Question 1

After posting is completed, there may be an error if:

Accepted Answer

A)   The sum of the customer account balances does not equal the total in the sales journal.
B)   The sum of the accounts receivable ledger does not equal the balance in the Sales account.
C)   The sum of the customer account balances does not equal the general ledger Accounts Receivable controlling account balance.
D)   The balance in the sales journal does not equal the Accounts Receivable account balance.
E)   The sum of the accounts receivable ledger does not equal the balance in the sales journal.F) A) and E)
G) A) and D)

Question 2

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Accepted Answer

The answer of ____________________ is the accounting system component that...

Question 3

List the five basic principles of accounting information systems.

Accepted Answer

Accounting information systems...

Question 4

When posting from special journals each debit and credit entry is entered as a separate amount in the general ledger.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

A ____________________ is a part of a company that is separately identified by its products, or services, or by the geographic market it serves.

Accepted Answer

The answer of A ____________________ is a part of a...

Question 7

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

Accepted Answer

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

Question 8

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.
b. Prepare a schedule of accounts receivable. There was no accounts receivable balance at December 1.

Accepted Answer

The answer of The Sun Company completed the following sales...

Question 9

Kim Jordan, founder of New Belgium Brewing Company, knew that accounting systems were important for success. Explain how Kim used an accounting system to assess business operations?

Accepted Answer

Kim set up an accounting system to measu...

Question 10

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.

Accepted Answer

A) True 
 B)False

Question 11

A log that is used to record and post transactions of a similar type is a:

Accepted Answer

A)   Schedule.
B)   Columnar ledger.
C)   Special journal.
D)   General journal.
E)   Subsidiary ledger.F) A) and D)
G) All of the above

Question 12

To be sure that total debits and credits in a columnar journal are equal, before posting we should:

Accepted Answer

A)   Crossfoot.
B)   Foot.
C)   Journalize.
D)   Post.
E)   Reconcile.F) B) and C)
G) B) and D)

Question 13

Discuss how technology based information systems affect accounting

Accepted Answer

Technology based information systems hav...

Question 14

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 15

The flexibility principle of accounting information systems prescribes that the:

Accepted Answer

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 be able to adapt to changes in the company, business environment, and needs of decision makers.
E)   System conforms to a company's activities, personnel, and structure.F) C) and E)
G) None of the above

Question 16

The five fundamental principles of accounting information systems are:

Accepted Answer

A)   Control, accountability, relevance, compatibility, and flexibility.
B)   Historical cost, relevance, compatibility, flexibility, and cost-benefit.
C)   Control, relevance, compatibility, flexibility, and safety.
D)   Control, relevance, compatibility, timeliness, and cost-benefit.
E)   Control, relevance, compatibility, flexibility, and cost-benefit.F) B) and C)
G) C) and E)

Question 17

A procedure called direct posting of sales invoices can substitute for the sales journal.

Accepted Answer

A) True 
 B)False

Question 18

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

Accepted Answer

A) True 
 B)False

Question 19

With on-line systems, all information storage should be off-line to protect the data.

Accepted Answer

A) True 
 B)False

Question 20

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Accepted Answer

A) True 
 B)False

Exam 7: Accounting Information Systems

When posting from special journals each debit and credit entry is entered as a separate amount in the general ledger.

Correct Answer
verified

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

Correct Answer
verified

A procedure called direct posting of sales invoices can substitute for the sales journal.

Correct Answer
verified

List the five basic principles of accounting information systems.

Correct Answer
verified
Accounting information systems...
View Answer

Kim Jordan, founder of New Belgium Brewing Company, knew that accounting systems were important for success. Explain how Kim used an accounting system to assess business operations?

Correct Answer
verified
Kim set up an accounting system to measu...
View Answer

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

Correct Answer
verified

To be sure that total debits and credits in a columnar journal are equal, before posting we should:

Correct Answer
verified

After posting is completed, there may be an error if:

Correct Answer
verified

Correct Answer
verified

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

Correct Answer
verified

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.

Correct Answer
verified

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Correct Answer
verified

With on-line systems, all information storage should be off-line to protect the data.

Correct Answer
verified

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

Correct Answer
verified

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Correct Answer
verified

The five fundamental principles of accounting information systems are:

Correct Answer
verified

The flexibility principle of accounting information systems prescribes that the:

Correct Answer
verified

Discuss how technology based information systems affect accounting

Correct Answer
verified
Technology based information systems hav...
View Answer

A log that is used to record and post transactions of a similar type is a:

Correct Answer
verified

A ____________________ is a part of a company that is separately identified by its products, or services, or by the geographic market it serves.

Correct Answer
verified

Exam 7: Accounting Information Systems

When posting from special journals each debit and credit entry is entered as a separate amount in the general ledger.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A procedure called direct posting of sales invoices can substitute for the sales journal.

Correct AnswerverifiedShow Answer

List the five basic principles of accounting information systems.

Correct AnswerverifiedAccounting information systems...View AnswerShow Answer

Kim Jordan, founder of New Belgium Brewing Company, knew that accounting systems were important for success. Explain how Kim used an accounting system to assess business operations?

Correct AnswerverifiedKim set up an accounting system to measu...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

To be sure that total debits and credits in a columnar journal are equal, before posting we should:

Correct AnswerverifiedShow Answer

After posting is completed, there may be an error if:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Each transaction recorded in the sales journal yields a debit to Accounts Receivable and a credit to Sales.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

____________________ is the accounting system component that keeps data in a form accessible to information processors.

Correct AnswerverifiedShow Answer

With on-line systems, all information storage should be off-line to protect the data.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Auditors rely on accounting system databases when they audit financial statements and a company's controls.

Correct AnswerverifiedShow Answer

The five fundamental principles of accounting information systems are:

Correct AnswerverifiedShow Answer

The flexibility principle of accounting information systems prescribes that the:

Correct AnswerverifiedShow Answer

Discuss how technology based information systems affect accounting

Correct AnswerverifiedTechnology based information systems hav...View AnswerShow Answer

A log that is used to record and post transactions of a similar type is a:

Correct AnswerverifiedShow Answer

A ____________________ is a part of a company that is separately identified by its products, or services, or by the geographic market it serves.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Accounting information systems...
View Answer

Correct Answer
verified
Kim set up an accounting system to measu...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Technology based information systems hav...
View Answer

Correct Answer
verified

Correct Answer
verified