing enters and processes data as soon as source documents are available.

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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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The sales journal is used for recording:


A) Credit purchases
B) Credit sales
C) Cash sales
D) Cash purchases
E) All Sales

F) None of the above
G) B) and E)

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An advantage of online processing is up-to-date databases.

A) True
B) False

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An accounts payable ledger is:


A) A subsidiary ledger that contains an account for each of the company's suppliers.
B) A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding.
C) A book of original entry that is designed and used for recording only a specific 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 party that grants both short-term and long-term credit on account to the company.

F) B) and E)
G) B) and C)

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Internal control procedures do not include:


A) Procedures to ensure reliable financial reports.
B) Safeguards to protect company assets.
C) Methods to achieve compliance with laws and regulation.
D) Procedures to guarantee against fraud.
E) Policies to direct operations toward common goals.

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

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