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Exam 5: Accounting Systems

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Question 101

Multiple Choice

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Which transaction is normally recorded in a special journal?

A) sales returns
B) depreciation expense
C) purchases on account
D) credit from supplier for return of supplies purchased on account

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

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Question 102

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The total of the accounts receivable subsidiary accounts and the balance of the accounts receivable control account should equal each other at the end of the period.

A) True
B) False

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Question 103

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Read each transaction and identify the journal in which the transaction should be recorded. 1. Recorded adjusting journal entry for accrued interest 2. Performed advising services on account 3. Purchased office supplies on account 4. Borrowed money for expansion project 5. Received $500 from Tool Tech. on account 6. Owner withdrew cash for personal use 7. Paid monthly rent 8. Recorded depreciation on equipment 9. Completed Job 34aG for services provided to Beard Co. 10. Purchased inventory on account

Services provided for cash are recorded in the revenue journal.

Discuss the process of posting from a revenue journal to the subsidiary ledger and to the general ledger.

The discovery and correction of errors is important in a computerized system. What kinds of errors might occur in these systems? What type (s) of errors will be prevented in a computerized system? 1. Failing to record transactions. 2. Recording a transaction more than once. 3. Recording a transaction in incorrect accounts. 4. Entering an incorrect number in both the debit and credit parts of the transaction.​With a computerized system, you cannot process a transaction unless debits equal credits. Additionally, you cannot post to the wrong account, as posting occurs automatically. 192. Identify the three main advantages of a computerized accounting system over a manual accounting system.

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

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR), cash payments (CP), revenue (R), purchases (P), and general (G). Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. a. CR, no subsidiary posting b. CP, no subsidiary posting c. $R$ , no subsidiary posting d. P, no subsidiary posting e. $G$ , no subsidiary posting f. CR, subsidiary posting g. CP, subsidiary posting h. R, subsidiary posting i. P, subsidiary posting j. G, subsidiary posting -Issued an invoice to a customer

$\text { Match each subsidiary ledger and general ledger posting to one of the descriptions of activities } ( a - e ) \text {. }$ -Accounts receivable subsidiary ledger/Accounts Receivable Dr. a. Purchases on account b. Collections from customers on account c. Adjustment for expired insurance d. Payments to creditors on account e. Sales on account

When a sale for $1,350 takes place with a $250 deposit having been received in advance, only the $1,100 on account is recorded in the revenue journal.

The following is an example of ​

The purchase of supplies for cash would be recorded in the purchases journal.

Define the meaning of the terms B2C and B2B as they relate to e-commerce.

Put the following into the correct order for processing a sale on account with QuickBooks . A. Prepare reports. B. Record the sale by completing an electronic invoice form. C. Record collection of payment by completing a "receive payment" form.

Businesses can only be segmented by type of customer.

The total on the "Accounts Payable Creditor Balances" report at January 31, the end of the first month of operations, agrees with the total of the Accounts Payable Dr. column in the cash payments journal for the same period.

Purchases journals will have an Other Accounts Cr. column.

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

A cash payments journal would not include a (n)

In computerized accounting systems, reports may be generated at any time.