Question 1

A withdrawal of cash made by the owner will be found in the

Accepted Answer

A)   cash receipts journal
B)   cash payments journal
C)   revenue journal
D)   purchases journalE) All of the above
F) None of the above

Question 2

Specialized journals are books of original entry.

Accepted Answer

A) True 
 B)False

Question 3

In addition to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except:

Accepted Answer

A)   supply chain management
B)   regulatory compliance management
C)   customer relationship management
D)   product life cycle managementE) All of the above
F) A) and B)

Question 4

Computerized accounting systems

Accepted Answer

A)   are only used by medium and large sized companies
B)   are generally not as accurate as manual systems
C)   record and post transactions at the same time
D)   must make use of special journalsE) B) and C)
F) All of the above

Question 5

Purchases of store equipment on account are recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 6

For each of the following business, explain how a revenue journal might be modified for the specific business.
1. Jon's Auto Repair Business
2. Esquire Movie Theater
3. Beach Hut Snack Bar, Restaurant, and Lounge

Accepted Answer

Jon's Auto Repair Business might modify ...

Question 7

The goal of systems analysis is to determine

Accepted Answer

A)   when to implement a system
B)   information needs
C)   the size of the competitor's system
D)   changes to the present systemE) B) and C)
F) All of the above

Question 8

The cash receipts journal will be used for

Accepted Answer

A)   only cash received from customers on account.
B)   all cash received.
C)   cash received from customers on account and cash sales.
D)   only cash received from cash sales.E) A) and D)
F) B) and C)

Question 9

The debits and credits from two transactions are presented in the following creditor's account:
NAME Windsurf, Inc.
ADDRESS 343 Coastline Road
  Describe each transaction and the source of each posting.

Accepted Answer

The answer of The debits and credits from two transactions...

Question 10

Which of the following transactions is recorded in the revenue journal?

Accepted Answer

A)   sale of excess office equipment for cash
B)   rendering services for cash
C)   rendering services on account
D)   sale of excess office equipment on accountE) None of the above
F) B) and C)

Question 11

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

Accepted Answer

A subsidiary ledgers groups a large numb...

Question 12

The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.

Accepted Answer

The answer of The posting references in the following purchases...

Question 13

A personal withdrawal of cash is recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 14

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

Accepted Answer

A) True 
 B)False

Question 15

Services provided for cash is recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 16

An owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the

Accepted Answer

A)   purchases journal
B)   cash payments journal
C)   cash receipts journal
D)   general journalE) A) and B)
F) None of the above

Question 17

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction?

Accepted Answer

A)   10
B)   15
C)   42
D)   ÖE) None of the above
F) A) and C)

Question 18

A(n)  ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business's financial and operating information.

Accepted Answer

A)   accounting
B)   fiduciary
C)   operations
D)   auditingE) A) and D)
F) All of the above

Question 19

When using a purchases journal

Accepted Answer

A)   all cash and credit purchases are recorded in the journal.
B)   posting to creditor accounts is only done at the end of the month.
C)   the "Other Accounts" total is posted to Accounts Payable at month's end.
D)   there will always be an "Accounts Payable Cr." column.E) All of the above
F) B) and D)

Question 20

Define the meaning of B2C and B2B.

Accepted Answer

Both terms relate to e-commerce.
B2C - B...

Exam 5: Accounting Systems

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

Correct AnswerverifiedA subsidiary ledgers groups a large numb...View AnswerShow Answer

Services provided for cash is recorded in the revenue journal.

Correct AnswerverifiedShow Answer

The goal of systems analysis is to determine

Correct AnswerverifiedShow Answer

The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.

Correct AnswerverifiedShow Answer

When using a purchases journal

Correct AnswerverifiedShow Answer

For each of the following business, explain how a revenue journal might be modified for the specific business. 1. Jon's Auto Repair Business 2. Esquire Movie Theater 3. Beach Hut Snack Bar, Restaurant, and Lounge

Correct AnswerverifiedJon's Auto Repair Business might modify ...View AnswerShow Answer

Which of the following transactions is recorded in the revenue journal?

Correct AnswerverifiedShow Answer

The debits and credits from two transactions are presented in the following creditor's account: NAME Windsurf, Inc. ADDRESS 343 Coastline Road Describe each transaction and the source of each posting.

Correct AnswerverifiedShow Answer

Purchases of store equipment on account are recorded in the general journal.

Correct AnswerverifiedShow Answer

The cash receipts journal will be used for

Correct AnswerverifiedShow Answer

An owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the

Correct AnswerverifiedShow Answer

A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business's financial and operating information.

Correct AnswerverifiedShow Answer

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

Correct AnswerverifiedShow Answer

A personal withdrawal of cash is recorded in the general journal.

Correct AnswerverifiedShow Answer

Define the meaning of B2C and B2B.

Correct AnswerverifiedBoth terms relate to e-commerce.B2C - B...View AnswerShow Answer

Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What will be recorded on the post ref column of this transaction?

Correct AnswerverifiedShow Answer

In addition to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except:

Correct AnswerverifiedShow Answer

A withdrawal of cash made by the owner will be found in the

Correct AnswerverifiedShow Answer

Specialized journals are books of original entry.

Correct AnswerverifiedShow Answer

Computerized accounting systems

Correct AnswerverifiedShow Answer

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A subsidiary ledgers groups a large numb...
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Jon's Auto Repair Business might modify ...
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Both terms relate to e-commerce.
B2C - B...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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