Question 1

Services provided on account are recorded in the revenue journal.

Accepted Answer

A) True 
 B)False

Question 2

When posting the column totals of a cash payments journal,a debit should be posted to

Accepted Answer

A)  Cash
B)  Accounts Payable
C)  Sales Discounts
D)  Unearned RevenueE) A) and B)
F) A) and C)

Question 3

The presence of a subsidiary ledger requires the presence of a summarizing control account in the general ledger.

Accepted Answer

A) True 
 B)False

Question 4

A computerized accounting system will not allow which of the following types of journalizing errors?

Accepted Answer

A)  entering an amount in an incorrect account
B)  reversing the debit and credit accounts in a transaction
C)  processing a transaction that has unequal debits and credits
D)  entering a transaction with an incorrect dateE) B) and C)
F) C) and D)

Question 5

Which of the following is true about the revenue journal?

Accepted Answer

A)  Cash revenues and revenues on account are recorded in the revenue journal.
B)  Only cash revenues are recorded in the revenue journal.
C)  Only revenues on account are recorded in the revenue journal.
D)  Unearned revenues are also recorded in the revenue journal.E) B) and C)
F) A) and D)

Question 6

Computerized accounting systems prevent all journalizing errors.

Accepted Answer

A) True 
 B)False

Question 7

The following is an example of​

Accepted Answer

A)  product analysis
B)  vertical analysis
C)  horizontal analysis
D)  percentage analysisE) B) and C)
F) A) and C)

Question 8

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

Accepted Answer

A)  analysis
B)  design
C)  implementation
D)  installationE) A) and C)
F) B) and C)

Question 9

Two transactions were posted to 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 Two transactions were posted to the following...

Question 10

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

Accepted Answer

A subsidiary ledger groups a large numbe...

Question 11

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.

Accepted Answer

A) True 
 B)False

Question 12

The columns included in special journals are standardized for all businesses.

Accepted Answer

A) True 
 B)False

Question 13

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.
-Purchased a computer for cash

Accepted Answer

A)  CR, no subsidiary posting
B)  CP, no subsidiary posting
C)  R, no subsidiary posting
D)  P, no subsidiary posting
E)  G, no subsidiary postingF) CR, subsidiary postingG) CP, subsidiary postingH) R, subsidiary postingI) P, subsidiary postingJ) G, subsidiary postingK) D) and H)
L) All of the above

Question 14

The goal of systems design is to

Accepted Answer

A)  determine when to implement a system
B)  meet user needs
C)  determine the size of the competitor's system
D)  make changes to the present systemE) A) and C)
F) A) and D)

Question 15

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." columnE) None of the above
F) A) and C)

Question 16

Identify the three main advantages of a computerized accounting system over a manual accounting system.

Accepted Answer

1.Simplification of the recording proces...

Question 17

Even when special journals are used,closing journal entries are recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 18

What is meant by the term B2C?

Accepted Answer

A)  balance to cash
B)  business to cash
C)  book to capital
D)  business to consumerE) B) and D)
F) None of the above

Question 19

Which of the following is not considered a special journal?

Accepted Answer

A)  purchases journal
B)  cash receipts journal
C)  general journal
D)  cash payments journalE) A) and B)
F) A) and C)

Question 20

Match the following types of journal transactions with the journal in which they would be entered.
-Equipment purchased on account

Accepted Answer

A)  Cash receipts journal
B)  Cash payments journal
C)  Revenue journal
D)  Purchases journal
E)  General journalF) C) and D)
G) A) and C)

Exam 5: Accounting Systems

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

Correct Answer
verified

Even when special journals are used,closing journal entries are recorded in the general journal.

Correct Answer
verified

When using a purchases journal,

Correct Answer
verified

Two transactions were posted to the following creditor's account:NAME Windsurf,Inc.ADDRESS 343 Coastline Road Describe each transaction and the source of each posting.

Correct Answer
verified

Computerized accounting systems prevent all journalizing errors.

Correct Answer
verified

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

Correct Answer
verified
A subsidiary ledger groups a large numbe...
View Answer

Identify the three main advantages of a computerized accounting system over a manual accounting system.

Correct Answer
verified
1.Simplification of the recording proces...
View Answer

The goal of systems design is to

Correct Answer
verified

The columns included in special journals are standardized for all businesses.

Correct Answer
verified

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.

Correct Answer
verified

Correct Answer
verified

A computerized accounting system will not allow which of the following types of journalizing errors?

Correct Answer
verified

The presence of a subsidiary ledger requires the presence of a summarizing control account in the general ledger.

Correct Answer
verified

What is meant by the term B2C?

Correct Answer
verified

Which of the following is not considered a special journal?

Correct Answer
verified

The following is an example of

Correct Answer
verified

Match the following types of journal transactions with the journal in which they would be entered. -Equipment purchased on account

Correct Answer
verified

When posting the column totals of a cash payments journal,a debit should be posted to

Correct Answer
verified

Which of the following is true about the revenue journal?

Correct Answer
verified

Services provided on account are recorded in the revenue journal.

Correct Answer
verified

Exam 5: Accounting Systems

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

Correct AnswerverifiedShow Answer

Even when special journals are used,closing journal entries are recorded in the general journal.

Correct AnswerverifiedShow Answer

When using a purchases journal,

Correct AnswerverifiedShow Answer

Two transactions were posted to the following creditor's account:NAME Windsurf,Inc.ADDRESS 343 Coastline Road​ Describe each transaction and the source of each posting.​

Correct AnswerverifiedShow Answer

Computerized accounting systems prevent all journalizing errors.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedA subsidiary ledger groups a large numbe...View AnswerShow Answer

Identify the three main advantages of a computerized accounting system over a manual accounting system.

Correct Answerverified1.Simplification of the recording proces...View AnswerShow Answer

The goal of systems design is to

Correct AnswerverifiedShow Answer

The columns included in special journals are standardized for all businesses.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A computerized accounting system will not allow which of the following types of journalizing errors?

Correct AnswerverifiedShow Answer

The presence of a subsidiary ledger requires the presence of a summarizing control account in the general ledger.

Correct AnswerverifiedShow Answer

What is meant by the term B2C?

Correct AnswerverifiedShow Answer

Which of the following is not considered a special journal?

Correct AnswerverifiedShow Answer

The following is an example of​

Correct AnswerverifiedShow Answer

Match the following types of journal transactions with the journal in which they would be entered. -Equipment purchased on account

Correct AnswerverifiedShow Answer

When posting the column totals of a cash payments journal,a debit should be posted to

Correct AnswerverifiedShow Answer

Which of the following is true about the revenue journal?

Correct AnswerverifiedShow Answer

Services provided on account are recorded in the revenue journal.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Two transactions were posted to the following creditor's account:NAME Windsurf,Inc.ADDRESS 343 Coastline Road Describe each transaction and the source of each posting.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A subsidiary ledger groups a large numbe...
View Answer

Correct Answer
verified
1.Simplification of the recording proces...
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

The following is an example of

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified