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Exam 5: Accounting Systems

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Question 21

True/False

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Sales of office supplies for cash,at cost,to a neighboring business as an accommodation are recorded in the revenue journal.

A) True
B) False

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Question 22

Multiple Choice

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Which of the following is not one of the three phases needed when changing an accounting system,either in its entirety or in part?

A) analysis
B) design
C) review
D) implementation

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

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Question 23

Multiple Choice

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Some of the more common subsidiary ledgers are

Read each transaction and identify the appropriate journal in which it should be recorded.​ 1.Owner withdrew supplies 2.Sale made on account 3.Payment to vendor on account 4.Payment received from customer on account 5.Purchases on account 6.Adjusting journal entry for supplies used 7.Owner withdrew cash 8.Company borrows money from bank 9.Record monthly depreciation 10.Close revenue accounts at month's end

Even when special journals are used,a personal withdrawal of cash is recorded in the general journal.

List the four most common special journals used in accounting and describe the transactions recorded in each journal.

In which journal is the receipt of a promissory note from a customer on account recorded?

An adjustment resulting from a creditor reducing the amount owed on an unpaid invoice due to an invoicing error would be recorded in the

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. -Issued check for purchase of supplies

Adjusting journal entries are recorded in a special journal.

Processing methods are the means by which the system collects,summarizes,and reports accounting information.

Match the transactions below with the journal or ledger in which it would be entered. -Cash receipt posting to an individual customer account

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. -Received cash for a sale

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

If a company uses special journals,

Utilizing the revenue journal below,journalize the following five transactions of Porshe Creations:​

Business may be segmented by all of the following except

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

In addition to B2B and B2C transactions,the Internet is commonly used in all of the following business activities except

Subsidiary ledgers