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Exam 5: Accounting Systems

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Question 1

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E-commerce

A) accounts for less than 1% of all retail sales.
B) only relates to transactions between a company and a consumer
C) can improve the speed and efficiency of transactions.
D) increases paperwork.

E) A) and D)
F) B) and C)

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Question 2

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Which of the following is recorded in the cash receipts journal?

A) cash withdrawn by the owner
B) cash purchase of equipment
C) cash received on customer's account
D) adjusting entry for depreciation

E) B) and C)
F) A) and D)

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Question 3

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In which journal would the payment of salaries be posted?

The debits and credits from two transactions are presented in the following customer account:

If the individual subsidiary ledger accounts of Accounts Receivable and Accounts Payable contained the following data: Cadence Company - Vendor - $250 credit balance Franklin Enterprises - Customer - $750 debit balance Marcelo Construction - Client - $125 - debit balance Peyton Supplies - Supplier - $375 - credit balance The Accounts Receivable (A/R) controlling account and the Accounts Payable (A/P) controlling account balances would be:

The subsidiary ledger that includes customer account activity is called the

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

The accounts receivable subsidiary ledger is an example of a special journal.

The methods or procedures used to record and report financial data are called the accounting system.

Systems analysis is the final phase in the creation or revision of an accounting system.

When specialized journals are used, the general journal is necessary.

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Describe each transaction and the source of each posting.

Which of the following is not an element of internal controls?

The following is an example of:

The accounts included on specialized journals should not be customized for a businesses particular activities.

Most accounting systems evolve as the business grows and requires changes in their methods for collecting, accumulating, and reporting information.

Computerized accounting systems prevent all journalizing errors.

One way to report revenue earned by a company is to present it by the different segments of business.

Businesses must implement controls to help guide the behavior of their employees toward business objectives.

The means by which the accounting system collects, summarizes, and reports accounting information is called information